Going through the process of purchasing a house for the first time can leave you with a lot of questions, and one common question people have is what they should expect through the closing process. The process of closing is a necessary step of the home-buying process, and here are several things you should expect.
It will take around six weeks
The average time it takes from the date the offer was accepted to the date you close is around 45 days. Therefore, you will need to stay calm and not get too excited about moving in right away, as there will be about six weeks for you to wait. There are times when a house closing occurs faster than this, but it is very unlikely for it to occur in less than 30 days.
There will be things for all parties to do
For the closing to take place, all the parties involved will likely have things to do. You, as the buyer, may have things you will need to do for your lender. You may also be responsible for hiring your own inspectors, if you plan on getting inspections completed. The seller of the house will have responsibilities, too, which will include allowing people to come to the house for things such as the appraisal or inspections, and fixing things that he or she agreed to fix. Your real estate agent will help all parties work on their parts, and your lender will keep in touch with you about what needs to be done.
Things can go wrong
While things do not go wrong in all real estate deals, there are times when this can happen. In some cases, minor things go wrong which can be fixed. There are also times when major things can go wrong that could cause the deal to fall through.
You gain possession after closing
The last thing to understand is that you will likely receive possession of your new home just after closing. In fact, you might receive the keys to the house while you are at your closing appointment. If something goes wrong during the closing appointment that prevents you from closing, you will not receive possession of the house at this time.
These are four things that will likely take place during the closing process when buying a house. If you are ready to buy a home but have not yet found one to buy, talk to a real estate agent for help.Share