How Long Will It Take to Close on a House in Phoenix?

Suppose you put your home on the market for sale, found a buyer, and signed a purchase contract. You may wonder how long it will take from here to close before you get cash in hand. Experts say that, on average, it can take around 50 days to close the sale in Phoenix. But if you have been thinking, “How can I sell my house fast in Phoenix?” Perhaps, choosing an alternative home-selling method can be the best option.

Let’s look in detail at the average days it will take for each step in the home sale process in Phoenix.

Signing the Contract of the Sale

When the buyer and seller agree to the offer, the purchase agreement can be signed within one to three days, depending on the parties’ convenience. There is no reason to delay this step unless either party has gone on vacation or has any other issues like contingencies for repairs, appraisal, or anything else explicitly negotiated to the sale.

Home Inspection

The buyer carries out a home inspection to ensure a smooth purchase. This step usually takes one or two weeks. Sales can fall through if the buyer is not satisfied with the outcome of the inspection. To avoid such issues, the seller can do a preliminary inspection by employing experts.

Appraisal

If the buyer purchases your home using mortgage financing, the lender will conduct an appraisal to estimate the property’s value. The appraisal procedure will take place within 14 days after the home inspection.

If the appraised value does not match the negotiated price, it can jeopardize or delay the home sale. Hiring an expert to estimate the value beforehand can help avoid this issue.

Mortgage Underwriting

The average time to complete the underwriting process may range from 30 to 60 days. But it depends on the lender that the buyer chooses. Banks are more cautious when funding loans, and they consider many factors, such as the buyer’s credit score, income, and appraisal, before giving the approval.

Maybe you have been wondering, “How can I speed up this step and sell my house fast in Phoenix?” Request your buyer gets a preapproved offer for the purchase of your home. It can help close the underwriting process within 30 days.

Alternatively, as a seller, you can look for buyers who are ready to pay cash without using financing options. A cash sale will eliminate the need for underwriting, and you can enjoy a quick sale in under 30 days. At Go Fast Offer, we buy houses in Phoenix for a fair price and pay in cash. There is no need for an appraisal process. Plus, you don’t need to make any repairs or upgrades.

Clear Title

Typically, both parties can get the title report within two weeks after the contract of sale is signed. While clearing the title, all parties involved must sign the purchase agreement and payoff documents such as mortgage, liens, or HOA.

Potential title issues include problems made by heirs to the property, conflicts over property surveys, or renovations made without the local building department’s permit. You can try to clear them before listing your home on the market to avoid delays in your home sale.

Final Walkthrough and Paperwork

The final walkthrough happens a day before the closing, which will take about 30 minutes to one hour. The timing of the final walkthrough ensures there is nothing damaged after you last visited the property. The final paperwork and closing will take around two hours, which includes verifying and signing the documents.

Do you find these steps a big hassle? Do you want to sell a house fast in Phoenix for a fair price without going through these steps? Sell your home to Go Fast Offer for cash in under 30 days. There are no repairs or renovations required. Contact us to get your no-obligation cash offer in less than 24 hours.