Breaking Down the “Clear to Close”
Several entries ago, I tried to highlight what happens in the three weeks before a buyer, seller, and Realtor reach the closing on a home. Lynnae over at beingfrugal.net has written a couple of brilliant posts about every step she has taken in her quest to buy a new home.
In late July, she described how she found a home online, then proceeded through the purchase process. Read the whole post because Lynnae most definitely demonstrates what can go wrong, what can go right, and what it’s like to live through the process.
This last month has definitely been full of ups and downs. Barring any delays with our loan, we should be able to close by mid-August, and we might be able to get moved in before school starts. That’s the goal, but it’s an optimistic goal.
When I first told you we were buying a house, I was hopeful that everything would work out, but I was far from convinced. At this point in the process, I’m pretty sure everything is going to work out, and I’m more nervous about the timeline in regards to school than anything else.
Today, Lynnae continued her saga - still no closing but it’s coming.
The name of this game seems to be hurry up and wait. In reality, we will probably close Monday morning. Our realtor is going to see if the sellers would be willing to give up the three days they have after closing to move out. If they do, we’ll get keys Monday morning. If not, we’ll have keys by Thursday at the latest.
I’m nervous for her that she’s giving the sellers time to move out after closing. But more often than not, this works out okay.
Interestingly, many commenters wrote about how odd it was that the buyer could close in just 60 days. WHAT? Where I am, it’s highly unusual to close in more than 45 days. Typically we close in Middle Tennessee in 30 days. Also, the title companies must have an attorney on staff to approve the paperwork and keep the process moving (along with the Realtors and mortgage company).
One commenter sums it all up,
I work in real estate and this is actually very common, it can be a hurry up and wait. Even with an attorney (which is common practice in my area), you have next to little control over the title company and the mortgage company and how they roll out documents. Closing in less than 60 days is great in this market. Usually the lenders ask tons of questions and want tons of documentation and the process gets delayed because of that.
