Why does it take about a month to close on house?

Question

What goes on during that time that is so darn time consuming?????

Answer 1

Well I don't know what state you live in but if you live in CA or any state that uses escrow (Title) companies, your escrow officer can explain. If you live in states such as New Jersey where attorneys are used you can as your attorney as well. Since I used to work for a title company I will try to answer your question as best as possible.

It is the responsiblity of the Title Company or attorney to make sure there are no problems in that could stop the change of title such as liens or levys(Federal or state i.e. Federal Tax Liens), Mechanics liens (someone does work and never gets paid) Encumberances(City or county). Title companies issue an insurance for up to 5 years on some which guarentees that there are no problems with the change of title.

Then there are the various required reports such as Termite reports, Apprasials, Flood reports all of these are done by outside contractors. These as well have to be scheduled

You didn't state if your a buyer or a seller. If your a buyer, then you also have to wait until your loan docs arrive for you to sign. If your a seller you also wait for the buyers to come in and sign docs as well as the completion of all reports listed above.

If your a buyer, your also working with your lender to get the best rates for your money.

If you live in a state where attorneys are used for title changes on real property its pretty much the same thing. Its just done through an attorney.

Also, you want to make sure that any agreed upon repairs, deposits are placed into escrow so that the escrow officer or attorney can make sure it has been done.

Usually if title comes back clean, its a much faster process but if title has liens then you have to clean them up. Government is just not that fast at getting back to you on the status of a lien.

Good luck! I hope that answers your question.

Answer 2

Loan Application
Property Inspections
Pest Inspection
Negotiation for Repairs
Verification of Loan Application
Property Survey (where the Property Lines are)
Completion of Repairs
Title Search
Property Lein Search
Satisfaction of any Loan Contingencies
Preperation of Mortgage Packet
Final Walk Through Inspection
Closing

Answer 3

Home inspection, termite inspection, appraisal, title search. All of those things must be scheduled with outside companies. If the lender is moving slowly it can take longer. I recently purchased a home for cash, had only a termite inspection done, and it took just over 6 weeks to close.

Answer 4

you can close in less time, depending on the seller and your mortgage company. if you have good credit and the home is free of problems and/or liens, then you can close a lot sooner...if the seller is willing.