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Variables that might influence when a home sale closes

| Apr 15, 2020 | Firm News |

When a seller has accepted an offer to buy its Mississippi home, the sale is considered to be pending. There are a variety of steps that will likely need to be completed before the sale can officially close such as the buyer obtaining mortgage approval. The buyer may also want to inspect the property or obtain more information about the title before formally agreeing to take ownership of a home.

Technically, buyers and sellers can take as long as they would like to complete the transaction. However, most sales close within 30 to 60 days of an offer being accepted. If a buyer is paying in cash, it may be possible to close on the deal within a matter of days. The sale could be delayed for weeks or months if significant repairs need to be made to a property.

A legal challenge could also delay the closing of a home sale, and in some cases, a judge may need to make a ruling if buyers and sellers can’t resolve their problems on their own. Those who want to close on home sales as quickly as possible are encouraged to stay organized. It can also help to hire a real estate agent who may be able to anticipate problems and solve them in a proactive manner.

Individuals who are looking to purchase a home may benefit from hiring a real estate law professional to help with the transaction. He or she may be able to review a purchase agreement or other documents that may need to be submitted during the closing process. If necessary, a legal professional might make changes to these documents in an effort to protect a buyer’s rights. An attorney may also represent a buyer in court if a dispute arises.