Buying a home is a significant milestone in anyone’s life, but it can also be a complex and sometimes overwhelming process. One crucial aspect of the homebuying journey is understanding the timeline for closing on a house. In this blog post, The Tina Peterson Team will guide you through the typical stages and approximate timeframes involved in closing the deal on your dream home.
Pre-Approval (1-2 Weeks)
Before you start house hunting, it’s wise to get pre-approved for a mortgage. This step typically takes one to two weeks and involves working with a lender to determine the amount you can borrow and the interest rate you qualify for.
House Hunting (Varies)
The length of your house-hunting phase can vary significantly. With the help of The Tina Peterson Team, some buyers find their dream home in a matter of weeks. Patience and persistence are key during this stage. Having The Tina Peterson Team working by your side through this step is essential in being able to view the homes you may be interested in.
Making an Offer (1-2 Days)
Once you’ve found the perfect home, The Tina Peterson Team will help you draft an offer. This process usually takes one to two days, during which you’ll decide on the offer price, contingencies, and other terms.
Offer Acceptance (Varies)
The time it takes for the seller to respond to your offer can vary. It might happen within hours, or it could take several days if they are considering multiple offers or need more time to decide.
Home Inspection (1-2 Weeks)
Upon mutual acceptance of the offer, you’ll schedule a home inspection. This step can take one to two weeks, depending on the availability of inspectors and the complexity of the inspection.
Appraisal (2-4 Weeks)
After the inspection, your lender will order an appraisal to ensure the home’s value matches the purchase price. Appraisals typically take two to four weeks, but the timeline can vary.
Loan Processing (2-4 Weeks)
Once your loan is approved, the lender will start the processing phase. This typically takes two to four weeks, during which they’ll verify your financial information, order necessary documents, and prepare for the closing.
Closing (1-2 Hours)
The actual closing day usually takes one to two hours. During this time, you’ll sign all the necessary documents, pay any remaining fees, and receive the keys to your new home.
Possession (Same Day as Closing)
In many cases, you’ll be able to move into your new home on the same day as the closing, but this can be negotiated with the seller.
Post-Closing (Varies)
After the closing, you’ll need to attend to various tasks, such as setting up utilities, updating your address, and making any necessary repairs or renovations.
What is the Average Timeline for Closing on a House
Remember that this timeline is a general guide, and the actual process may vary based on factors such as the local real estate market, the complexity of the transaction, and individual circumstances. It’s essential to work closely with a qualified real estate agency such as The Tina Peterson Team and a lender who can provide guidance and support throughout the entire homebuying journey.
Residential House & Condo Property Sales in Greater Ann Arbor, Brighton, Highland, South Lyon, Milford, Pinckney & Howell, MI | Southeast Michigan Real Estate
Closing on a house is a significant achievement and understanding the timeline can help you navigate the process with confidence. The Tina Peterson Team provides a wealth of knowledge and expertise to our home buyers and sellers that is unmatched by others. With the right team by your side, you’ll soon be settling into your new home and making it your own!