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Wondering how long you would have to move if you listed your home?
The home selling process dictates the timeline from the day you list your home to the day you can expect to need to be moved out. Of course, many factors come in to play when determining this.
If you have a home that checks a lot of boxes for most buyers (3+ bedrooms, 2+ bathrooms, 2 car garage, basement, desirable location, updated and move in ready etc) then you can expect your home to be under contract within about a week in our current market if not sooner, so long as your home price is listed at a price determined by the latest data. Location, beds/baths, updates are all important factors in the length of time to sell. Also, higher price ranges can take longer due to less of a buyer pool.
Once your property goes under contract, it is common for the buyer to have a home inspection performed. Typically, it is expected to be performed within 10 business days of going under contract. However, many buyers are offering to shorten this contingency period because this is usually the most painful part for a seller.
After the inspection contingency is removed, the buyer's lender will order an appraisal. Currently this is one of the action items that is taking the longest. Appraisers currently have a high workload with the busy market, and low rates tempting people who aren't buying and selling to refinance. It is currently taking 2-3 weeks to be scheduled, performed and returned.
If your buyer is paying cash for your home, an appraisal is not required, however the buyer could still opt to have one performed. If a cash buyer opts OUT of an appraisal, then you will need to wait around 2 weeks to close for title work to be performed.
After your appraisal is cleared, depending on the lender, you can expect about another 2 weeks for the loan to be underwritten and cleared to close. Once the loan is cleared, your Realtor can coordinate your closing.
Realistically, you can expect this entire process to take 6 weeks or so. Sometimes it is ready in 3, sometimes it is ready in 7 or 8- mostly depends on what kinds of roadblocks you run into during the process.
Some roadblocks include inspection items coming up that the buyer is not satisfied with that may need repaired, or an appraisal coming in low, all of which can be negotiated or dealt with by a problem-solving Realtor!
If you are afraid to put your home in the market because you have not found a place to buy- I have solutions for that too that have worked very successfully for many of my clients in the tight market we are in- call or text me today and I will be happy to go over your options with you!
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