For eager homebuyers here in Chicago, one of the first questions always asked is “If we put an offer on a house today, how long will it take until we can close and get the keys?”
How Long Does It Take To Close After Putting An Offer On A House?
While each real estate transaction varies, generally expect 30-60 days between having your purchase offer accepted and sitting down to sign closing documents. The typical range is 4-8 weeks from the time an offer is submitted to actual closing day.
Why does it take 30-60 days to close after an accepted offer in Chicago?
Owing to the steps involved after an offer is accepted such as home inspection, appraisal, finance approval, title work, legal document preparation and closing date scheduling, it takes at least 30 days to close on a house after an offer is accepted.
Home Inspections
Expect home inspections within the first 1-2 weeks once an offer is under contract. Buyers then get time to review findings and negotiate any needed repairs.
Appraisal
The lender will order an appraisal 1-2 weeks following inspections. Appraisals help determine loan amount and fair market value.
Financing Approval
With a purchase loan, allow 3-4 weeks for loan processing, underwriting, and receiving a clear-to-close from the lender. Pre-approvals speed this up.
Title Work
The title company requires 1-2 weeks to research title history, resolve any lien issues, and clear title before closing.
Legal Document Preparation
The lender’s closing disclosure and title company documents take about 5-7 days to prepare before the closing appointment.
Closing Date Scheduling
Agents need 3-5 days to coordinate closing for the buyer, seller, attorneys, lender representatives, and other parties involved.
In a typical Chicago purchase with financing, the steps above take 30 days at a minimum.
Delays could push the timeline to 2 months or more in some cases. Where does the process tend to get held up?
Common Delay Points
- Repair negotiations after inspection
- Appraisal scheduling timing
- Underwriting and loan approval
- Title work revealing issues
- Seller or buyer delays providing needed paperwork
The best advice is to get fully pre-approved before making an offer. This prevents lender documentation delays down the road after going under contract. Also build some “wiggle room” into your expected timeline.
In Summary
When anticipating your closing date after an accepted offer in Chicago, one month is the typical minimum, while 2 months is a safer bet.
Learn how long does it take to close on a house in Chicago, Illinois.
Let me know if any other questions come up!
