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Old 03-13-2011, 10:44 PM
 
25 posts, read 47,546 times
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Hello,

We will be moving to Boston this fall and may consider purchasing a home rather than renting.

I have heard that closings take a bit longer here (45-90 days). Is this accurate?

Thanks much.
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Old 03-14-2011, 06:20 AM
 
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Not true. I closed in a little under a month (about 6 months ago).
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Old 03-14-2011, 07:01 AM
 
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When rates were rock bottom last fall, a refinance was taking that long. To close on a purchase can be very speedy or drawn out. That all depends more on how motivated the seller is to get the deal closed. As a buyer you could have time frame closing contingencies built into the P&S.
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Old 03-14-2011, 12:11 PM
 
Location: Newton, MA
324 posts, read 900,121 times
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The biggest determinant in time to close is probably finding a property that meets your needs with a seller who can move quickly. Focusing on vacant properties would certainly speed things along. Loans are taking longer to process, but I think those can still be done in 30 days. I think average time from offer accepted to closing is probably 45 to 60 days.
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Old 03-14-2011, 08:11 PM
 
25 posts, read 47,546 times
Reputation: 55
Quote:
Originally Posted by Tombstoner View Post
Not true. I closed in a little under a month (about 6 months ago).
Great news, thanks.

The only real difference I can see from my previous purchases in other states is the utilization of an attorney rather than simply an agent and a closing company.
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Old 03-15-2011, 11:59 AM
 
Location: Brookline, MA
613 posts, read 1,969,284 times
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You can certainly close in a month. The extra time is usually for two reasons - either the seller or buyer (or both) need the time to move/find new housing/give notice on current housing, etc. and the mortgage process can take a while. So if both parties are agreeable to a quick closing and your lender can get it done, it shouldn't be an issue.

I work in the industry and have seen cash deals done in a 7-10 days. If you're getting a coventional mortgage I wouldn't give yourself less than 3.5-4 weeks. Some of the federal rules on mortgages have made the process longer, especially when it comes to the timeline for appraisals and such.

4-6 weeks is probably the average though. Longer than that isn't really standard unless one of the parties wants the extra time upfront or there's an issue with financing and the closing gets extended. Another caveat - careful buying short sale property if you're trying to get done quick. That can take awhile.
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Old 03-21-2011, 02:03 PM
 
Location: Massachusetts for the time being
314 posts, read 598,389 times
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"The only real difference I can see from my previous purchases in other states is the utilization of an attorney rather than simply an agent and a closing company."

Yes, and the attorney will rip you off for about $1,500 for that service, which runs a very few hundred in most other states!
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