HOW LONG IT TAKES TO CLOSE ON A HOME

There are many steps involved in closing on a home, and there are many people that are part of the process. Each of these plays a role in the length of time it will take to reach the closing table. A good guideline is 30 to 60 days, but that’s just an average. Here are some of the many things that can influence a closing.

Different states have different procedures, with some being more involved than others, and therefore taking more time. There are many online resources that list guidelines for each state.

A closing can seem to take forever when you're excited about moving into your new home.

One factor that can make a huge difference in the time it takes to close is whether the seller of the home needs to purchase a new home before they close on their current home. This could take weeks or months, depending on the local real estate market. If it’s a buyer’s market – more homes for sale than buyers looking – it probably won’t be nearly as long as if it’s a seller’s market – more buyers looking for homes than there are homes available. When buyers negotiate the offer they will know whether the seller needs to purchase a new home before closing. This is something that can be negotiated, especially if the buyers are not comfortable waiting for the sellers to find a new place.

When purchasing new construction, the home is sometimes not finished when an offer is made. Some buyers want this so they can select the final colors and finishes. As long as construction stays on schedule this won’t influence the closing time. If delays occur, because of inclement weather or a delay getting materials, this can cause the closing to take a little longer. 

 

 Pick the finishing touches when purchasing a new construction home.

Once buyers make an offer on a home they will usually want a home inspection.  Almost all inspections will uncover small items that need to be fixed, such as adding a smoke detector or fixing a sticky closet door. At times the inspection will uncover major problems with the home. These can include anything from a leaky roof to a damaged septic tank. When serious issues are uncovered the buyers and sellers will negotiate the best way to move forward. Sometimes buyers will accept a credit at closing to fix the problem, or get a reduction in the price they are paying for the home. When this happens the attorneys and Realtors will negotiate back and forth with their clients. This could take a few days. Other times the buyer will insist on having the sellers fix the issue before they will purchase the home. This will take extra time as the sellers need to find a licensed contractor. If it’s a major repair they might need to get permits from the local building department. It will also take time to do the repair and get it inspected again to ensure the problem is resolved. If the home needs a new roof or a septic repair it will take longer than if there is a leak in the bathroom sink.

Home inspectors complete a general inspection of the entire home, but they are not specialists in any given area. If an inspector has concerns about the plumbing, electricity, or roofing, he/she will likely recommend buyers call in a professional who specializes in that area. This could take a few days or a week. If problems are uncovered the buyers and sellers will negotiate, as described above.

 A home inspector will look closely at a home's interior and exterior spaces. 

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Permits are another area that can hold up a closing. Perhaps the sellers don’t have a permit for the shed or garage addition on the home. In this case, the sellers will need to go to their city/town and file for the appropriate permits. This can take days to weeks, depending on what the permit is for and how busy the city/town office is. Sometimes the seller may have purchased the home with that shed or addition and not known about the permits. This is often a quick fix as the permits are likely on file with the city/town.

After an offer is made on a home, the bank will send out an appraiser to make sure the home is worth the purchase price the buyers are paying. Most times the home appraises in the range of the sale price. If it doesn’t the buyers and sellers might need to re-negotiate the price of the home. Buyers are not going to pay more for a home than it’s worth. In addition, a bank will not approve a loan for an amount over the appraised value of the home. This can cause a slight delay as paperwork needs to be modified to reflect the new price.

 A nicely landscaped backyard can add value to a house.

When an offer is made on a home there are many activities going on behind the scenes. For example, a title search is run; the bank works on finalizing the mortgage; and buyers purchase homeowners insurance. Most of the time these processes go smoothly. At times there can be delays. A title search may uncover problems in the past that need to be addressed before the home can close, such as a lien on the property. In terms of the mortgage, there may be conditions that need to be met – submitting appropriate documents or providing proof of income. If these conditions aren’t met it could result in the bank delaying the final mortgage approval, and therefore the closing date. Buyers also need to purchase and provide proof of homeowners insurance. This is usually a simple task.

Homes can be purchased using a variety of mortgages, or even cash. If buyers are using only cash, this can speed up the closing process because there is no mortgage to deal with. On the other hand, some mortgage programs, such as first-time home buyer programs, VA, or FHA loans, can have more stringent requirements. This could extend the time it takes to close on the property. For example, with an FHA loan the house being purchased needs to meet certain specifications to qualify for that loan. A quick example is that a house may need to be connected to city water, or have a well that’s a certain distance from the house and from the septic. These need to be verified before the house can close with that loan.

