Real Estate Closings
December 5, 2022

How long does a real estate closing take?

The process of buying or selling a piece of real estate can be a complex and time-consuming one, with many steps involved from start to finish. While every transaction is different and can take varying amounts of time to complete, a simple real estate transaction can typically be expected to take anywhere from 30 to 45 days to close.

The first step in the process is for the buyer and seller to come to an agreement on the sale of the property. This usually involves the buyer making an offer to the seller, who can then accept, reject, or counter the offer. Once an agreement has been reached, the next step is for the buyer to secure financing for the purchase, if they are not paying cash. This can involve applying for a mortgage and going through the lender's approval process, which can take anywhere from a few days to a couple of weeks.

Once the financing is in place, the next step is for the buyer to conduct a thorough inspection of the property. This is typically done by a professional inspector, and can take anywhere from a few hours to a couple of days, depending on the size and complexity of the property. The inspection is important because it allows the buyer to identify any potential issues with the property that may need to be addressed before the sale is completed.

After the inspection, the next step is for the buyer and seller to negotiate any necessary repairs or other issues that were identified during the inspection. This process can take some time, as the buyer and seller may need to discuss and agree on how to handle any necessary repairs or other issues. Once any necessary repairs or other issues have been resolved, the next step is for the buyer and seller to sign the purchase and sale agreement.

Once the purchase and sale agreement is signed, the next step is for the buyer to provide the necessary funds for the purchase. This can be done through a cash payment, or by obtaining a mortgage from a lender and providing the lender with the necessary funds. If you are a wholesaler that is performing a double closing, transactional lending is a great option. It essentially serves as a cash payment. Once the funds have been provided, the next step is for the title of the property to be transferred from the seller to the buyer. This is typically done through a process called "closing," which is where the final paperwork is completed and the title is transferred to the buyer.

The closing process can take anywhere from a few hours to a couple of days, depending on the complexity of the transaction and the parties involved. Once the closing is complete, the buyer becomes the official owner of the property, and the transaction is considered to be closed.

Overall, the process of buying or selling a piece of real estate can be a complex and time-consuming one, with many steps involved from start to finish. While every transaction is different and can take varying amounts of time to complete, a simple real estate transaction can typically be expected to take anywhere from 30 to 45 days to close. If you need transaction funding to close your wholesale deal, keep this timeline in mind and plan ahead.

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