The first step in the process of buying a New York home is having your purchase offer accepted by the seller. However, it will likely be several weeks or months before you become the owner of that property. Let’s take a look at the various factors that will determine how long it takes to close on a real estate transaction.
The property will need to be inspected
In many cases, a home inspection will take place within days of your offer being accepted. However, it will likely be several more days before you actually receive a report from the person who conducted it. There is a chance that there may be unexpected issues with the property that need to be taken care of before the closing date. For instance, the seller might agree to fix a crack in the foundation, replace the roof or get rid of a pest issue. Repairing these issues might prolong the closing timeline by several weeks.
You’ll likely need to obtain financing
If you’re like most buyers, you’ll be financing the purchase with the help of a mortgage lender. It can take several days for a financial institution to review your information before a final lending decision is made. If you’re applying for an FHA, VA or USDA loan, the home will need to be appraised before your loan can be approved.
It usually takes 30-60 days to close on a real estate deal
In most cases, real estate transactions close no fewer than 30 days after a purchase offer is accepted. It’s important to note that it might be possible to take possession of the house before the deal closes. Your real estate law professional may be able to help you better understand the process of doing so.
You may want to hire a real estate attorney to help with the process of purchasing your next home. He or she may help you craft a purchase offer, ensure that relevant disclosures are made and take other steps to represent your interests.