How Long Does it Take to Close on a House in Massachusetts?

Just how long will it take to be moved into that new home? Plenty of first time buyers and those who haven't been in the market for a long time aren't exactly sure what to expect.

Closing timelines vary based on the needs of the buyer and seller in a specific transaction; we've seen everything from a week for a cash purchase with extremely fast title work to 8 months. Generally though in Massachusetts we see closings between 30-90 days.

For financed properties, most lenders will need at least a month to get through the necessary steps to underwrite a loan.

Between the time an offer is made and closing day there are several key stages, some of which are simplified in the event of a cash or otherwise non-contingent purchase.

The following is an example of what we commonly (but certainly not always) see in the Greater Boston market based on a 45 day closing timeline of a typical financed purchase with inspection contingency:

Day 1: Offer acceptance and earnest money deposit
Day 7: Inspection deadline
Day 10: Purchase and sale agreement and deposit (not to be confused with down payment)
Day 12: Complete loan application deadline
Day 30: Mortgage commitment 
Day 44: Final walk-through
Day 45: Closing day (sometimes the property isn't "on record" until the following day so best to plan moving trucks for Day 46)

Your Realtor's job is to make sure that everything - and everyone including inspectors, lenders, appraisers, attorneys, and cooperating agents - stays on track so expect that they'll be working behind the scenes throughout the process and to be in close contact as each deadline approaches. 

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