If you’re finally ready to close escrow, here’s the timeline you can expect before you get your keys.
By the time you get to closing on your new home, you’ve done a lot. You spent time finding the right real estate agent, put energy into exploring multiple properties, and negotiated – and possibly even re-negotiated – the offer. Now you’re just ready to get your keys, but there’s one last step standing in your way. Let’s look at how long it should take to close escrow on your new home.
Before escrow can close, you need to complete a home inspection, release all contingencies, execute the purchase agreement, get the title transferred into the buyer’s name, and more. Clearly, finishing off this last part of the process takes some time.
How long it will take you to close escrow depends on your situation. For example, if you get preapproved rather than prequalified for your loan, your lender should have financing ready for you. That speeds the process. Having escrow experts behind you can also help you smooth over any potential speed bumps.
If the stars align and the lender is ready to extend financing to the buyer, you can generally get through closing in as little as two weeks. If the buyer still needs to lock down financing or there’s trouble getting paperwork in order, closing generally takes about a month. And if there’s a special program involved (e.g. first-time home buyer assistance program), things might take even longer because there will be additional underwriting processes. In those cases, a 45-day closing isn’t unheard of.
Ultimately, how long it will take you to close depends on how prepared you are going into the process. If you want to close quickly, it pays to talk to an escrow professional in advance.
Do you want closing to go as quickly and smoothly as possible? Contact Eastland Escrows to connect with the escrow experts. We have years of experience helping soon-to-be homeowners close escrow in Covina and the surrounding California area. Call us today!