Home Buying in 61455>Question Details

Tkcoulter, Home Buyer in Macomb, IL

How long does it take to close a deal on a house when using a loan?

Asked by Tkcoulter, Macomb, IL Thu Jun 30, 2011

We just got accepted for a loan to buy a home. How long will it be before we get the keys to the house?

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In Illinois from the time your offer is accepted until closing it's typically 30-45 days. In Illinois the day you sign documents/the loan funds/records with the county (all on the same day usually) if often when you get your keys. In the "possession" part of the purchase contract it'll spell out when you get the keys.
0 votes Thank Flag Link Thu Jun 30, 2011
Well first you need to find the home, make an offer, have the offer accepted, then open escrow. Most escrows can be closed in 30 days, as long as there are no hiccups you can usually close an escrow within 30 days get keys within 32 days since you have to wait a day or two for recording of the deeds before keys will be exchanged. During those 30 days that allows your loan company to run a complete approval on your application, underwrite the loan, and fund the loan, all this while you and your real estate professional are completing inspections on the home and negotiating any needed repairs.

- Ramon
0 votes Thank Flag Link Thu Jun 30, 2011
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