A home can be a house, townhouse, condo, or co-op. When purchasing a townhouse, condo, or co-op there are often specific guidelines that must be met. There are additional steps involved, such as making sure the complex provides enough insurance on the exterior of the building, as that is their responsibility. Lenders require this insurance for mortgages. Buyers purchase their own insurance to cover the interior of their unit. Attorneys will review this, along with the community rules and guidelines, and the cost of these community amenities, often referred to as the Commons Fees, or HOA Fees.  

Condominiums and townhouses allow for home ownership without the exterior maintenance of a house. 

Most of the time, negotiations for any of the above situations will occur between buyers and sellers and their respective attorneys and Realtors. Occasionally, a home could be sold as an estate sale. The owner of the home is deceased and relatives of the owner are in charge of selling the property. If there are multiple relatives selling a home this could make negotiations a little more difficult, causing delays.

In addition to estate sales, there are also short sales and foreclosures. These homes are often in various stages of disrepair because they have been vacant for a period of time or the owners ran out of money to finish repairs. Since the bank has full or partial ownership of these properties, buyers will be dealing with the bank as the seller, and sometimes sales done this way can take longer. The bank has its own rules and procedures to follow, and the bank will determines what price they will accept for the home.  

Sellers will occasionally list their home on their own, without the help of a Realtor. In this case, sellers need to also do the work of a Realtor. This can save some time if the sellers are on top of the process. If the sellers are not familiar with selling a home this could cause delays as they might not be knowledgeable about the steps or the documentation needed.

There is always the possibility of unexpected events occurring in your area that could influence the closing process. One example in 2020 was the global pandemic. With the country, and the world, coming to a halt, many offices and agencies were closed – banks, real estate agencies, attorneys, building departments, and town offices. Many home sales came to a standstill or a very slow crawl because it was difficult to get the proper documents, or meet with attorneys and Realtors. Another unforeseen event would be a devastating hurricane or tornado. Luckily, these events are not common.

The final event before a closing is the walk-through. This is when buyers take a final look around the home and make sure everything is still in the condition it was promised. If there are any discrepancies this can lead to a postponement of the closing.

A final walk-though is one of the last steps of the closing process. 

 

Finally, as far as the actual closing process itself, closing day, this usually takes 1-2 hours and is often done at a local attorney’s office. 

 Welcome Home!!!

MONEY-SAVING IDEAS FOR A NEW HOME

If you’ve ever had to start over in a new home you know how overwhelming it can be – emotionally, physically & financially. Your home can be anything from a rental apartment to a condo or house. There are many things you can do to ease the financial burden. Here are just a few ideas to get you started.

Use Credit Cards With Benefits

Take a look at your credit cards and see if any of them offer cash back or rewards certificates to spend at specific stores. For example, Amazon offers a store credit card that gives you 5% cash back on purchases made on Amazon.com. Your rewards are given each month. You can apply them to your balance, or use them to buy items on Amazon. The Amazon Visa credit card provides $25 gift certificates to spend on Amazon once you spend a certain amount. There are some stores, including Bed Bath &Beyond and Christmas Tree Shops that give you from 1%-3% back in the form of $10 gift certificates you can spend at their retail stores or online. Plenty of other credit cards offer cash back on a range of purchases, with the percentage varying depending on the purchase – groceries, gas, dinner, and retail products. It may not seem like a lot, but it adds up. If you have to buy groceries, gas, and other products anyway, why not get paid to do so? Just be sure you can pay off the balance or you’ll lose the benefit of those rewards.

Buy Ready-To-Assemble Furniture

Many stores offer affordable prices on furniture that needs to be assembled in your home. Two popular examples are WayFair and IKEA. Many, like WayFair, offer free shipping on their furniture. Not only do you save money, but the furniture is delivered right to your door. No need to lug it home or wonder if it will fit in your car. If you get stuck you can call them. If you really don’t think you can assemble it yourself you can pay to have it assembled in your home. On WayFair, the price for assembly is listed on each item’s page. Even with the cost of assembly, it’s still cheaper than buying at a furniture store. Many other retailers and online stores offer some RTA furniture options in addition to their other products. Shop around or do a Google search.

Shop At Affordable Stores

Skip the high-priced furniture stores and look at places that offer more affordable options. Besides WayFair and IKEA, check out Walmart, Christmas Tree Shops, Target, Outlet Stores, and certain department stores. Other options include Overstock and eBay. Make sure you check shipping fees on sites like eBay.

                      This end table was only $125 on WayFair, and offers lots of storage.

