When your offer to buy a Tennessee home is accepted, it represents the beginning of the closing process. Over the next several weeks, you will need to obtain a mortgage, have the home inspected and take steps to ensure that the title to the property is valid. You may also need to verify the source of any funds used for your down payment or other closing costs.
How long does it take to close on a home purchase?
In most cases, the real estate closing process takes between 30 to 60 days to complete. Your exact timeline will depend on how long you need to secure a mortgage or have the home inspected. It will also depend on the seller’s needs as they may not be willing to close on the deal prior to finding a new place to live.
It may be possible to take possession of the home prior to closing day
If you need to move into your new home quickly, it may be possible to take possession before the sale closes. After moving into the house, you will make a rental payment to the seller as opposed to making a mortgage payment to the bank. When the transaction becomes official, any rent money paid to the seller will usually become a credit toward your next mortgage payment.
It’s important to account for the time it will take to officially close on a purchase when determining the best time to enter the housing market. Doing so may prevent you from becoming temporarily homeless or from having to extend the lease on your current residence.