Factors That Influence Home Sale Closing Speed

Just because your offer to purchase a home has been accepted doesn’t mean that you are the owner of the property. This is because there are many items that still need to be taken care of such as an inspection of the property and securing financing for the purchase. If any problems arise, it could postpone the planned close date or cancel the closing altogether.

Factors That Can Increase Home Closing Process Timeline

home closing process timeline

Make Sure to Do an Inspection

It is critical that you have an inspection performed on the property before you buy it. This will let you in on any problems that were impossible to see during the first tour of the property. In most cases, an inspection will go off without a problem. If there are problems, many of them are minor or can be remedied by the seller before the house changes hands. Of course, remedying issues may take days or weeks, which can impact your closing plans. (Read about the ways to get money from your home here.)

Have You Found Funding for the Purchase?

Mortgage lenders may take several weeks to analyze your application and determine that you are worth taking a risk on. In some cases, a lender may require more information prior to approving an application or if something changes between loan approval and closing. For instance, if you bought a furniture set, it could increase your debt-to-income ratio and result in a loan offer being rescinded. Mortgage brokers in Las Vegas may explain why spending large amounts of money before closing can be a bad idea.

Do You Need to Sell Your Current Home First?

If you have to sell your own home prior to closing on your new one, it could make it hard to close in a timely manner. Therefore, it may be best to plan to have two mortgages for a period of time if you don’t think that your current home will sell quickly after being listed.