One of the most common questions home buyers pose here in Chicago is, “How long will it take from the offer is accepted to closing day?”
How Long Does It Take To Close On A House After Offer Is Accepted?
Many factors affect the precise timeline but generally expect 30-45 days from an accepted offer until closing.
Once the buyer and seller agree on an offer and the contract is fully executed, the closing process kicks into high gear. The countdown clock starts ticking! But buyers should know that closing in under 30 days is rare in Chicago unless it is an all-cash transaction.
With most purchases requiring inspections, appraisal, financing, and title work, patience is key. The average timeline is 4-6 weeks from the accepted offer to the keys in hand.
Things influencing closing time after offer is accepted
The buyer will want to get inspections done ASAP once under contract. In Chicago, expect to schedule inspections within the first week after offer acceptance. Then negotiations and repairs take additional time.
If repairs arise from inspections, the back-and-forth with sellers can take time. Build in at least 1-2 weeks for this process and to complete repairs.
The appraisal is typically ordered 1-2 weeks after inspections. Lenders then need 2-3 weeks to review the appraisal and clear it through underwriting.
If obtaining a mortgage, allow 3-4 weeks for loan processing and underwriting. If issues arise in underwriting, additional time may be needed.
If financing your purchase, it’s wise to get pre-approved for a mortgage before even making an offer. This will prevent delays from having to shop for loans after going under contract.
The title company will require 2-4 weeks to research the house’s title history and resolve any liens, judgments, or other issues before closing.
Closing Doc Preparation
The final closing disclosure and legal documents can be prepared within 1-2 days prior to closing and should not add additional time to the timeline.
As you can see, these factors can quickly add up!
Even a smooth transaction with no hiccups will take 30-45 days at a minimum in the Chicago market. Most commonly, delays occur with home inspections, repairs, and financing.
My advice is to
- Get pre-approved for your mortgage before even making an offer.
- Get inspections done immediately.
- And build some “padding” into your expected timeline in case issues arise.
From accepted offer to closing, one month is typically the bare minimum here, while 6-8 weeks is more realistic for Chicago home buyers to expect.
I always advise my buyer clients to prepare for a 30-60 day window from the time an offer is accepted to when they’ll actually receive the keys and take ownership.
Learn more about how long does it take to close on a house in Chicago, Illinois?
Let me know if you have any other closing process questions!