options selling a house

What’s Involved In Closing On A House And How Long Does It Typically Take?

How Long Does The Typical Closing Take And What’s Involved?

 

For sellers, the closing process is the final, critical stage in a long and often emotional journey in selling their house. Understanding the complexities of closing and the normal timeline involved will help sellers navigate this period more easily and confidently. This article seeks to explain the procedures involved in closing from the seller’s perspective, providing insight into what to expect and how to effectively manage the process until your house is finally sold.

As a quick reminder – if you don’t want to have to wait on pins and needles waiting for the typically long and drawn out process of selling your home, give a call or contact us. We can close in just a few days, or on your timeline! Now, on with the show!

 

 

Pre-Closing Preparations

There’s actually a lot that happens when selling the traditional method using an agent with your typical home buyer.

  •    Buyer’s Have To Secure Financing

As a seller, waiting for the buyer to obtain financing can be stressful. The process begins with the buyer obtaining mortgage pre-approval, which provides an initial indication of their purchasing power. Once pre-approved, the buyer must complete their loan application, which can take some time and is subject to a variety of restrictions and lending criteria. Sellers must be patient during this process, as any delays or financing concerns may effect the closing date.

  • Home Inspections

Another essential step in the process are home inspections, which often leaves sellers waiting. The buyer will organize and carry out inspections to verify the property is in good shape. This will reveal any necessary repairs or issues that were not previously reported. Sellers must be ready to address these issues, which may include making repairs or renegotiating the sale terms. This stage can be very stressful because it may impact the ultimate sale price and timing.

  • Appraisals

Once all inspections are complete, the buyer will request an appraisal to assess the property’s market value. This is an important step for the lender to ensure that they do not lend more than the property is worth. Sellers must wait for the appraisal report, which may turn up as some unwanted surprises. Understanding the appraisal report and its ramifications is critical, because a poor assessment might result in renegotiations or even the cancellation of the sale. This waiting period might be stressful, but it is an essential part of the process to ensure a fair transaction for all parties involved.

  • Title Search

The title search is an important yet nerve-racking stage in the closing process. The title search ensures that the property’s title is free of any liens, disputes, or legal concerns that could jeopardize the sale. This entails a thorough review of public records and legal documents to ensure the seller’s right to transfer ownership. Sellers must wait for this thorough review, which may discover unanticipated difficulties such as unpaid taxes or prior liens against the property. Resolving these title difficulties is critical to moving forward with the sale, and sellers frequently find themselves in a holding pattern until any “cloud” on the title is remedied, adding to the stress of the closing process.

Closing Day Is Drawing Near

After all of the above has gone through, closing day is getting closer and you can see the light at the end of the tunnel. But Wait! There’s still more to go! More nerve racking stuff that could cause your sale to fall through – The Final Walkthrough! The final walkthrough is crucial for the buyer to ensure that the property is in the agreed-upon condition prior to closing. This walkthrough provides an opportunity for the seller to confirm that all contractual duties have been satisfied, such as making agreed-upon repairs and preserving the property’s condition. Sellers must prepare for this walkthrough, realizing that it is the buyer’s final opportunity to identify any faults before to the official transfer of ownership.

  • Seller’s Prep For Final Walkthrough

As the seller, preparing for the final walkthrough entails making certain that all repairs and maintenance activities have been completed to the buyer’s satisfaction. This involves ensuring that all appliances are operational, fixtures stay in place, and the property is clean and clear of debris. Furthermore, all personal stuff should be removed unless otherwise agreed upon. Making adequate preparations can help avoid delays or issues during the tour.

  • Last Minute Issues

Despite careful planning, last-minute problems may develop during the final walkthrough. These might range from small cosmetic issues to more serious issues. To prevent prolonging the closing process, sellers must be prepared to handle these difficulties swiftly. This could include making small improvements or negotiating changes to the sale terms. Being proactive and responsive during this stage is critical to ensuring a smooth and timely closing, so decreasing the stress and uncertainty associated with the final stages of the home-selling process.

