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No, you can't buy a house overnight. Here's how long it usually takes

Written by
Sarah Sharkey


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Key Takeaways

  • A home purchase is a major undertaking that doesn’t happen overnight. 

  • Typically, it takes an average of 54 days to finalize a home purchased with a mortgage. 

  • An all-cash deal can speed up the process. But it will still take at least a few days to finalize the transaction.

Buying a home is an exciting step. 

Once you find the home you’ve been waiting for, you might want to move in the next day. But you’ll have to wait until the deal is finalized, which can take several weeks. 

How long does closing take?

It'd be nice if you could move from your offer to closing in a matter of hours. But the reality is that it can take weeks to wade through the home purchase process. 

Although you can typically speed up the process with a cash offer, this major purchase would still be difficult to complete overnight. 

Buying with a mortgage

When purchasing a home with a mortgage, a lender takes the time to confirm the value of the property. 

A few of the steps required by a mortgage company during the closing process can include:

  • Application review: the lender may request significant documentation about your financial situation, including your income and assets. If possible, send along the documents as soon as possible to avoid delays. 

  • Appraisal: lenders will require a home appraisal to confirm the value of the property. 

  • Inspection: usually, you’ll need to order an inspection to understand the condition of the home. It’s usually not a good idea to skip this step. If the inspector finds an issue, that could slow down the process or even derail the deal altogether. 

Each of these steps in the process can slow things down.

Some homebuyers still experience a significantly longer closing process. A recent study found that it takes an average of 54 days to finalize a home purchase with a mortgage. 

The type of mortgage you get can also significantly impact your timeline. For example, it takes an average of 52 days to close with a conventional loan. But it takes an average of 62 days to close with a VA loan. Make sure to check your timeline and build out plenty of buffer room in your schedule for delays.

It may be possible to close in closer to 30 days with some lenders, assuming that the process goes off without a hitch. To make the process as efficient as possible, keep the lines of communication with your lender open. If you are responsive to their requests for information, the process may go more quickly. 

Buying with cash

If you can purchase a home with cash, the transaction may be slightly faster, depending on your situation. With fewer parties involved, you won’t have to jump through as many hoops. Although it’s still a good idea to get an appraisal and inspection of the home, you’ll have the option to skip both if time is of the essence. 

This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.

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