Look For Deals on Shipping or Buy At Once

Shipping costs vary greatly between retailers. Check out FreeShipping.com for a list of retailers and their conditions for free shipping. Many offer free shipping if you spend a certain amount. Try to wait until you have multiple items that meet the threshold. Others offer free shipping on certain items, like furniture. You can also find coupons for free shipping on sites like RetailMeNot.com. Look for discount codes on these sites, which can provide savings that essentially pay for the shipping costs. Take advantage of savings sites like Groupon or Rakuten.One word of caution: Always find out what retailers' policies are on return shipping, as this can make a huge difference. Most will take back an item if it is damaged or defective, but not if you simply don't like the item.

Reuse Items Designed For Other Purposes

Do you really need a specially designed container to hold your keys? Select a nice bin or basket that you already own, or that can be purchased for much cheaper than those specifically designed for that purpose.Baskets are also perfect for holding extra pillows or blankets. If your TV stand has multiple shelves, use them to hold books instead of buying a separate bookcase. If you don't like the plastic soap dispensers you buy at the grocery store, but you don't want to spend a fortune on those you find in retail stores, make your own using mason jars.

 A rustic chest box used to hold keys and change.

                                                                               A TV stand that doubles as a bookcase.

An entry table that is listed for sale as an end table.

Buy Items With Storage or That Serve Multiple Purposes

Make the most of your space by choosing furniture and accents that can serve multiple purposes. An ottoman can serve as a foot rest, a side table, extra seating, storage, or all of the above. Choose nightstands or end tables with drawers. In your bedroom, place your TV on a dresser or chest instead of buying a TV stand that will only serve one purpose and take up space you may not have. 

 
 Ottomans are affordable and can serve multiple purposes.

                                                 This lamp also has a USB port!

Make Your Own Artwork & Decor

You don’t need to be an artist to create accents for you home. My favorite way to add artwork is to buy paint-by-number kits. You can choose from a variety of companies, mediums, and themes. Visit local craft stores, such as Hobby Lobby, or shop online at sites like Amazon. Here are other ideas. Frame beautiful pictures from calendars or books. Customize a lamp by buying a glass lamp base that can be filled with items like shells.

                                      A Dimensions Paint-By-Number Kit, framed as artwork.   

Buy Singles Instead of Multiples

Do you really need 2 nightstands or end tables? This is especially true if you have a smaller space or live alone. See if you can get by with one. This also works in children’s bedrooms. They probably don’t need multiples either.

                                           A single nightstand with lots of storage. 
 

Re-Pot Plants

Plants add life, warmth, and brightness to a space. If you have trouble keeping plants alive, choose succulents that don’t require extensive care. I love bamboo and Jade plants. Skip the plants in fancy containers. They’re usually overpriced, and most often are on the smaller side so they’ll need to be re-potted fairly soon. Often it’s not even a pot you would have selected. Go to a store like Walmart or Home Depot and choose a pot you really like, and one that matches your décor or style.

                                                         A bamboo plant.

Buy Light Curtains

If you don’t plan on closing your curtains at night, and are only using them for style, choose lightweight options. This is especially true in the living room or dining room. You don’t need to spend all that money on heavy drapes or room-darkening curtains. Splurge on the window treatments in the bedrooms, where you want to be able to have total darkness. If you have a large window, and would need several pairs to cover the entire window, ask yourself if you’ll ever need to close them. If not, one pair – a panel for each side – will be enough to achieve your purpose. You can also change the style of curtains by the way you hang the rod. To add height, make sure the rod is a few inches above the window frame on the top. This will draw the eye up. Then make sure the ends of the curtain rods extend a few inches past each side of the window. This will allow you to keep the curtains fully open, instead of blocking part of the window.

Research The Best Time To Purchase Items

While retailers offer sales throughout the year, there are certain times when they offer the best prices on specific categories of items, such as electronics, furniture, bedding, or mattresses.Here are a few examples:

Appliances - End of the year

Furniture - February and August 

Mattresses - Holiday Weekends, such at President's Day or Memorial Day

TV - Black Friday and Cyber Monday 

Bedding - May

There are many online guides with recommendations for both general and specific categories of items. Also keep in mind that big sales on a wide range of items occur every year on Black Friday and Cyber Monday, as well as Back-to-School sales in August.

