Kristi answers all your questions about closing for buyers and sellers.
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Today we’re talking with Kristi from WACO Title about the details you need to know about closing.
What is the average closing time?
“The average closing time is around 30 to 45 days. It depends on a couple of factors, including if you’re paying through a loan or what type of loan program you have. A lot of sellers are asking for time to look for their next home, so that’s bringing up the average time. If you plan on buying and selling at the same time, it can be a stressful process. Extra time can make it a little easier.”
How do the holidays affect closings?
“Juggling the holidays can be hectic for some sellers, so you need to communicate with all parties and make sure everyone is on the same page.”
What do sellers need before closing?
“Sellers will need a signed payoff authorization, and they need to get all documents back to their title company as quickly as possible. From there, we take care of the rest. We recommend you take care of everything electronically to speed up the process. Some banks will hold a check for seven or eight days before you can cash it in and use the money.”
What title issues could cause a closing to become delayed?
“One of the biggest issues we run into is people not having access to a property. Surprise liens can also be a problem. For most people, the holidays can be an issue as well. Make sure you plan well around Christmas and New Year’s Eve to avoid any delays.”
We would like to thank Kristi once again for joining us. If you have any questions about today’s topic, please feel free to call or email us. We are always willing to help.