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The Closing Process Can Be More Involved Than You Think
Manage episode 178714773 series 1190625
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The closing process isn't a crazy one, but it's usually longer and more involved than most people think when they sell their house.
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When you sell your house, there are few specific things you can always expect during closing.
While we're still in a seller's market, it's not as easy as simply getting an offer on your house and closing the next day. In fact, many sellers misunderstand how involved the process really is.
The first step after getting an accepted offer on your property is the buyer's 10 days of due diligence unless you agreed on something different. The standard 10 days in the Arizona purchase contract gives them time for any type of inspections.
Within those 10 days, they will either cancel the deal because they don't like the property or there are too many repairs, give the seller the option to fix certain items, or just accept the property as-is and move forward.
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95% of buyers in our market use loans, so they'll need an appraisal.
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From there, you as the seller have a certain amount of time to address what you'll do. After that process comes the appraisal process.
Most cash buyers won't get an appraisal, but 95% buyers in our market use loans, so they'll need an appraisal. A third-party appraiser ordered by the bank will go to the property to make sure it's worth the agreed upon price.
These two processes are the big hurdles in the closing and typically take about 20 to 25 days. That's why the closing as a whole usually takes around 30 to 45 days. Other steps include getting the home ready to move out and getting the title squared away with the title company, among other things. It's not a crazy process, but it can be longer than most people think.
If you have any other questions or you're thinking of buying or selling a home here in the Tucson market, give me a call or send me an email. I'm always happy to help!
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