The home closing process can sometimes go for a lot longer than you had hoped it would be, especially if you are not careful and don’t pay close attention to all of the home closing details. There are ways with which you can avoid having to wait all that time for your home closing process to be completed. Both the home buyer and seller can always agree on the closing dates of the home in the purchase contract.
The escrow closing process
Any number of entities can always handle your home closing process depending on where you’re living at the time. The closing agent can either be an escrow officer, the title company, a closer, or even a real estate lawyer.
And you will also realize that this home closing process can vary widely even when it is within the same state. Take California for instance. You will find that the home closing process in Northern California is very different from that of Southern California. It is vital that you know about the home closing process of the area you are living in before you take any other steps.
It is also paramount that all of the legal terms of the purchase contract are met before the closing process. Below are a few of the common requirements:
- Deposit of the earnest money deposit
- A fully executed purchase agreement
- Fulfillment of all seller obligations
- Completion of the buyer’s inspections
- The buyer’s final walk-through inspection
- The lender’s appraiser appraises the property
- Buyer’s and seller’s signed escrow instructions
- The buyer’s notarized deed conveying title and signature
- The buyer’s signature on all of the loan documents
- Deposit of the buyer’s funds from the lender
- Deposit of the balance of the buyer’s down payment and also the buyer’s closing costs
How much time can a home closing process take?
The home buyers who have already received loan pre-approvals and pre-qualifications usually stand a better chance of closing the home quicker. While the pre-approval process always involves the verification of some documents first.
Most loans that are federally related usually close within 30 days, but for special first-time home buyers who are also paying the down payment, this process might go for up to between 35 and 45 days before closing.
Home closing delays
The biggest problems usually occur immediately after the underwriter receives the reports. You may be sitting in your old home already packed and waiting to move not even knowing whether the underwriter dealing with your application process has approved or rejected your loan. But overall, home closing processes are always very successful in the last few days.
Do you have a question about the home closing process? Click here to talk to the experts at the Kolesar Team today!