Despite finding a seller and carrying out all the necessary steps, the house will still not be yours until the closing takes place. Many people hurry to move into or sell a house; however, the closing may delay that process. The closing typically takes place between 30-40 days; however, it is possible to take longer. Below are factors that affect how fast a house can close. Do you want to invest in Park View City?
IS THE HOUSE BOUGHT ON MORTGAGE?
If you are buying a house on a mortgage or are taking a loan, it likes likely that your closing will take more normal than usual. That is because stricter rules and regulations are involved when a loan or mortgage is involved. The time it takes to close also depends on where you took the loan from.
IS THE PAYMENT MADE IN CASH?
A closing takes place the fastest when the house is bought in cash. If you buy a house on a mortgage, you must wait for its approval and meet several legalities. However, when it comes to cash, there are fewer rules involved and less strict. You do not have to go through the process of applying for a loan and then wait for its approval.
FINANCING PROBLEMS
If the buyer you are selling the house to is undergoing a financial problem, then the closing of your house will get delayed. Buying a residence requires a huge sum of money, and most people find it difficult to collect such a big amount and need more time. If the financing of the house is already arranged for, the closing will take place faster.
PROBLEMS IN CREDIT HISTORY
Before lending out a loan, banks or private companies carry out background research to check whether you qualify for a loan or not. The lender wants to be sure that you can fully return the loan. Therefore, if your credit history is bad, meaning you still have loans you need to pay, they will be reluctant to lend you the money, delaying the whole process. Read more about kingdom valley islamabad payment plan.
REPAIRS
Sometimes, the house is damaged, and the buyer may demand repairs before buying the house. In such a case, the repairs will have to be carried out before the closing occurs. Time taken for repairs may range from a few days to even months, slowing down the entire process.
PAPERWORK
Buying or selling a house requires a lot of extensive paperwork. In some cases, the paperwork may get complicated and require expert help. Hiring a real estate attorney, sorting out the matters and then finalizing the documents may take a long time. The easier the paperwork, the faster the house can close.
DISPUTES AND LEGAL PROBLEMS
If the house being sold is a disputed property, it may take longer to close as problems may occur. In the case of more than one owner, the signatures of all the stakeholders will be needed. Moreover, if there is a conflict between the owners, there will be disagreements affecting the closing.
HAVING AN EXPERIENCED REAL ESTATE AGENT
Real estate matters are extremely complicated and not something every individual can understand. Real estate agents are professionals who provide expert knowledge and assist you throughout buying or selling your house. Due to their experience, the agents know how to deal with matters and can solve them faster. Therefore, hiring a real estate agent ensures that everything takes place properly and leads to a faster closing. Read more about Silver City Islamabad.
CONCLUSION
Having a pre-approved loan and hiring a good real estate agent can allow you to have a fast closing. A house is a huge investment, and hence matters regarding it should not be rushed. If your closing takes longer than you wanted, there is no need to panic as such delays are common.
Author Bio
Ramza Zahra is a Karachi-based freelance content writer who uses her life experiences and curious nature to research and pen it down and make a living. Currently, she is working with Sigma Properties as an Snr. Content Writer.