 

Closing Day

Phew! You’ve finally arrived, but not out of the woods yet! Everybody has to have all of their “ducks in a row” and have a meeting of the minds at the closing table. Hopefully everyone is prepared and there won’t be any delays.

  • Closing Date

By now the date should have been set a while ago as the closing date is a critical step for sellers that must be carefully planned and coordinated. The chosen date is influenced by a number of circumstances, including the buyer’s finance preparedness, the completion of inspections and appraisals, and any title concerns. Sellers must work closely with the buyer, real estate agents, and attorneys to determine a mutually acceptable date. Effective communication is essential for ensuring that all parties are present and prepared, reducing the possibility of delays and guaranteeing a smooth transition.

  • Signing and Reviewing A Lot Of Paperwork

On closing day, sellers must review and sign boat loads of paperwork to complete the transaction. The Closing Disclosure, which outlines the financial components of the transaction, loan documentation (if applicable), and the deed of transfer of ownership are all important documents. Sellers must thoroughly comprehend each document to ensure that all terms are proper and agreed upon. Taking the time to carefully review these documents and ask clarifying questions will help prevent misconceptions and guarantee a smoother closing process.

  • Closing Costs

Closing Costs are a crucial component of the closing process that sellers must plan for. Closing costs often include real estate agent commissions, title fees, and any agreed-upon repairs or concessions. Sellers should be aware of these fees and understand the payment options, which often include wire transfers or cashier’s checks. Being prepared to meet these costs ensures that the transaction goes smoothly, allowing sellers to focus on the final procedures of transferring ownership and receiving the sale profits.

Typical Timeline For Sellers

All of this work takes time, mostly because there are so many people involved. Understanding the normal closing timeline is critical for sellers because it allows them to manage expectations and plan accordingly. The method typically goes as follows:

– Pre-closing preparations (30-45 days): This phase entails obtaining financing, conducting inspections, and negotiating any necessary repairs.
– Title search and insurance (10-14 days): Perform a title search and obtain title insurance to verify the property is clear of liens and legal difficulties.
– Final walkthrough (1-2 days before closing): The buyer can visit the property one last time to ensure everything is in order.
– Closing day (1-2 hours): Finalize the sale by signing documents and paying closing charges.

Potential Hiccups For The Seller

Hopefully everyone involved in your sale is on the same page and don’t have any missed emails, phone calls or missing documents, because there is plenty more potential road blocks to selling your home using the traditional method. Regardless of rigorous planning, several circumstances can interrupt the closing timetable, potentially delaying or even completely derailing the sale entirely.

  • Buyer Financing Problems

Delays in the buyer’s financing are one of the most typical concerns. They might be caused by additional documentation demands, changes in financial condition, or lender backlogs. These delays might drastically extend the timeline, leaving sellers feeling unsure.

  • Appraisals And Inspections

Inspections may reveal severe problems that will require expensive repairs, and appraisals may sometimes value the property less than intended. Both instances can result in renegotiations or additional time to address problems, putting the closing date back.

  • Title Problems

Title searches can uncover unforeseen difficulties like liens, boundary conflicts, or clerical errors in public documents. Resolving these difficulties can be time-consuming and may necessitate legal intervention, causing additional delays.

For sellers, these potential delays can be extremely stressful because they might affect moving preparations, financial arrangements, and the overall timeframe for completing the transaction. When selling the traditional method, sellers must stay flexible and proactive, working with their real estate agents and attorneys to resolve any concerns as soon as possible. Being prepared for these scenarios and having backup plans in place can assist to reduce the stress and uncertainty associated with the closing process.

We Buy Houses – Possibly The Better Alternative!

As you can see, selling your house the traditional way with a real estate agent and listing your home, waiting for a buyer and then wait for the closing can not only be nerve racking, but also a long, drawn out process. Why not give us a try?! You have nothing at all to lose, and are absolutely under no obligation to accept our offer. In fact, we might be able to help you find the absolute best solution to your situation!

When you sell to our company, there’s no waiting on loan approvals, we have cash. We also do our inspections within a day or two of having a signed contract. All in all, we can buy your house in just a few days! Just reach out to us at 770-756-8680, or visit MandichPropertyGroup.com to learn more or reach us via contact form.

