Home Buying in Spanaway>Question Details

Gina, Home Buyer in Spanaway, WA

How long is it taking to close on a house after inspection?

Asked by Gina, Spanaway, WA Tue Mar 4, 2008

We have a closing date scheduled for the end of the monty, but could it close sooner?

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5
Rhonda Olnick’s answer
Gina - If all parties agree - buyer, seller & bank you can close early. Just have your agent write up an amendment to the closing date. Be careful though cause you might have to pay more in pre-paid interest, etc. if you do so. Good luck!
1 vote Thank Flag Link Tue Mar 4, 2008
Hi Gina,

If any repairs were required after the inspection, allow time for that to be completed. You might want to check with your realtor to find out when the appraisal will happen - this could delay things a bit. But typically, a home should close within 30 days or so once the inspection and appraisal are completed. Make sure your realtor is in contact with you on a regular basis. They should be communicating status to you. Hope this helps. Christine Baker, Windermere.
1 vote Thank Flag Link Tue Mar 11, 2008
All great answers. I'll also add that if you asked for the seller to make any repairs on the house from your inspection, you will need to allow enough time for the repairs to be completed before you can close. You may want to have your agent check with the seller's agent to see how things are progressing. Congratulations on your new home!
0 votes Thank Flag Link Wed Mar 5, 2008
You may close anytime that is mutaully agreed on by both the buyer and the seller. The lender must still be able to get the loan processed and documents to escrow. Keep in mind that the earlier you close in a month the higher your closing cost may be. This is due to the proration of property taxes and interest on your new loan.
Web Reference: http://mytacomahome.com
0 votes Thank Flag Link Tue Mar 4, 2008
Gina, most closings are 30-45 days from mutual agreement. The inspection period is typically completed within 10 days. The next step is the appraisal by the bank/lender (which depends on their volume). Once the appraisal is in it can be a matter of days to draw loan documents and get them to escrow to set up signing appointments for the buyer & seller. If that can be done quicker than originally agreed to, then you just need an addendum changing the date. This is especially easy if the house is vacant. Sellers want to get their money as soon as possible.
0 votes Thank Flag Link Tue Mar 4, 2008
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