In the real estate industry, you play a lot of "hurry up and wait". You rush around trying to find the right property. When you do find "the one", you rush to put in an offer. Once the offer is accepted, you enter escrow. Then, you wait. I've provided a sort of Havasu home closing timeline below to prepare you for what to expect during this time.
Havasu Home Closing Timeline
Enter Escrow
Typically, it takes anywhere from 30 to 60 days to complete escrow. Like fingerprints, transactions vary from person to person. One of the things that might hold up your Havasu home closing time is your loan approval. This tends to take the longest amount of time. So, you need to start working with a lender as soon as possible in your home buying process. How soon? Like before you even start looking. Knowing how much you are pre-approved for also helps keep your search focused on properties you know fit within your budget. And it cuts down on your escrow time because so much of the work a lender needs to do is done ahead of time. Plus, you can put together a proper offer once you find a house you like. That really comes in handy when Lake Havasu homes sit on the market for an average of just 19 days before finding a buyer.
Inspections and Appraisal
Another reason to get your financing in order as soon as possible is that you can schedule your appraisal and inspections within a week or two of entering escrow. The lender requires an appraisal to approve your loan. The appraised value of your home must come in at or below your loan amount. If the appraisal comes in under the agreed sale price, you will either need to come up with more money down (to make up the difference) or go back to the seller and negotiate a new sale price. Either way, this could cause a delay of a few days to weeks. If your home inspection reveals potential problems, that might require negotiating with the seller for repairs or a credit for the cost of repairs. Again, this could cause more delays.
The Big Day
Finally, after all is said and done, you arrive at the big day: Closing Day! Before you go in to sign your final paperwork, make sure you look over your Closing Disclosure form. Also, take a final walkthrough of the property with your Lake Havasu REALTOR® to ensure the property is in the same condition it was when you entered escrow. Check for the completion of any repairs required in your sales contract as well as make sure that the appliances you agreed to in the contract are still on-site and working.
When you go to sign your paperwork during your Havasu home closing, bring a photo ID with you as well as a cashier's check for your closing costs. If you are unsure how much that is, talk to your REALTOR®. It also helps to bring your checkbook in case some unexpected fees pop up. (It's better to be safe than sorry.)
Feel free to contact me before you start looking for your next Lake Havasu home. I can help you narrow your search to just the properties that fit your needs and your budget. I look forward to hearing from you soon!
Visit any of my Lake Havasu real estate sites below for more information on the Havasu market:
Liz Sells Lake Havasu
Homes for Sale in Havasu
Havasu Area Homes
Just Call Liz
Originally posted on my Lake Havasu real estate blog here: https://havasuareahomes.com/havasu-home-closing-timeline/.
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