Our clients often ask why does it takes so long for a buyer to close on the home and obtain a loan. The contract brings in many participants to successfully close a transaction.
- The REALTORS for the Buyer and Seller
- Loan: Loan Officer, Processor, and Underwriter
- The Appraiser – who works for the Lender
- The Inspector – who works for the Buyer
- Escrow Officer – The neutral party managing the Funds, Title Commitment, Insurance, Loan payoffs, Property taxes, and HOA demand letters.
Here’s a flowchart to give you a general idea of the process (days/deadlines vary by contract and loan type)