Most buyers want to close as quickly as possible. Here are a few tips to help with that if you’re facing that dilemma.
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A question I’m often asked by homebuyers is, “How quickly can I close?” There are plenty of variables involved in the answer, but the type of financing is the biggest factor. Here’s how quickly the closing process will go in relation to the type of financing you have.
A cash transaction will lead to the fastest possible close. As soon as the title work is done and the inspection work is complete, you can close. We often complete transactions like this within 10 days.
If you have conventional financing, the standard timeframe is about 30 days. FHA and VA loans take around 45 days. Bond loans, renovation loans, and other specialty programs, meanwhile, can take up to 60 days to close.
“Get any documents to your lender as soon as possible.”
Another big factor in the speed of your closing is the seller’s situation. Sometimes, sellers may have to push a closing date back further than a buyer would like. This is something you should know about upfront so you can plan accordingly.
To speed up the process, there are a few things that you should be proactive about. Getting your inspections done as soon as possible is one. Another tip is to get your documents to your lender as quickly as possible. They will be asking for documents throughout the process, so make sure to take your time to get those things to them right away so they can move things along and close more quickly.
If you have any questions about your specific situations or about something else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.
