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Closing on a home, how long does it take??

Hello! I am waiting to close on a home we got everything back from underwritting with the go ahead other than waiting on the appraisel that has to come back with a value as much as the loan and that's the last thing we are waiting on for underwritting to finalize our loan so we can close, the realtor said the appraisal was this morning, how much longer do we have to wait now?? When will the bank get this report and when will we be able to close and get the keys?!
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December 10 2013 - Chippewa Falls
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As mentioned below, if all you were waiting on was the appraisal then closing should be able to take place within the week given nothing else is required and the title company had spots open for closing.

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December 11 2013
Good Morning Lisa,

Naturally the best answer will be provided by your lender/Realtor.  That being said, depending on the turnaround-time, the appraiser will probably get the report to the underwriter in 5-7 days.  Are you doing a conventional loan, or (I'm betting) a USDA loan.  With a USDA loan, you will still have another 3-4 days added on waiting on their approval.  And of course, the other controlling factor is the contract; what closing date was stipulated there?
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December 11 2013
I just had this same situation last week.  The appraisal was received by the bank on Monday and we closed on Friday.  We had a few setbacks, therefore we probably would have closed Tuesday or Wednesday.  I would say if your file was already approved by underwriting and they are only waiting for the appraisal, it should be a matter of 2 or 3 days from when the bank receives that appraisal provided everything is good.  Best of luck to you.
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December 10 2013
Lisa,

Usually the appraisal is ordered early in the loan process and completed and sent along with package to underwriter for final approval. Without knowing all the details it would be my estimate that closing might be a week to 10 days away. Steve Cash - RE/MAX
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December 10 2013
Usually lenders order an appraisal. They can see if the appraiser came to the property already or not, They can also expedite it, putting "rush" in their system.
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December 10 2013
If the appraisal and title work are acceptable you could have a "clear to close" approval, by the end of the week, under the best case scenario. If things go slowly, you'll be looking at this time next week.

Really, you should be asking your Loan Officer these questions. It is, frankly, out of your REA's hands.

When is your closing scheduled? Isn't the "close on or before" date mandated by the contract?
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December 10 2013
Profile picture for wetdawgs
Congratulations on getting so close.

Your agent should be able to address your questions on timing.     If the appraisal was today, it may be several days until the underwriter gets this critical information.  

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December 10 2013
 
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