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How Long Does it Take to Close on a House?

Hello there, I am Alex Huereca Texas Realtor® in El Paso Texas with ClearView Realty.

How long does it take to close in a house? How long does it take to get keys for your new home?

The process to purchase a home can take anywhere from seven days to sixty days, it depends on the type of financing you are doing or if you are buying cash.

Buying a Home “Cash”

If you are buying cash, the purchase can go super-fast, and it can take only 6 to 15 days to close on your new home. Why so fast? Because when you purchase “cash,” you do not have to meet any requirements from the lender, and you’re using your own money. Now, using your own money means that you are paying 100% of the purchase with your own money, you have the funds, and you are not using money from anybody else. That is a cash purchase.

When you are buying cash, you might be able to close in the house like I said, in no more than 15 days. That is after you have a contract on a house, it can take you a month or two to find the house, but once you have a contract you can close in about 15 days.

Why 15 days? It is because the title company still must clear title. They must make sure that the title for that property is free and clear (No liens or judgements) and the process can take anywhere from 1 week or 10 to 15 days, it depends on the title company.

Financing Your Home

Financed purchases are a little bit different from cash purchases and it can take anywhere from 20 to 60 days. How long it takes will depend on the type of financing that you are using.

If you are financing the purchase of that house through “conventional financing” then maybe you can close between 25 to 35. If you are buying through FHA or VA financing, then it might take a little bit longer. Usually, 35 to 45 days if everything is going good and up to 60 days if there are hiccups on the process.

The process for you to get approved for the house or your loan to be approved, is pretty much the same for all three types of financing. The only difference is that for some reason, right now here in El Paso Texas the FHA and VA appraisals are taking a little bit longer. So, if you are buying through conventional financing, the appraisals are taking long, but not as long as FHA and VA Appraisals.

The time frame or how long is going to take for you to get the appraisal depends a lot on the lender as well, but it’s mainly a company (AMC – Appraisal Management Companies) that distributes all the appraisals to different appraisers, then one of the appraisers must pick your appraisal or your property to do the appraisal, and that’s where it takes a little bit longer.

This information is intended for home buyers and sellers in El Paso, TX.

Real estate is local, and the process and requirements may be different in other cities and states.

If you need help finding a Realtor® in other cities, we can help you find the best ones for the area.

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