How long does it take to buy a home in Santa Clarita?
Were back, answering the most common questions we hear from our home buyers and sellers in Santa Clarita. This week we’re discussing how long it takes to buy a home. Buying a home can vary in time. Things that can affect how long the process takes can be the type of property you are purchasing, if there are any contingencies in place, and what type of loan you have.
Most standard offers are written with a 45 day escrow. On average it takes 36 days from acceptance to close. Depending on what type of loan you have, like FHA or VA an additional couple days may be necessary. If you are a cash buyer, you can close escrow in as little as 7 days. Probate sales take a little longer, and short sales, which are notoriously long, can take anywhere between 90-120 days to close.
Should the home you purchase have a contingency in place, such as the Seller Purchase of Replacement Property (SPRP), the timeline could be significantly extended. In this instance, the escrow timeline agreed to in your purchase agreement, would not start until the Seller has gotten an offer accepted on their replacement home. This may be a matter of days, or it could be a matter of weeks. Typically an agreement is made that if a replacement property is not found in an agreed amount of time the Buyer may walk away from a contract.
If you have any questions on the escrow process, or contingencies and timelines, you can contact us here, or give us a call at 661-373-2374.