How long does it typically take to close on a house?
The typical timeframe from finding a home that you like, getting it under contract until you close and move in is about 30 days. If you pay cash for the home, you might be able to shorten that to 2 weeks or 3 weeks. But typically it’s about 30 days when you have a lender.
What happens during the time from offer until closing?
During those 30 days that you have the home under contract, but you have not purchased it yet, you do all of your due diligence. You have your inspection contingency – you inspect the home, you review the title, if it’s a condominium you review the homeowner association. At the same time, you’ll be working with your lender with the loan application. Your lender will have lots of questions and will demand paperwork from you that you will need to provide to them. There will be an appraisal that needs to happen. So there’s a lot that happens during that 30 days but at the end of it, if all goes well, you’ll become a homeowner!