So, you’re looking for your dream home but you’re a first time buyer and you have no idea what to expect in the process of home buying? Read more to see how long it takes to close escrow and what you can do to speed up closing on your new dream home!
My name is Rachel Ain, and I serve the amazing people of Your Foothill Community.
Today, we’re talking all about how long it takes to close escrow on a home.
Just last week I got to represent some old friends and help them purchase their first home. It was so fun to get to spend time with them and really challenging for me because their market was HOT. We beat out 12 other offers to get their dream house! It was exciting and so rewarding! I love what I do!
So, you found your dream home, WON the bidding war, and you’re ready to move in ASAP. Not so fast! These things take time. Here’s why.
The actual time it takes to close escrow on a house could be between 4-6 weeks. This is because it now takes between 30-45 days to fund a loan. And while you’re waiting for the loan money, you’re also waiting for the title company, appraiser, inspector, and termite as well. Here’s some ways you can speed up the timeline.
Step #1 to Close Escrow Quickly- Know exactly what you want in a house
Do your homework before you even start looking. That way, we can save time and only look at the homes that fit your exact criteria.
Step #2 to Close Escrow Quickly – Find a great real estate agent and loan officer.
Finding good people to help you from the start, will make the entire process much smoother. It will also help to make things happen as quickly as possible.
Step #3 to Close Escrow Quickly- Work with your loan officer to figure out exactly how much you can afford.
This is a big one. One of the most common reasons for delays is when buyers don’t qualify for financing. Making an offer for a property without getting financial pre-qualification can be a major mistake. It’s surprising how many buyers don’t acquire a written loan commitment from a bank or a mortgage lender before submitting an offer — But it happens all the time. Buyers also have to remember to have enough cash reserves to cover the closing costs which are usually about 3-5% of the purchase price.
By taking these three steps, you’re already ahead of the game. And that’s where I can help. By using a good real estate agent, we can make the process as painless as we possibly can.
I know how to write the most competitive offers, and how to communicate with the listing agent to make our offer cater to their exact needs. In addition, I have a list of lenders I’ve worked with before that are expedient and efficient and might even be able to get your escrow closed sooner than 30 days.
At this point, you may be convinced that you may need some guidance when buying a home. But you may also be thinking that you have no idea where to start. If you’re thinking about making a move, I can help you through the process. Just send me a message or text me at 909-833-1631. No pressure, no sales tactics, just the help and guidance that you need!
Finally, if you’re a resident of the Foothill Communities, I want to let you know that I provide the hottest newsletter each week with a list of fun events in the area. Join our tribe of Foothill Community residents by sending me a message or leaving a comment here!
Please feel free to post any questions, comments, or concerns in the chat box. I always go back and check the videos after the live stream is over in order to answer questions in the comment section as well.
Thank you so much for joining me today, I’ll see you next time!!!
