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Old 09-18-2008, 11:07 AM
 
Location: Keller, TX
1,592 posts, read 2,050,338 times
Reputation: 791
Default How long to close on a house?

Hello,

I realize that this is a very subjective question, but can anyone give me an average amount of time to close on a house? I mean from the time of putting in an offer. (Let's just say it's is a pretty decent offer and there is a good possibility the seller will accept without a lot of back and forth negotiating.) The reason I ask is that I have to give 30 days notice to my apt complex at the end of the month and am wondering if I should do so, or possibly go month to month- although I'd rather not if it's possible... If I give the 30 days notice then I have 5 weeks if I put in an offer this weekend.

How long is it generally to get through negotiating with the seller, complete any home inspections, and the process of actually closing? Once again, I realize that it can vary depending on the circumstance, just was hoping for some insight into an average of how long the process generally takes as I really am not sure being a first time buyer. Thanks for any help you can give.
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Old 09-18-2008, 11:26 AM
 
Location: Austin
4,160 posts, read 7,218,075 times
Reputation: 3128
It should only take a day or two to get an executed contract. Your inspection/option period then starts ticking, and you will probably have the number 7 for the amount of days (any sellers accepting 10 these days are crazy), and once you get through the inspections, the lender will immediately order an appraisal and get you finished up with processing to get you to underwriting which should only take 3-5 days. In essence, if you've actually gotten pre-approved for your mortgage before finding the house, you can close in 2 weeks.

In reality, the lenders prefer 3-4 weeks in case there are any issues. You should not need more than a month. If you put in an offer this weekend, you should easily be able to close before the end of next month, if you're working with a good realtor who is doing the follow up needed.

Good luck.
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Old 09-18-2008, 11:37 AM
 
1,716 posts, read 3,463,173 times
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I would start the clock ticking from when the offer is accepted, not put in. I'm not sure how anyone could estimate otherwise.

Personally, I would go month to month...you just never know what can happen.
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Old 09-18-2008, 12:20 PM
 
Location: Venice Florida
1,381 posts, read 3,453,673 times
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FalconHeadWest did a pretty good job with the process once you've selected a property. Tamitrail is giving you good advice as well.

You don't want to feel pressured into having to select a property and negotiate a contract in order to be able to close by the time your lease is up. This type of false sense of urgency causes mistakes in decisions.

While most properties transfer without hassle, it's not that uncommon for an issue to come up that causes a delay.

By going month to month, you would also give yourself time to do things like paint or other minor enhancements prior to moving in, and make the move less hectic.
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Old 09-18-2008, 12:35 PM
 
Location: Barrington
17,259 posts, read 12,437,907 times
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So much depends upon financing. Will you qualify? Will the house appraise? What type of financing?

The other factor is that the sellers may or may not be aggreeable to a quick close because they may have nowhere to go.

It all depends.

I would go to a month to month lease basis.
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Old 09-18-2008, 09:09 PM
 
144 posts, read 271,816 times
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It depends on financing. If you're taking an FHA loan, my broker has told us 30 day turnarounds are getting harder and harder as the government isn't equipped to handle the sheer volume they've gotten recently. Conventional mortgages are much quicker.
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Old 09-19-2008, 07:02 AM
 
Location: Keller, TX
1,592 posts, read 2,050,338 times
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Default Thanks!

I appreciate all of the good advice. I am prequalified for well above the asking price of the home (credit score 800+) and qualify for a Texas Vet loan being prior active duty military. I hadn't thought about the fact that it is a govt program similar to VA and that may hold things up a little... Guess I should probably go month-to month on my apt just to be on the safe side. Thanks again for your help!
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Old 09-19-2008, 07:07 AM
 
Location: Virginia Beach, VA
2,124 posts, read 5,426,178 times
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Nepenthe, talk to your agent and your mortgage broker. If you already have a house in mind.. and your pre-approved... you can probably close within 30 days. And being able to structure your offer with a quicker close may help you make a more aggressive offer. Folks don't want to have to wait 60 days and make another mortgage payment. Your offer will look might tempting.

Now, if you haven't found the house.... or the owners NEED 60 days to vacate... it may be better. I would wait before putting in your notice, talk to your agent and mortgage banker and maybe in put your offer in before making the final decision.

Just my humble opinion,

shelly
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Old 09-19-2008, 09:29 PM
 
Location: Knoxville
1,144 posts, read 1,953,352 times
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Nepenthe, with market as it, as stated by most, usually 30 is the average once the contract is accepted. You can put in your contract, with your financing in order, and even ask for a 2 week close. Most sellers are willing to vacate as soon as possible, so go for the number that works for you. Once your mortgage person has you qualified, it is very possible to close in 2 weeks, so good luck.
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Old 09-20-2008, 12:17 AM
 
37 posts, read 73,034 times
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Nepenthe
As others have said, consult your Realtor. Many factors will affect how quickly you can close. I am selling many foreclosures and we are lucky to meet 45 days even when the buyer has excellent credit. This market is tough and strange and you should take the advice of a local expert
Al
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