Let’s see how a typical process works as far as timing and remember this is an ESTIMATE for buying a home in Ann Arbor with a loan!
Write an offer: 1 day
Offer is accepted : 2 days (no counter offers)
Inspection is schedule :1 day
Inspection is done: 3 days
Negotiations regarding inspection items: 2 days
Contingency is remove. 1 days
Purchase Agreement is sent to Home Mortgage Consultant and Closer: 2 days
Home mortgage Consultant deliver it to the processor and processor request Title Work and Appraisal. Appraiser visits property.
Title work let’s say takes 5 days and Appraisal 7 days or longer.
Full package is sent to UW (under writer) for analisys. 5 days and comes back with some stipulations, or none.
4506-T is fax to IRS (back in 48 hours) 2 days
MERS is ordered. 2 days
Buyer buys the Home owners insurance 1 day
Conditions are sent to Underwriting and Clear to Close is sent back: 2 days
Clsing is scheduled 2 days
Closing happens. 1 day
In this example this takes about 23 business days
Some things takes more or less time, the slowest cog is the lender. Lenders are loaning huge amounts of mney and have many hoops to go through to ensure loan compliance. What we like to see is lender figures in advance of closing and this request needs to be made before application so both parties are on the same page. There should be no reason to be pushed at the last minute to get the certifed check and hurrry up after waiting for 30 days to close. Our goal is a smooth transaction; allow us to suggest reputable preferred lenders soyou can buy a great home in Ann Arbor Area.
