On average, most house closings occur 45 – 60 days after the Offer To Purchase has been made buy the buyer and accepted by the seller.
The Due Diligence period is generally 2 – 4 weeks. During the DD period, the buyer will have the home inspected and complete all research needed to ensure this is the right property for them. This could also include getting a survey, termite inspection, appraisal, septic tank testing and more.
After the DD period is over, it generally takes 2 – 4 more weeks for everything else to get into place. That can include the seller physically moving out of the home, negotiating repairs, etc.
Bank loans can also take time to prepare, especially if the buyer is self-employed. Most banks want income verification from the IRS and that document alone can take several weeks.
In the video below, Eric Andrews elaborates on all of this in detail and also explains that closings can indeed occur faster. His record is 2 hours!
