When you buy or sell a home, it can feel like a series of very complicated processes, and this is just an expected part of the sale. If you have made it through the process of finding a buyer and found someone who seems like a good fit, you will find yourself entering the home closing process. Though the finish line is quickly approaching, the fact remains that there is still more work to be done. In this article, we will break down the home closing process.
What to Expect When Closing on Your Home
After all of the hard work that goes into finding a buyer, reaching the point where you are closing on your home can be a breath of fresh air. By this point, almost everything should be sorted, including negotiations and all of the complicated paperwork that is involved with this process. You will need to get all of your paperwork together, confirm that the home is in good shape for the sale, and the lender will need to prove that you are the rightful owner of the home and have the right to sell it.
What Are Closing Costs?
Closing costs are a specific kind of fee that can be expected any time that you buy or sell a home when a mortgage is involved. These costs will be paid to the lender directly to cover some of the processes and expenses from the home selling process, like appraisals. Based entirely on the cost of the home, they can add up to a fairly large amount—a fact which should be a concern for sellers. It is common for buyers to ask sellers to cover a portion of these costs.
How Long Does the Home Closing Process Take?
When you reach the home closing process, you can expect to spend a good deal of time waiting—but not too much. In general, the process can take a month to two months while everything is handled and solidified. During this time, the applications and approvals will be in place to make the sale final. At the very end of the process, homeowners can expect to spend a couple of hours reviewing and signing paperwork.
How to Speed Up the Process
Most people don’t like waiting on the closing process and want to make it move as quickly as possible. Doing this means ensuring that everyone is on the same page, that everyone has their paperwork in order, and that all of the final fees have been managed. Homeowners can also jump straight to the closing process by simply choosing to sell to an iBuyer instead.
The Takeaway
After months—or even years—of working to sell your home, it can be so exciting to reach this point and finally complete the sale, but you aren’t out of the gate just yet. Sometimes, sales can fall through at the last minute or new issues can arise. To skip the waiting and negotiations, it can be easier to sell to a qualified company instead, especially if you are ready to make the sale now.