Purchase Seasonal Items After Each Holidays

Most people aren’t able to purchase all the holiday items they need at once. A good idea is to get the basics now, but wait till each holiday is over to stock up on the rest. Take Christmas as an example. Purchase the tree and a few balls and light strands to get you started. Once Christmas is over, stores often offer from 50%-75% off items. You can buy two or three times more than you would have at regular prices. Also stock up on storage bins so you have a place to stash all your holiday décor. You can do this for all holidays and seasons where you like to decorate.

Splurge On One Item
Make sure to reward yourself after all that hard work by buying one thing that you really want. For me, it was a papasan chair form Pier 1 Imports. I use it almost daily!

                               A double papasan chair from Pier 1 Imports - extremely comfortable!

I hope these money saving tips are enough to get you started on making your new place feel like home. Once you start following these ideas you’ll probable think of even more. Feel free to share you tips and tricks too!

PUT SOME SCENTS IN YOUR HOME

Do you ever walk into someone’s home and just feel comfortable & relaxed? It’s based in large part on how the people make you feel, but it’s also how we interpret the elements that appeal to our five senses. It transcends particular styles (traditional, contemporary, or tropical), as well as types of homes (house, condo, or apartment).

One major contributor is the sense of smell. Here are some of my favorite options for giving your home a warm and welcoming vibe. I tend to choose options that are subtle, not overpowering, and that tend to be more natural or organic.

Candles: One of my top choices is candles. I’m very particular about which candles I select. Right now my favorite brand is Chesapeake Bay Candle. They have a wide range of scents/colors. They smell delicious. Once you start using them, they will give off a light scent even when the aren’t lit. They offer a range of sizes as well – small, medium, large, and coffee table. You can find a range of options by searching for Chesapeake Bay Candles on Amazon. Of course there are many other brands as well, offering a dizzying array of scents, colors, sizes, and designs. 

Reed Diffusers: If you’re not a fan of candles, another great option is reed diffusers. You can find them online or in many retail stores. Reed diffusers will continually give off a subtle scent without any effort on your part. They last for several months, depending on the size and brand. Once the oil evaporates you can easily buy refills or purchase a new diffuser if you’d like to try another scent. You can also buy replacement reeds. I was excited to find that Chesapeake Bay Candles offers reed diffusers for most of their candle scents. You can find Chesapeake Bay Reed Diffusers on Amazon too. Some other retailers offering them include Target, Walmart, Christmas Tree Shops, departments stores, and too many online retailers to list. You do get what you pay for. Sometimes really inexpensive ($5) diffusers have unpleasant or overpowering scents.

Oil diffusers: I enjoy using essential oil diffusers, especially at night. Often the scent lingers into the day. However you can choose different scents for day or night. For sleeping I like lavendar essenital oil. If you have a difficulty breathing, or have a cold or allergies, eucalyptus oil is great for opening up your airways. During the day you might want a more energizing scent, one that encourages concentration, or just one that smells really good to you. There are many online articles, as well as books, that explain the benefits of each oil, as well as tips and tricks for using oil diffusers. You can purchase oils and the diffusers just about anywhere. Prices range greatly, from $25 to well over $100. You don’t need a fancy one, but make sure you look at the ease of use, the types of oils it takes, as well as additional features like colored lights and an automatic turn-off feature. Make sure it’s easy to clean, as you’ll need to rinse it out every few days, depending on how often you use it.

Linen sprays: Sprays have come a long way. I never used to like them because they smelled horrible and all they did was cover up odors. Many newer varieties offer that subtle scent that is pleasantly in the background. Again, there are many brands, and you can find them at many retail stores and online. My latest favorite it Febreze One, Bamboo. They also sell Lavender. I was never a fan of the original Febreze, but this new version is light and airy, and non-aerosol. There are no heavy perfumes, phthalates, dyes, or formaldehyde. Check that your brand is free of these chemicals. Also make sure that the spray is designed for linens if that’s how you plan to use it. You can also just choose an air spray that’s not designed for use on linens or furniture. I use the linen spays on my furniture, and on my sheets and towels after washing them.

Vacuum Beads: If you have a carpet, this is another option for adding that little something to the atmosphere of your home. And it might make vacuuming a little more enjoyable – maybe! Check your vacuum to make sure they are compatible with your model, although most are. These aren’t as abundant in stores as the other options I’ve listed, but you can find them at retail stores like Amazon, Walmart, and Target, as well as at online retailers like Amazon.

NOTE: If you have children or pets, please be careful about using candles, and never light them when you won’t be home, or are asleep.

Hopefully this gave you some ideas for using scents effectively in your home. As you can see, you don’t need to spend a fortune to get that warm, welcoming feeling in your home. What are some of your favorites?