How Long Does Closing On A House Take?

Closing on a house
Closing on a house typically takes between 30 and 45 days.

So you found your dream home, your offer got accepted, and congratulations are in order! But before you can unpack those boxes and fire up the grill on the patio, there’s one more hurdle to jump: closing.

Closing on a house is the final step in the home buying process, where all the paperwork is signed, funds are exchanged, and you officially become the homeowner. Of course, a common question that we often hear from clients is: “How long does closing on a house take?”

Average time frames for closing on a house

On average, the time it takes for closing on a house is typically between 30 and 45 days after your offer is accepted. Of course, this time frame may vary based on several factors. For example, a house that is being purchased with cash will typically be able to close much quicker than one that is being financed. According to the National Association of Realtors®, the national average sits at around 43 days.

Factors affecting the timeline for closing on a house

While 45 days is a decent benchmark, several things can influence how long your closing actually takes:

  • Loan Type: Complex loans, like those for first-time homebuyers or with significant down payment assistance, often involve more paperwork and scrutiny, potentially extending the process.
  • Lender Efficiency: Some lenders are known for their speedier processing times, while others might take a bit longer.
  • Appraisal and Inspections: Scheduling and completing appraisals and inspections can add days or even weeks to the timeline, depending on availability and any issues that arise.
  • Title Issues: Unforeseen problems with the property’s title can cause delays.
  • Communication and Preparation: Being responsive to your lender’s requests and having your paperwork in order can significantly speed things up.

Tips for streamlining the closing on a house

While there will always be some factors outside your control, there are ways to help your closing go as quickly as possible:

  • Get Pre-Approved: Having a pre-approval letter from your lender shows sellers you’re a serious buyer and can expedite the process.
  • Gather Documents Early: Start collecting any financial documents your lender might need upfront, like pay stubs and tax returns.
  • Stay Organized: Keep copies of all paperwork you provide and have a system for staying on top of deadlines.
  • Communicate Clearly: Maintain open communication with your lender, realtor, and any other parties involved in the transaction.

Summary

Be prepared to wait anywhere from 30 to 45 days for closing, but aim to be flexible. By understanding the process and taking steps to stay organized and responsive, you can help ensure a smooth and efficient closing experience, paving the way for a stress-free move into your new home!

Are you thinking about buying or selling a home in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app for your smartphone or tablet.

By natasha moore

REALTOR® with Live South Florida Realty, Inc.