 

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How To Sell Your House Fast For Cash

Are You Asking Yourself “Can I Sell My House For Cash”?

These days there are many ways to sell your house in Dallas, however not all are for cash and some are not a fast sell. At Mandich Property Group we can both pay you cash for your house and do it quickly. You can contact us at (770) 756-8680 for a free, no hassle and no obligation offer on your property. If you prefer you can visit our site and complete a brief form and we will contact you shortly.

What Are Your Options When It Comes To Selling Your House?

Selling your home fast for cash is a great possibility, even if you don’t choose our company. Just do some research because you want to find a reliable company and get the best price. There are many choices to consider while selling a house. I have found an article by Janene Wilkey that gives a quick break down on your options on the different ways you can sell your house:

Option 1: Hire a Local Real Estate Agent or Broker
Hiring a local real estate agent or broker might be a good option for you if you want to get the best price for your home, you don’t want to do a lot of work, and you can wait 6 months or more to sell.

Option 2: Sell Your House Yourself (For Sale By Owner)
Selling your house yourself may be a good option for you if you want to avoid paying commission fees, you don’t mind doing all the work yourself, and you can wait up to 12 months to sell.

Option 3: Sell Your House To A Real Estate Investor or Wholesaler
Selling your house to a real estate investor may be a good option if you need to sell your house as quickly as possible (30 days or less), you don’t want to do any repairs or maintenance, and you don’t mind selling at a discount in return for speed and convenience.

Click here to read the rest of the article

That’s pretty much it. You basically have 3 options when it comes to selling your home. Using an agent, for sale by owner (also known as FSBO), or use a “we buy houses” company.

Advantages Of Selling To An Investor

Maybe you don’t have time to list and wait for a buyer. Maybe you don’t want to go through the hassles of trying to sell the property yourself. Well, an investor or we buy houses company might be the answer for you.

Here is short piece of another article that might help you in understanding your options while looking at selling your house. There are multiple types of investors or investment companies that might want to buy your house. The article by Chels Knorr I found will help explain:

As a group, cash buyers by definition are individuals or entities that buy your house outright and all at once, without lender financing.
In general, selling your home to a cash buyer allows you to skip the home prep, showings, and staging hassles and arrange a more flexible closing timeline to coordinate with the purchase of your next residence.

Click here for the rest of the article…

You can finish reading Chels article if you want to know about the different types of investors which are basically investors that will use the property as a rental, an investor that will purchase the house for a fix and flip, and then the new Ibuyers which tend to buy properties that are in better condition.

In today’s world knowledge is power, the more you understand the process the less stress you will put yourself through. If you know and understand what is happening and what is coming next you will be doing yourself a favor.

Are You Going To Receive A Briefcase Full Of Cash At Closing?

It is commonly thought that you will get a pile of cash at closing. But in all actuality what happens is the money is wired to your account. Some closing attorneys will allow cashier checks, but with the possiblitlty of fraud or fake checks, wire transfers are much safer. Here is an article from Zillow that expands on this and more:

The phrase “all-cash offer” is actually a misnomer. Did you know it’s illegal in the U.S. to close a real estate deal with actual cash?
Instead, an all-cash deal is when someone buys a house outright, without financing. To close, they transfer the funds electronically or with a cashier’s check.
All-cash offers typically come from two types of buyers: individual buyers (who plan to live in the home themselves) purchasing without the help of a bank, and real estate investors, who can also be called iBuyers.
An iBuyer, such as Zillow Offers, will review basic details about your home, send you an offer, and if you accept, you can close quickly, without ever actually having to list your home.
Click here to read the full article…

Summing It Up

So yes, you can sell your house for cash and it can be much faster than listing and waiting for a buyer. No having to clean and no open houses. If you want to learn more about selling your house without a real estate agent be sure and check out this article.

The more you know the better prepared you will be to sell your house for cash and do so with the understanding it is not just a scheme. Do your research and reach out to a reputable company like Mandich Property Group, we can help make the process fast and as stress free as selling a house can be. Just give us a call at 770-756-8680 and one of our friendly staff members will be more than happy to answer any questions you may have.

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