The Closing: How Long Will the Process Take When Buying a House in Eugene?

The Closing: How Long Will the Process Take When Buying a House in Eugene?

During the process of buying (or selling) a house, there are typically two nail-biting stages or milestones. For buyers, these are getting pre-approved for a mortgage and closing, both involving not a little anticipation and anxiety. Here we want to examine the closing process because there is so much confusion and misinformation surrounding it. Let’s take a look, then, at the closing process and how long it will take when buying a house in Eugene.

What Is Closing?

Basically, closing is the stage in the home selling/buying process at which dotted lines are signed, money changes hands, and important documents are transferred. The culmination of the process is the transfer of ownership from the seller to the buyer.

Typically, the actual closing for buying a house in Eugene takes place “at the office of the title company, an attorney or the lender.” The usual major things that take place at closing are . . .

  • Reviewing and signing all loan documents
  • Providing documentation for proof of homeowners insurance and completion of requisite inspections
  • The buyer providing a “certified or cashier’s check to cover the down payment (if applicable), closing costs, prepaid interest, taxes and insurance”
  • The lender distributing home-loan funds to the closing agent
  • Setting up an escrow account to cover property taxes and homowners insurance

This may seem like a lot but is usually accomplished in less than a day. What takes much longer are all the steps leading up to the seller and the buyer sitting down at the closing table on the closing date. To discover more about what to expect, contact a Eugene agent at 541-249-5990.

How Long Does It Take to Close When Buying a House in [market{city]?

So how long does it actually take to close when buying a house in Eugene? The answer to that question has to come in two parts.

The full closing process – from submitting a mortgage application to the closing date – usually takes around 30 to 45 days (but sometimes more). The good news is that “[with] electronic data gathering and increasing competition, lenders are reducing this timeframe. However, for the 12-month period ending December 2020, the average was 47 days.”

And then there’s the closing itself on the scheduled closing date. “if your loan settlement, or closing, is happening at a table with all parties gathered together, figure on at least an hour or so. There are also mobile, mail, and online closings, which can be much faster – or a great deal slower.”

Steps in the Closing Process

The closing process for buying a house in Eugene has several major steps or stages, each taking some time and contributing to that 47-day average. They are:

  • Application – “typically takes only one day, and can be done as part of the pre-approval process”
  • Disclosure – “[T]ypically takes a few days, and it is completed by the lender”
  • Documentation – usually takes less than a week if you are organized and provide all the necessary documents
  • Appraisal – Often takes one to two weeks because an outside expert must be called in
  • Underwriting – usually takes from one to three days while underwriters make sure you meet all criteria
  • Conditional approval – Typically takes one to two weeks “[e]ven if the underwriting process reveals that your documents are in order”
  • Cleared to close – Requires a three-day waiting period “[a]fter you receive your final clearance and disclosure of terms” to allow review of terms
  • Closing and funding – Takes a few hours for signing, review, and transfer of ownership

Common Causes of Closing Delays

As we mentioned, the closing process for buying a house in Eugene can be extended owing to one or some of the common reasons for the delay, which include:

  • Appraisal coming in too low
  • A buyer failing to deposit the down payment in time for the money to be traced
  • Buyer credit-report issues
  • Incomplete loan applications
  • Agreed-upon repairs that haven’t been made
  • Title problems revealed by the title search
  • Discovered liens on the property

Buying a House in Eugene With an Agent

As we said, the average time for the whole closing process is 47 days. It can, however, take much longer if you encounter any of the delay-causing issues we delineated just above. Many of these can be avoided, though, when you have an experienced Eugene agent in your corner. Your agent can guide you through the whole complicated process and help you ensure that everything is in order at each stage. Really, there’s no need to make the closing process any longer than it has to be. 

It’s a smart move, then, to work with a local agent who knows exactly what it takes to get you to the closing table as quickly and as efficiently as possible. So if you want to make sure that, when buying a house inEugene, the closing process doesn’t take longer than it has to, contact us today at 541-249-5990.

Robert Grand

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