When you buy a home, how long does it take to close?
Many home buyers, especially first time home buyers, have been wondering how long it takes to close on a house. Well, it really depends. Is the buyer using cash to purchase your home? Then you could close in approximately 1 week. But is the property located in a community where there is a HOA. If there is a Homeowners Association, then that adds a couple weeks. The title company needs to get documents the CCR from the homeowner's association. These are the covenants, conditions and restrictions that lay out the guidelines of living in that community.
Now, is the buyer using a loan to purchase your home? For instance, if it is a conventional loan it will take about three to four weeks. If its FHA or VA Loan it could take anywhere from three to six weeks. There is a lot of people that are helping you purchase that home. There is the appraiser, the home inspector, the title company, and the lender. They all there to provide you information so you can do your due diligence. And this takes a little bit of time. Also, when you are planning, do you need to sell your home before you purchase a home? If so, it might take about a month to sell your home and close that home. So, you really need to plan ahead of time and actually give yourself one more month so you can figure out what's the value of that home, how much are you going to have in your pocket, so you know how much you're going to be able to spend in your new home. Also, when you are planning on purchasing that new home give yourself about a month to find that home and then another month to close. If I can ever be of help, please feel free to give me a call or go ahead and ask a question below. If this information was helpful to you, please like, and subscribe below. And do not forget to hit the bell, so that you will be alerted every time there's a new video. The new videos come out every Wednesday. Until next Wednesday, have a fantastic week!
So, if I can be of assistance or answer any questions at all please feel free to give me a call at 480 226 1925. If you would like to book a consultation, go ahead, and click the CALENDLY link here, to set up a consultation.