How long to close?

[monsterz]

I am getting a bit ahead of myself as we haven't even seen a house we want to make an offer on but are going to look at 1 tomorrow.  We need jr to finish the school year in his current school but will then be open to moving.  We don't want to pay rent and a mortgage for too long.   We are thinking if we close in April we will have 1 or 2 months overlap which is not too bad.  If a buyer was asking for a 10-12 week close is that too much.  The house we are looking at has been on the market for 4 months and is currently empty  in a market where things are normally only on the market for less than a week. If we were in a bidding war I know we would lose but if it is the only offer what would you do?   We will be speaking with our realtor about this as well just curious about other thoughts. 

[Pom]

It really depends on so many factors. That might work for one seller and not another. I'd ask your realtor for advice. Our last relocation included selling a house and it was about 3-4 weeks from offer. When we bought a house, it was about the same I believe.

[carrierroe]

Talk to your realtor about the new TRID process and see what the time frame is to close based on this. This will give your min contract period, then you can go from there. In my experience, min is 45-60 days with financed properties.

[VillainV]

I've closed as quickly as 30 days, but it's usually more like 60. Even with pre-approval, it can take a while to get the financing together. Also, if you do an inspection and request any repairs, you'd be hard pressed to close any faster than about 60 days.

[womet]

Ours was 45 days. When we bought our house, we asked for a later closing (60 days).

[cjeanette]

Here is is usually 30 days. Ours was 45 because we did a VA loan.

[awick14]

Our mortgage company required 30-45 days to mislead sure everything went through, that was with a pre approval. We did 45 days and things fell through and it ended up taking 90 days.

[aurora]

10-12 weeks is longer than I usually hear, but it's always possible you could find someone who is also interested in moving at the end of the school year so is willing to work with that.

[raangoli]

I think we asked for a 45 day close but ended up closer to 60 because it's the slowest process known to man. It's all "HURRY UP!!" .. and then you wait...

[elcjet]

Well, the good news is the new regs are taking some lenders longer and they are requesting a little more than 30 days to get to close, so 45 day closes are getting a little more common, especially around these parts. Mine is 46 days..... I think you could ask for 90 days and see what they say --- I'm wondering if you could waive the loan contingency around day 30 or 40 to give them warmer feelings about your certainty to close? (I have no idea if you can, I just know that that was the last hurdle we had to get through with our buyers)

[imojoebunny]

The last house we sold was 21 days, not only did they have one of the highest offers, but they also had the quickest closings. We had 3 offers in 24 hours and more back up offers later, so you were not getting the house with a 10-12 week closing. It just depends on the demand in your area. I would ask the realtor. Some sellers will close, then rent back if they need to find a new place themselves. That might be an option depending on the seller.

[msmerymac]

We asked for 90 days but ended up around 60.

Keep in mind that if you close in April, say, April 15, your first mortgage payment won't be until June 1, since you pay in arrears.

BUT you are also in a hot housing market IIRC. So you'd have to discuss with an agent.

[monsterz]

Jan 14, 2016 17:54:24 GMT -5 msmerymac said:

We asked for 90 days but ended up around 60.

Keep in mind that if you close in April, say, April 15, your first mortgage payment won't be until June 1, since you pay in arrears.

BUT you are also in a hot housing market IIRC. So you'd have to discuss with an agent.

Yes the market is insane here at the moment.  We are looking at 1 house tomorrow that has been on the market for 4 months so I am not worried about a bidding war, on any other house I would not go that long as we would be rejected.   

I will be asking our realtor what works we could swing a payment in May but would prefer having our first mortgage payment be in June.