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?
Closing on a house after an offer is accepted typically takes 30-45 days. This is due to necessary processes such as inspections, repair negotiations, appraisal, financing, and title work. Delays can occur, making patience essential in this process.
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
Home Inspections
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.
Repair Negotiations
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.
Appraisal Timing
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.
Financing Timeline
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.
Title Work
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.
In summary
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!
