After mulling over all the reasons not to buy a Tucson home, you bit the bullet and started looking around. You discovered the perfect property in a great location. The seller accepted your offer and then you entered escrow. Now, the waiting begins. How long does closing actually take? That depends on a variety of factors.
Closing Timeline for a Tucson Home Purchase
On average, it takes approximately 50 days to close on a house. That may sound like an eternity when you want to become a homeowner. But there are certain steps that must be completed in order to make a house your home. A title search, a home inspection, mortgage approval, home appraisal, and homeowner's insurance are just a few steps along the journey to closing.
What Slows Down the Process?
Mortgage approval tends to take the longest time (around 45 days on average). You should start that part of the process as soon as possible...like before you even look at properties if possible. Including a loan approval letter with your offer puts you ahead of other buyers still waiting for funding.
An appraisal that comes in under the mortgage amount you require holds up the process as well. Lenders shy away from approving a loan for more than the value of the property no matter how high your credit score. Therefore, you'll need to either renegotiate the sale price or bring more cash to the table to make up the difference.
Don't wait until the last minute to secure your homeowner's insurance. It must be in place before signing your final closing documents. Otherwise, you end up waiting. Talk to your current insurance company to put the wheels in motion as soon as you have an address and a sale price.
Finally, can you afford two mortgages? If not, you need to sell your current home before buying a new Tucson home. That could slow down the closing process on your new home. Talk to your Tucson Realtor® about when it would be a good time to put your current home on the market. Sometimes, a leaseback may be in order. Other times, you might have to rent a place until you close on a new one. Discuss your options with your agent.
Rebecca Schulte, Schulte Real Estate Group, Your Source for Tucson Real Estate