How long will it take a homebuyer to receive the keys to the house after they submit an offer? Today I’ll answer this common question.
Once you’ve submitted an offer on a home you’re interested in purchasing, how long will it take before you have the keys to that home in hand?
There are many variables to this timeframe, and I encourage you to reach out to me directly for a more specific answer. However, in general terms, an offer with a typically financed loan has a 30- to 45-day escrow period where all the work is done to get you to the closing table.
During that period, the lender prepares the loan documents. If there’s a contingency where the buyer has to sell their current home before they can purchase a new home, that can extend the period. Those 30+ days also provide time for the title report to be issued, HOA disclosures to be sent, inspections to be done, and for the seller to make any repairs that have been agreed to. Most importantly, it allows the lender to go through the process of underwriting and approving the buyer’s loan. Now, if the buyer plans to pay in cash, the period can actually be as short as 14 days.
If you have any questions about the home-buying timeframe or it can be adjusted for your needs, don’t hesitate to reach out to us. We would be happy to speak with you.