And Sell one too?
How Long DOES is take to buy or sell a house?
I’m Robin with Keller Williams and as a Realtor I get asked this question a lot and it is, well how long does it take to sell or buy a house? And of course my answer is it depends. It depends on a lot of things. If you’re on the selling side, it depends on your house, your location, your price point, all of those things. How long will it take us to find a buyer for your house? And if you’re on the buyer’s side, how long will it take you to find the house that you’re looking for that you want to purchase? So there’s a lot of things that come into that now on a very factual timeline, we’re looking at about 30 days. Once you go under contract. We call that “going under contract” when all parties have agreed to terms and we execute this contract.
What is the timeline from a contract?
This is when the clock starts ticking on a number of different things. Typically in the state of Texas, we close in 30 days. If a house goes under under contract on June 1st typically we’re closing it on or about June 30th. Now the contract says on or before June 30th; this is the deadline to close the transaction. So it could happen really anytime in between there. Secondly, once we go under contract, the buyer has what we call an option period or a termination period. This is going to be typically about five to 10 days depending on the contract and there will be a amount of money given to the seller that is called consideration that allows the buyer to do their inspections…if they want somebody to look at the roof, do a general inspection, climb under the house, climb on the house, do all the reasonable inspections in their due diligence before they decide to move forward with the contract.
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Can a Buyer Get Out of the Contract?
At this point in time, a buyer does have the right to terminate the contract within that pre-determined time period and they will get their earnest money back. However, they will not get that option money back. Once we pass the option period, there’s about another 14 to 21 days where the buyer and their lender are doing their due diligence. They’re getting all of their paperwork into the lender per their request. That could be tax returns, that could be pay stubs, it could be any number of documentation that the lender needs to approve this buyer to buy that home and that during this time too, typically the appraisal is getting ordered if not completed during that time. After that, it is just the final paperwork signing, getting things cleared up, getting conditions cleared and things like that till we get to our closing date.
Closing the Transaction
Once the lender gives a clear to close and title gives clear title then everybody can come together and sign on the dotted line and one person has sold a home and another person has purchased it. So typically we look at about a 30 day time period in the state of Texas right now between going under contract and closing that sales contract. If you have any questions regarding the buying and selling of real estate here in North Texas, please don’t hesitate to call me. My name is Robin Mccoy with Keller Williams. My license number is 0582766 and my phone number (214) 226-3770 look forward to hearing from you. Have a great day.