How long does it take to close on a house?
There’s really no one-size-fits-all answer to that question, because it can vary from house to house and from lender to lender. The average, though, is about 50 days.
If you’re buying a Main Line home for sale, this is what you need to know about how long it’ll take to close on yours.
Things That Can Make Closing Take Longer
Between the day you make an offer on a home and the day you sign the dotted line, several things can extend the process. Some of the most common issues involve:
- Money
- Appraisals
- Contingencies
Money Issues That Can Delay Closing
The most common reason for a closing delay: funding. Sometimes getting mortgage approval takes longer than it should because the lender needs more information, or information that’s different from what you’ve already provided. You can speed up the process by getting mortgage preapproval before you start looking at homes, though.
Appraisal Issues That Can Delay Closing
If an appraisal comes in low – that means the appraiser doesn’t find that the home is worth as much as you’re asking to borrow to buy it – the lender will most likely stop the deal. That’s because the bank doesn’t want to give you money it can’t recover if you default on your payments. A low appraisal means you either have to challenge the findings and ask for another appraisal, negotiate with the seller to lower the price, come up with more of your own money… or look for another house.
Contingencies That Can Delay Closing
Sometimes the sale hinges on important issues, like having to sell your current home before buying the next one or needing the seller to make repairs. These can slow down your transaction as you wait to meet each condition.
Are You Buying a Home for Sale in a Main Line Community?
Call us at 610-608-3119 or get in touch with us online to talk about what you need – we’ll help you find it.
While you’re here, check out our:
- Gladwyne homes for sale
- Lower Merion homes for sale
- Radnor homes for sale
- St. Davids homes for sale
- Tredyffrin homes for sale