Selling a house can be a long and complex process, with many steps involved from listing the property to finally handing over the keys to the new owner. One of the most common questions that home sellers ask is: How long does it take to sell a house once an offer is accepted?

The truth is, the timeline between offer acceptance and closing day can vary depending on several factors. While the average time is typically between 30 and 60 days, there are several factors that can affect this timeline. Let’s explore these factors and break down the process to help you understand what to expect when your offer is accepted.

1. Understanding the Closing Process

Once a seller has accepted an offer, the sale is not finalized right away. The offer acceptance marks the beginning of the closing process, which involves several steps that need to be completed before the property changes hands. These steps include:

• Home Inspection: The buyer usually arranges a home inspection to ensure there are no hidden issues with the property. While most inspections happen within the first week, depending on the inspector’s availability, this can take longer.
• Appraisal: If the buyer is financing the purchase through a mortgage, the lender will require an appraisal to determine the property’s value. The appraisal helps ensure the lender is not loaning more money than the home is worth. The appraiser typically completes the process in a week or two, but scheduling delays can extend this timeline.
• Title Search and Insurance: The title company conducts a title search to ensure the property is free from any liens, unpaid taxes, or legal issues. This step can take anywhere from a few days to a couple of weeks, depending on how complex the property’s legal status is.
• Mortgage Approval and Finalizing Financing: If the buyer is obtaining a mortgage, their lender will need to finalize their financing. This includes confirming their loan terms, reviewing financial documents, and processing the buyer’s loan application. This can take a few weeks, especially if the buyer encounters any issues with their financing.

2. Factors That Can Affect the Timeline

While the average time to close is 30 to 60 days, there are several factors that can either speed up or slow down the process:

• Market Conditions: In a seller’s market, where demand is high and inventory is low, buyers may be more motivated to move quickly. On the other hand, in a buyer’s market, where there are more homes for sale than buyers, the process may take longer due to extended negotiations or buyer hesitations.
• Type of Financing: The type of loan a buyer is using can also impact the timeline. Conventional loans, for example, tend to be faster than government-backed loans like FHA or VA loans, which may involve more paperwork and stricter requirements.
• Buyer and Seller Cooperation: Smooth communication between the buyer and seller can expedite the process. If both parties are responsive and flexible during negotiations, the timeline can be shortened. Conversely, if there are delays in paperwork, responses, or repairs that need to be made, the closing may take longer.
• Repairs or Contingencies: If the buyer requests repairs or if there are contingencies (such as the sale of another property), this can extend the timeline. For example, if the buyer needs to sell their current home before buying, this can delay the entire process.

3. The Typical Closing Timeline

Though each sale is unique, the typical timeline from offer acceptance to closing day generally follows this pattern:

• Days 1-5: The buyer schedules a home inspection and finalizes their mortgage application.
• Days 6-15: The seller addresses any issues discovered in the inspection, and the buyer completes the appraisal. The lender processes the buyer’s loan application.
• Days 16-30: The title company completes its search and insurance paperwork. Any final negotiations, such as requests for repairs, are addressed.
• Days 31-45: The buyer’s lender finalizes the mortgage approval, and both parties review the closing documents.
• Days 45-60: The buyer completes the final walk-through of the property, and the closing date is scheduled.

In some cases, the process can take longer, especially if the buyer is relying on government-backed loans or if the property has complicated legal or financial issues.

4. What Happens on Closing Day?

Closing day is the final step of the home-selling process. On this day, the buyer and seller sign the final paperwork, and the transaction is officially completed. The buyer’s funds are transferred, and the seller receives the proceeds from the sale, minus any closing costs or fees.

The seller also hands over the keys, and the buyer officially becomes the new owner of the property. This process typically takes a few hours, though it can sometimes be delayed if there are last-minute issues with the paperwork or financing.

Conclusion

In general, the time it takes to sell a house once an offer is accepted can range from 30 to 60 days, but every transaction is unique. The timeline can be influenced by factors like the complexity of the sale, the type of financing involved, and any unforeseen issues that arise. By staying on top of the necessary paperwork, communicating effectively with the buyer, and addressing any concerns promptly, you can help ensure the process goes as smoothly and quickly as possible.

If you’re looking to sell your house quickly and hassle-free, consider working with TM Prestige Home Cash Buyer. With no commissions, a streamlined process, and cash offers, you can sell your home on your terms. For a fast, stress-free sale, call us today at 267-332-4669!