Closing Closing Time how long does it take

From Contract to Closing - How Long Should it Take?

Now that you have decided to purchase a home how long will it take until it's actually your home?  Well that depends.

Every state has a different process, but in general we all do the same things, we just do the differently.  Colorado is a "Table Closing State" meaning we all go to a closing, usually at the Title Company and the Title Representative or Escrow Agent "closes" the deal.  When done the buyers get the keys and they officially own the home.

Getting to the closing table can take a couple of different paths.  If the transaction is all cash, it can happen quickly in 7-10 days.  However if the transaction involves buyer financing, it take longer.

A typical Colorado Sale will need to complete the following:

  • An executed contract signed by all parties
  • Earnest money deposited
  • Title work ordered and delivered
  • Due diligence documents delivered & reviewed
  • HOA documents delivered and reviewed
  • Inspections of a buyer's choice; home inspection, radon test, sewer scope, etc.
  • Inspection resolution
  • Appraisal ordered, completed and delivered
  • Loan package completed, underwritten
  • Buyer walk through prior to closing

While most of these items proceed in a timely fashion, it does take time to go through each step.  Buyer's incur fees for inspections and appraisals.  If there is concern that a home will require more work than a buyer is wiling to do and the seller refuses to do, than a buyer may not want to order an appraisal until the inspection objection is passed.

A typical closing can comfortably occur within 30 days from the offer to purchase being accepted.  The longest process is the appraisal and underwriting.  One cannot occur until the other is completed.

Every transaction comes with unique circumstances.  It is best to consider the needs of both parties and set expectations up within the reality of what is possible.  Buying and selling a home is a very emotional process, so adding to the stress of the transaction by rushing a process that can't be rushed is best avoided!

Discuss your needs and expectations with your Realtor when writing your offer to be sure everyone understands and can live with the deadlines.