You May Wonder Why Home Loans Take so Long to Close.
The time between with you get your offer accepted and the day you finally get your keys can seem like it takes forever. You may be wondering why this happens. There are a few reasons The biggest may be the number of people that have some task to complete during the process.
You probably only have conversations with your Realtor and Lender. While they seem to be the face of the transaction there are a lot of people doing work behind the scenes. Here is a breakdown of who has an effect on your transaction being a success.
- The Buyer
- The Seller
- The Buyers Agent
- The Listing Agent
- The Loan Officer
- The Loan Processor
- The Underwriter
- The Home Inspector
- The Appraiser
- The Title Officer
- The Escrow Officer
The above are just the people needed in a standard transaction. Many lenders will have compliance departments and other people along the way that may work on the files. A lot of the people helping you along the way will have assistants that help speed up the process.
In some cases, there will be issues with the condition of the property in which you may need to have a contractor jump into the process.
With this many people involved in a transaction, you may be able to see why it can be challenging to move quickly. A smooth transaction will only happen if all of the parties involved work together and complete their tasks in a timely manner.
This is one of the reasons I believe using local real estate and lending professionals will help with the process.