Are you planning on buying an Austin Texas home for sale and are wondering how long the average home closing takes?
If you’re paying cash for a house, it will take about 24 hours but if you’re buying a home with conventional financing you can expect your closing to take anywhere from 35 to 50 days.
What Can Delay Home Closings?
As with anything in life home closings can be delayed for a variety of reasons including:
- Low appraisal.
- Additional debt is found on the buyer’s report.
- Mistakes are found on the buyer’s credit report that have to be corrected.
- Liens or possible judgements that are filed against the seller.
- Problems with the title.
- The buyer or seller gets divorced before their home is bought or sold.
- Required updated bank statements or financial documents.
- The loan program the buyer was planning on using expired.
- Changes to the fees or loan estimate.
If you’re a buyer, one of the biggest things you can do to help yourself during the home buying process is to get all of your financing in order BEFORE you start searching for a home that way you can avoid any last-minute glitches that will delay your closing.
What Does the Home Closing Process Involve?
Before any escrow can close, however, all the terms of the purchase contract must be met; then the seller deposits the deed and the buyer deposits the funds. Here are sample types of conditions required in California. Your state closing process may vary.
Fully executed purchase agreement and addendums.
Deposit of earnest money deposit.
Home inspection or waiver.
Fulfillment of seller obligations such as submission of pest inspection report and / or completion, roof certification, home warranty, preliminary title policy, beneficiary demand receipt, repairs, if any, according to the Request for Repairs.
Completion of buyer inspections, including release of contingencies, if demanded.
Buyer's final walk-through inspection or waiver.
Appraisal of property by lender's appraiser.
Lender's loan approval and satisfaction of loan conditions by buyer such as depositing evidence of a homeowner insurance policy.
Seller's and Buyer's signed escrow instructions.
Seller's signed and notarized deed conveying title.
Buyer's signed and notarized deed of trust and executed promissory note.
Buyer's signatures on all loan documents.
Deposit of buyer's funds from lender.
Deposit of balance of buyer's down payment and buyer's closing costs.
Search for Homes in Austin
Planning on searching for a home in Austin TX? Contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online.