Hey, just want to go over real quick how long it’s going to take when you’re buying a home, or selling a home, to get to the closing table. All right. There’s three most common timeframes that are used. Keep in mind that these are all negotiable. There’s nothing that has to be a certain way. The buyer and seller can negotiate how long the closing is going to take. So generally speaking, 30 days is fairly quick, 45 days is the most common, 60 days is a fairly long closing.
Now, how do you decide what it is? Well, how soon do you need the move? Does the seller need to move quickly? Does the buyer need to move quickly? That’s how you arrive at these.
When a mortgage is involved, it’s very important to make sure that the lender can accommodate these timeframes. I’ve never seen a lender who couldn’t accommodate 45 or 60. 30 is a timeframe where you definitely want to make sure that your lender can do it in the 30 days. There’s a couple of reasons why they may or may not, but you definitely need to check with them. Most good lenders can do a 30 day closing.
So what happens during this timeframe? This is what’s happening. These are all the milestones. Not all of them, but generally speaking, most of them. This is what happens in New Jersey, but most of the principles will apply in other states as well. The reason I point out New Jersey is in this state we have attorney review. You go through the attorney review, the deposits are made by the buyer, buyer does inspections and the seller makes any requested repairs that they have agreed to, buyer gets the appraisal taken care of, mortgage commitment. All of these things have a lot of pieces going on behind each individual step. That’s where you come up with 30, 45 or 60 days. That’s what you’re going to have to do in that amount of time.
30 days is going to feel very quick. 45 days is fairly comfortable. 60 kind of feels long because you’re usually able to move through all this stuff in less time than you need for 60 days, so usually with 60 days, sometimes it feels like there’s a “sit and wait” period. But again, this is all negotiable. If the seller of the property has to move because they’re closing on another property in 30 days, well they’re going to be looking for a 30 day closing. If they haven’t found a place to move yet, they need to be looking for something more like 60 days. Just keep that in mind. These are the most common ones. Again, this is all negotiable.
If you have any questions about how long it takes to get your closing done and moved into your next house, let me know. I’d be happy to help out in any way possible. Again, this is Lance Dunn with Keller Williams Real Estate. I hope you have a great day.
