How Long Does it Take to Close on a House?September 9, 2016
If you are buying or selling real estate in Panama City Beach, or anywhere along the Gulf Coast, then you know that timing is a crucial part of the process. So, how long does it take to close on a house? The answer is: it depends. Here are a few things that can slow down or speed up the closing process:
Money. The number one reason for a delayed closing is related to the financial situation of the buyer. Waiting to be approved for a loan can take longer than expected, and can sometimes cause you to miss out on the house you wanted. Avoid the wait by obtaining a mortgage pre-approval letter. Although, itâ€™s important to keep in mind that even with pre-approval the process can still take up to thirty days.
Appraisal issues. In order for a home to sell, a bank must perform an official appraisal. Any discrepancies can cause a need for a price renegotiation.
Insurance. In many cases, homeowners insurance is required before you can move-in, so donâ€™t wait until the last minute.
Communication. One thing that can help speed the process along is good communication. Ask questions, voice concerns, and donâ€™t be afraid to talk about any possible issues that may arise. Most issues that hold up a closing can be avoided if noticed early on.
If you have questions about how the closing procedure works, or are looking for real estate in Panama City Beach and want a great realtor, call us today!