When you walk into the house of your dreams, it should feel comfortable and peaceful.
It should feel like home.
We want every step of the home-buying process to feel like that intuitive.
After all, so many people do it; In 2021 alone,6.1 millionhome transactions occurred.
Once the offer on your dream home has been accepted, you might think the hard work is done.
But thats just when the hard work begins.
Were here to give you a primer before you find yourself immersed in a world you dont understand.
How Long Does it Take to Close on a House?
Heres a typical timeline.
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There are some situations in which a seller may take longer to respond, which well explain.
What Happens After Your Offer is Accepted?
The money is generally applied to the total down payment or closing costs.
For example, manyreal estate contractsare dependent on a home inspection.
Did you know?
But this does not mean that the loan is in hand.
One thing is certain: the process moves fast.
Almost every week brings with it a new challenge.
Loan approval is then completed before 21 days, with the closing of the property happening around day 30.
But that is the low end of the timeline.
Closings usually range from 30 to 45 days after going under contract.
The average time to close a house purchase was actually 50 days, according toSeptember 2021 numbers.
What Happens at Closing?
Havent Heard Back on Your Offer?
Sometimes, sellers can go much longer than three days before responding to an offer.
There are a few reasons for this.
Saadeh pointed to an offer made on a Friday during a weekend with an open house.
In that case, the seller may want to wait.
In the case of a rejected offer, youll likely want to start hunting around for a new house.
If the offer is rejected, usually the conversation ends, Saadeh said.
But the buyer can make another offer if they so choose.
At this point, the seller will again either accept, reject or counter your offer.
If that happens, chances are you just didnt make a compelling enough bid.
Here are a few ways to avoid having your offer ignored.
One of the most common reasons offers are rejected or ignored is when theyre perceived as shockingly low.
But there are other reasons a seller might disregard or reject your offer.
This might include things like getting the home surveyed and appraised, which are usually considered buyer expenses.
Another reason sellers might say no thanks?
If it doesnt seem like youre a serious candidate.
Sellers want to know that you’re free to close, Trench said.=.
Remember that there is a lot more that goes into an appealing offer than just the sale price.
Sellers may want a quick closing, cash versus a loan or a waived home inspection.
Having a solid rapport between the seller and the buyers real estate agent will make a difference.
So youve gotten your offer accepted.
Now is the hard part.
Be prepared for the unexpected.
First, budget accordingly.
This could include a roof inspection, a pest inspection or a structural inspection.
While these inspections can save you money in the long run, they can be expensive in the moment.
The appraisal is meant to prove to the lender that the house is actually worth its listing price.
Shortly before the closing, youll receive a closing disclosure that will go over the final totals.
Its important to review that document before closing day in case anything is different from initial tabulations.
Contributor Larissa Runkle frequently writes on finance, real estate, and lifestyle topics for The Penny Hoarder.
Her work has appeared in Teen Vogue, Smithsonian Magazine and the Tampa Bay Times.
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