The Closing Process When Buying A House
If you want to buy a house, you must prepare for this event and choose a home. After choosing a home, you must negotiate with the seller to reach a deal. Once you reach a deal, your residential real estate agent will help you work on the closing steps required in the process. If you have questions about the closing process, read this guide to understand the main steps that happen during this part of the home-buying process.
Complete the Contingencies
Most home sales have contingencies, or conditions. As the buyer, you might need to complete a few of these, such as the appraisal and home inspection. You should aim to start completing these things as soon as you reach a deal with the seller. The seller might also have some contingencies to work on, but you cannot control those. If you get these done faster, you will have fewer things preventing you from closing on the deal.
Work With Your Lender
Secondly, you may have to complete some steps relating to your lender. Your lender is the entity that issues you the loan to buy the house, and they might need information from you before they can process your loan. You will need to work with your lender and stay in touch with them during the closing steps. They may ask for things or request things from you, and you must comply.
Verify That the Seller Completed Requirements
As you start approaching the end of the closing steps, you will need to verify that the seller completed the requirements. In most cases, you can do this by requesting a final walkthrough a few days before your closing appointment. A final walkthrough allows you the opportunity to verify that the seller did the things they agreed to do in the purchase offer.
Wait for the Underwriters To Approve Your Loan
Finally, you must wait for the underwriters to complete their job of verifying all the loan details before the lender approves and issues the loan. Without the underwriter's approval, you cannot close on the loan, and this part of the process might take some time.
It might take four weeks or more to complete all these steps. If you want to close faster, you may want to complete your steps quickly to get them out of the way. If you have questions about buying a house, talk to a residential real estate agent today.
