Buying
Buying
Understanding the Closing Date
What is the closing date when buying a home in El Paso? It is the target day everyone signs and funds the sale: about 7 to 10 days for a cash buyer, or roughly 4 to 6 weeks if you are using a home loan.
Quick buyer tip on the closing date. In the Texas contract you set an anticipated closing date. A cash buyer can close in about 7 to 10 days, just enough time for the title company to prepare the paperwork. With a home loan, the fastest we have seen is about four weeks, and VA loans have stretched to six weeks when an appraiser was hard to schedule. On closing day you sign all the documents, in person or with a mobile notary, the seller signs, and your loan funds or your cash transfers to the title company, who passes it on to the seller.
Video transcript
Understanding the Closing Date
Quick buyer tip. What is a closing date? So in the contract for the state of Texas there is a place in there where we need to suggest a anticipated closing date. So if you're a cash buyer you know you can do a quick closing in about seven to ten days. We just need to give the title company time to get all the paperwork
together in that time. Now if you're doing a home loan that's not that's not going to happen. So a home loan about the quickest we've seen a home loan closes about four weeks and for a while especially VA was taking up to six weeks because it was hard to get an appraiser an appraiser in there. So closing date is
the date that everybody is shooting for to close on the home. That's going to be the day when you go and you sign all of the papers or a mobile notary comes to you and you sign all of the papers in front of them. The seller signs and your loan essentially funds and or your cash that you're paying for the home gets
transferred to the title company who that will then pass it on to the seller. So closing date is really really important if you're going cash maybe seven to ten days unless you want to go a little bit longer or if you're using a home loan four to six weeks.
