Letâ€™s assume the offer is accepted by the owner, or there is a negotiation period that results in an agreement. That starts the process. If the owner and buyer agree, there is a document they can both sign (like a short term lease) where the buyer can immediately occupy the property.
If the buyer is paying cash, the property can close (where the buyer owns the property) in about 2 weeks. That gives time for a check to see if the owner really does own the property, or are there any problems with people thinking they have a right to the property, or some unpaid bills where someone has put a hold on the property. That check is done by a title company to make sure the title to the property is free and clear.
If the buyer is getting a loan, it can take more like 45 days, depending on the loan type. The shortest of the loans would be a conventional loan closer to 30 days. The worst would be an FHA 203k, it could go on for a really long time because of contractors, repair work, and a lot of moving parts. A standard FHA or VA would be in the 30-45 day range normally. There are rules and regulations that a lender must follow. Those rules are changing, all in the spirit of protecting the consumer. Buying a house is a lot of money. It is important that it is done correctly.
I have omitted a lot of important activities, for sake of brevity. Even new professionals have problems with all of the possible moving parts. The fun part is picking the house, the rest is a tedious grind.
Not only do I do the fun part, I take care of the grind. You get to enjoy a smooth, easy process.
Contact me for an interview. (Go to Zip711,com and click contact me). Or, you can read about it in my book, â€œGet the Best Deal When Selling Your Home â€“ Northwest Louisiana Editionâ€ at your local library, or bookstore. See pages 105 to 120.
Carolyn Grimsley, CRS, ABR
Certified Residential Specialist, Accredited Buyerâ€™s Representative
Licensed by the State of Louisiana
Since you are local it's really whatever is negotiated however most of the time is approx. 30-35 days if it is being financed by a lender and same applies even if cash but it can be less than a week if cash.. it's all according to the agreement between the buyer and seller.
Lets presume in your case this is a financed loan... After the offer is accepted the property status is changed to pending and can not be shown to other buyers (unless your offer is "contingent" on you closing on your current home/property in order to buy that one- if this applies the property is marked "contingent" and it can still be shown).
In either case buyers have a time limit to complete inspections to determine if the property is commensurate w/ expectations when the offer was made. Meaning minor repairs are asked to be fixed based on what seems reasonable for the home as the terms of the agreement.
Providing there are not serious new findings (example: structural issues, systems issues, etc...) the remaining time - generally about 3 weeks until all loose ends for seller repairs, buyers paper work w/ lender, and lenders approval process, appraisal, repairs inspections and or final walk through inspections.
Providing all goes well at this point you are basically just waiting for closing day! .. Buyers/Sellers can agree to move in or out early or only after closing appt. It's all according to your agreement... if buyer agreed that the seller has 2 more days then the buyers insurance is in play from closing forward. If buyer has agreement to move in 3 days early then sellers insurance is still in play.
There can always be variations so your agent will advise accordingly.
Best of luck!
You really should be working with an experienced buyer broker. I've attached a link below on how to find a great one regardless of where it is you are buying.
Best of luck and happy house hunting.
Tammy Hayes, Realtor
RE/MAX Palm Realty