You have made an offer on a home and it has been accepted by the homeowner(s), this is an exciting time, especially in today’s competitive sellers’ market. The purchase process is not over yet, there is still much to do including the appraisal, inspection, and any other contingencies there may be. This is called the closing process. The steps it takes to get from offer acceptance to a finalized sale.
Here are some Frequently Asked Questions Buyers Have About the Closing Process
How Long After the Offer is Accepted Until Final Closing?
Once your offer is accepted it can take anywhere from 30 to 60 days to close on the loan and get the keys to your new home. Some loan programs take less time than others, there of course is also the agreed-upon moving date in the contract, but this can sometimes get delayed depending upon the closing process.
The type of mortgage being applied for will have the largest impact on the day you move into your home, unless the homeowner has negotiated to stay in the home a little longer before moving out.
Can the Homeowner Stay in the Home After Closing?
In most cases, the keys to the home are handed to the new owner (you) at the closing table when you sign the final purchase paperwork. In some cases, a homeowner may ask for some more time to move.
If this happens, a use and occupancy agreement should be completed before the final closing to get in writing exactly how much extra time the seller can occupy the property. Some buyers choose to protect their decision to graciously allow more time with a per diem charge or other financial incentives for extra time taken on the seller’s part to move.
Can the Seller Delay the Closing Date?
The closing date for the sale of the home will be written in the purchase contract that was signed by both parties. If the seller would like to delay the closing date for any reason they will need to come back to the negotiation table to rewrite the purchase agreement. Even if you are okay with allowing extra time, it might be a good idea to ask for some concessions for your trouble to help ensure the seller is not just taking advantage of the situation and will not ask for another extension. There is no limit to the amount of time or number of times closing can be delayed. Make sure that the contract states you have the right to walk away from the deal if the seller continues to delay.
In most situations, the closing process actually closes on the original date agreed upon in the contract. In some cases, it does not. This is one reason why having an experienced real estate agent on your side to help with contract negotiations is so important.
For more information on homes for sale in Noblesville and surrounding areas please contact us any time.