When you’re buying or selling a home in Midland, you want to know how long the whole process is going to take – and while we can’t tell you how long it’ll be before someone makes an offer (sometimes it’s a day, sometimes it’s longer), we can tell you how long it takes to close once that happens.
Here’s what you need to know.
How Long Does it Take to Close a Real Estate Transaction?
After you make an offer on a house (or, sellers, after you accept an offer), the real paperwork begins.
On average, it takes about 50 days to close on a house. However, that number can go in either direction. These are the factors that really affect that timeline:
- How long it takes to complete the loan application process
- What happens with the title
- How much the home appraises for
- What the home inspection turns up
What Slows Down Closing?
Sometimes the buyers or sellers accidentally slow down the process. The most common reasons closing gets delayed include:
- Buyer financing. Sometimes the buyer has a tough time getting loan approval, or snags pop up in the underwriting process that require more documentation.
- Problems with the appraisal. When an appraisal comes in low, it can cause a lender to back away from the deal. Typically, lenders only let people borrow what an appraiser says the house is worth.
- Contingencies. Sometimes, such as when a buyer has to sell his or her home before buying the next one, the deal gets held up waiting for certain conditions to be met.
Are You Buying or Selling a Home in Midland, Texas?
Use our site to search homes for sale in Midland and all of our surrounding areas. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated faster. By creating a property manager account you can stay on top of the newest homes for sale and get price change alerts so you can stay ahead of other buyers and beat them to the best deals!
In the meantime, check out these 1-click searches: