Closing Time- How Long Does it Take to Close on a House in Las Vegas Nevada
Buying a new home and looking at homes for sale in Las Vegas? Ever wonder how long it takes to reach closing time on your new home?
At this point you’ve likely open and closed a gazillion doors while looking at houses for the right one to become your home. How many kitchen drawers and closet doors were open (and hopefully closed) before finding your perfect home? Likely too many to remember now… That’s ok…
After all the houses you viewed, you FINALLY found the right one! Time to write the offer, let’s say it gets accepted. What’s next?
First off, congrats on finding your new home and getting your offer accepted! Now Let’s take a quick look the closing time line, plus what could possibly slow things down- or speed them up.
Average home closing time frame in Las Vegas
Your 7 days into escrow, everything is moving so quickly, then BOOM… A brick wall just flew up! Here’s a few of the most common stalls to the closing time:
- Funds: That’s right, the #1 reason for delayed closing time is usually related to buyer financing. The main culprit: getting the loan approved. Here’s the saving grace, the buyer can avoid this waste of time by obtaining a mortgage pre-approval letter. Many buyers say this is a great idea before even beginning to look at houses. Many sellers require buyers to have a mortgage pre-approval letter accompany their offer. Even with a mortgage pre-approval it can still take 30 days for the lender to complete their due diligence once an offer is made, so plan accordingly. Some sellers favor cash buyers since they can reduce closing time significantly since a cash buyer avoids the mortgage process.
- Appraisal Issues: For a mortgage to be approved, the lender needs to send out an appraiser to appraise the home. In some cases, the appraisal may come in less than the agreed upon price. When this happens, then additional time is needed while the sellers and buyers renegotiate the price.
- No home insurance: A buyer needs to secure homeowners insurance before closing. May slow down closing time since it is needed prior to the buyer moving into their new home.
- Contingencies: Most notably, as the real estate market continues to stabilize- the buyer may need to sell their existing home to buy their new home. Also, some sellers may need to buy their new home before moving. Both of which can delay the closing time.
How to speed up the closing time frame in Las Vegas, NV
Want to reduce your closing time and cross the finish line like Usain Bolt breaking another record? Here are 3 things you can do to help.
- Resolve Title Issues Promptly: Sellers should and can resolve any problems-such as a tax lien or late utility bills- prior to closing time. Title will begin in depth research into the property’s title once the buyer makes the earnest money deposit. If a seller knows a tax lien, HOA lien, or other financial encumbrance is attached to their house- then tell the title officer immediately. If you haven’t satisfied the lien(s), informing the title company that to pay the liens from your closing proceeds will keep the closing time on track.
- Make Repairs Quickly: Home inspections often times produce a honey-do list of repairs that need to be resolved prior to closing time. In some cases, sellers and buyers, may opt to simply reduce the price of the home to compensate for the repairs. In the case of financed offers, specifically FHA and VA loans, some conditions may need to be met prior to closing if the appraiser also notes the same deficiency. Keep alert for any feedback the inspector or your agent may share with that could possibly raise the brow of the appraiser to note anything termed as, “health and safety” conditions. These are conditions that must be satisfied prior the buyer’s lender funding their loan resulting yet another possible pot hole on the road to closing time.
- Communication: Ensure you understand and ask questions of your real estate agent, lender, title company, and/ or attorney as you are signing the documents needed to meet your closing time. If you have a question, no matter how great or small, please ask. Asking questions throughout the process before your closing time, helps keep you on track. Not only does asking questions provide clarity and peace of mind it will also keep your closing time on schedule.
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Berkshire Hathaway HomeServices, Nevada Properties
7475 W. Sahara Ave. Suite 100 Las Vegas, NV 89117