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what is involved when closing on a house and why does it take so long.?

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  • Anonymous
    1 decade ago
    Favorite Answer

    well you need a home inspection, an apraisle, insurance, and morgage. Its a big pain We are trying to close on a house right now I had to fire an apraiser and switch morgage people because they mess our stuff up so bad.

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  • 1 decade ago

    It's a long process because a lot of steps must be taken before loan can be closed. First you need to appraise the property you are buying and do a survey to know exactly what you are buying meaning how much land the house stands on. Then you need to do a pest inspection. You broker then need to find a lender which will approve you for the loan. Lender need to verify your income and employment. Title Company need to do a search on the property and find out what liens and judgments are attach to the property. Escrow company received loan documents and then proceeds with the closing transaction. It is a long process due to a lot of people are being involved in closing one loan.

    Source(s): I am a title officer
    • Geremia5 years agoReport

      But even if you pay cash, it s still no shorter than 30 days.

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  • 1 decade ago

    Approval from the bank must be sought both (the sellor and the purchaser) determining that the property is worth the asking price and allowing the loan as requested. (This can take quite a while).

    The deed will need checked to determine if there are any attachments against it, monies to be paid off before sale. And are the mineral rights included in the deed?

    Now days there are inspections that are done / checking the furnace to be sure not faulty, the roof, for termites, and the water supply etc. (It does take awhile). Then, the attorney's office needs to write up the new deed and both parties need to sign.

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  • Anonymous
    1 decade ago

    It's not too long, but all the loan documents have to be signed, and there's a lot of stuff and deeds and notarization and disclosure reporting that all has to be reviewed in your presence for legal reasons. That's why the escrow company handles all that for you and all you have to do is sign the papers. In about an hour. What takes long is the appraisal and securing the loan in the first place.

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  • 1 decade ago

    It usually takes 2 - 4 weeks depending on who goes on vacation or what holidays are coming up. It also depends on how many times your file has to go to the underwriter.

    Make sure you get all your paperwork done asap! Then wait for the appraisal and inspection... this should only take 10 -14 days. Now, you wait for the underwriter to do his/her work... then get in line for your docs to be sent to the title company or attorney to be signed by you.

    Remember, patience is a virtue!

    and, Congratulations!!!!

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  • Anonymous
    1 decade ago

    Takes long because all the documents must be signed and check and stamp duty sorted out.

    THe land titles office can take a long time.

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  • 1 decade ago

    Contact me by email and I will send you a Home Buyer's Guide that will tell you all the details about the process. Most of the time it's Financing.

    Source(s): REALTOR AND HOME LOAN CONSULTANT SACRAMENTO, CA
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  • Anonymous
    1 decade ago

    it doesn't take long. 5 days for title search, 3 days for appraisal, 3 days for underwriting. The rest is up to you and how quickly you respond to requests and cooperate.

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