Panama City Beach Properties for Sale

How Long Does it Take to Close on a House?

Posted on by Southern

iStock_000020499093Medium-347x459If you are buying or selling real estate in Panama City Beach, or anywhere along the Gulf Coast, then you know that timing is a crucial part of the process. So, how long does it take to close on a house? The answer is: it depends. Here are a few things that can slow down or speed up the closing process:

Money. The number one reason for a delayed closing is related to the financial situation of the buyer. Waiting to be approved for a loan can take longer than expected, and can sometimes cause you to miss out on the house you wanted. Avoid the wait by obtaining a mortgage pre-approval letter. Although, it’s important to keep in mind that even with pre-approval the process can still take up to thirty days.

Appraisal issues. In order for a home to sell, a bank must perform an official appraisal. Any discrepancies can cause a need for a price renegotiation.

Insurance. In many cases, homeowners insurance is required before you can move-in, so don’t wait until the last minute.

Communication. One thing that can help speed the process along is good communication. Ask questions, voice concerns, and don’t be afraid to talk about any possible issues that may arise. Most issues that hold up a closing can be avoided if noticed early on.

If you have questions about how the closing procedure works, or are looking for real estate in Panama City Beach and want a great realtor, call us today!

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