Question

how long does it take to close on a house?we've had all the inspections done the land survey,and everything

we've had everything done surveys and everything have been sent to the underwriter,how long should this take? and who makes the decisions on when you close?

7 years ago - 3 answers

Best Answer

Chosen by Asker

If a "full folder" has been submitted to underwriting you should either get a "clear to close" within 3-5 days or they file will be flagged for more documentation and will have to be resubmitted. After you get the clear to close you can close immediately which I have seen happen in as little as 4 hours but pretty much has to do with the availability of your closing agent (lawyer) and all interested parties getting together for signatures. Usually the sales contract defines when you will close, but if everyone is ready to go, the closing attorney sets the schedule.

Source(s):

7 years ago

Other Answers

Usually it takes about 45-90 days to close on a deal. This has to do with all the necessary paperwork and inspections and such that need to be done and disclosed on the property before its finalized. Sometimes it goes quicker, but that depends on how fast everything is pushed thru.

by jess_offramp - 7 years ago

Depending upon the time of month and the type of loan, underwriting a file can take up to 72 hours, but most of the time 36-48 hours. Once the file is underwritten they will probably call you with some additional documentation they will need (conditions) and it could take another 24 hours to get the final approval once you have given them the final conditions. Once you are "clear to close" it takes the closing department between 4-24 hours to prepare docs and get them to the title company, who wants another 24 hours to work them up.

Since the lender has the money, they control the closing, although the agent would like to think they do. Call your loan officer and and ask when you should schedule your closing and get that info to your agent who will make the arrangements with your title company or closing attorney. Don't let your agent schedule the closing without you confirming with your lender that it is doable or your just wasting your time. Lenders get very frustrated with title companies and agents for not consulting them first about when the docs will be ready.

by jamesnbarnes - 7 years ago