Buyers and sellers alike are often confused about the details of the closing process. Here is a step-by-step guide of what to expect.
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One of the most common questions we get from both buyers and sellers once a contract has been accepted is: “What does the closing process look like?”
Once a contract has been executed, the first thing that happens is the home inspection. Buyers hire a professional inspector to examine the home and while this is happening, the loan application is also in the works. This happens following pre-approval.
The application is held off until the results of the home inspection come through but once they do, then comes an appraisal order.
After the appraisal comes back to value with no required repairs, the underwriting process begins.
At that point, they’ll sign off on the loan and we’ll issue a clear-to-close. Assuming everything goes as planned, this process takes about 30 days from the time the contract hits to the time you actually close.
The next step is for a real estate broker to perform a final walk-through with the buyer to ensure that the property is in an agreed-upon condition.
After this comes closing. Here in Illinois, many buyers use an attorney who will go through all the loan papers, mortgage, and other documents to make sure things are in order so that the title officer can disperse out on the transaction.
Finally, the seller is paid. This is also the point where a seller will receive a check in the event that they’ve overpaid.
If you have any other questions or would like more information, feel free to contact us by sending an email or giving us a call. We look forward to hearing from you soon.
Once a contract has been executed, the first thing that happens is the home inspection. Buyers hire a professional inspector to examine the home and while this is happening, the loan application is also in the works. This happens following pre-approval.
The application is held off until the results of the home inspection come through but once they do, then comes an appraisal order.
After the appraisal comes back to value with no required repairs, the underwriting process begins.
At that point, they’ll sign off on the loan and we’ll issue a clear-to-close. Assuming everything goes as planned, this process takes about 30 days from the time the contract hits to the time you actually close.
The next step is for a real estate broker to perform a final walk-through with the buyer to ensure that the property is in an agreed-upon condition.
This process takes about 30 days from the time the contract hits to the time you actually close.
Finally, the seller is paid. This is also the point where a seller will receive a check in the event that they’ve overpaid.
If you have any other questions or would like more information, feel free to contact us by sending an email or giving us a call. We look forward to hearing from you soon.
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