Whether you are buying or selling a home, there is a good chance that you want the closing process to go as quickly as possible. That being said, it can sometimes take longer than you might expect for your closing day to come. Understanding the factors that impact when you can close can help you to manage your expectations and have a solid plan for the future.
Inspections and Repairs
If you are buying a home, it is a good idea to invest in a home inspection. This will help you to understand any issues there may be with the house, and it will also give you more leverage to negotiate with the seller. With that in mind, it is important to note that the inspection and subsequent repairs may add a little time to the overall time frame of the closing schedule.
One way to avoid this is to ask for a closing credit from the seller, rather than asking them to complete the repairs. And, as a seller, if you want to move things along, offering a closing credit is a great option as well.
The Type of Buyer
The buyer type for the house can also impact how long it takes to sell the property. Most people who are using a home loan are going to have to wait for everything to be in order with the mortgage provider before they can close.
On the other hand, cash buyers can usually close the sale within 30 days. If you have a buyer who is using a mortgage, talk to them early about when they would like to close. Generally, they can work with their mortgage provider to try to speed things along.
The Market Itself
There are times when the market is moving slowly, and that is going to impact the sale of your house. It is important that you understand what the market is like before you put your home up for sale. This will help you to have reasonable expectations. Talk to your realtor about the best time to sell your home, so they can help you to move the process along and time the sale properly.
Sometimes the market is in a general downturn, and sometimes it is simply the season that is impacting the sale. Understanding those factors can help you to sell your home more quickly. If you are buying a property, a slower market can be to your advantage.
If you are looking to buy or sell a home, you are going to face some challenges with timing. It is okay for you to take your time and figure out what parameters are most important to you. And, when you understand the market, you can make better choices about when you would like to buy or sell a home.
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