Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My wife and I have just put an offer on a house in Minneapolis. I would like 60 days rather than 30 to close if possible. I don't think this is unreasonable and I have read others that have said the same. My reasons for this are two fold, one, it would be nice to be able to give our apartment proper notice so we don't end up paying rent when we don't live there longer. The second and most important part is that my wife is traveling out of the country in a couple of weeks to visit her mother (bad timing, but her mother is sick) for a month.
My name is on the mortgage my wife's is not (because she is new to the country she doesn't have a credit history yet) but we would like for both of our names to be on the title to the house. We haven't had a reply yet, but if for some reason the seller doesn't want to do 60 days but 30 instead, does my wife need to be present during the closing process? I've never done this before, so I'm not sure what all needs to be signed for title related things. One of the title services my lender recommended is out of state anyways, so I figure they are doing electronic signatures or notarized documents.
If not, how difficult is it to add her name on when she gets back and would it cost a lot (quit claim deed I think)? I know every state is different but would like to here advice on the matter. Like I said, I will be here the whole time it's just she will be gone if we close in 30 days from now.
Of course it would be nice to not have to pay at two places at the same time. Everyone prefers that. Unfortunately, life doesn't always work that way. You can, of course, ask for the seller to give you that long. They might be fine with it. They might not.
But also, remember that rent is paid in advance, and mortgage is paid in arrears. So even though you may have 30 days of overlap, you'll still only owe one entity on the 1st of each month. Say your overlap is May. You'll owe rent for the apartment April 1st and May 1st. You won't owe you first mortgage payment until June 1st (which will be for May). If you move in after May 1st, you may not even owe your first regular payment until July 1st, although prorated May would be in your closing costs.
As for her traveling, the title company or your agent should be able to explain options. Signing ahead of time may not work, since the docs may not be ready before she leaves, but a specific power of attorney would be an option.
Adding your wife on a quit claim is very fast and easy. The title company should be able to prepare the form and notarize the signatures for you at the closing table. They may even record it for you while recording the sale transfer. The lender may not allow it to be done at closing though, since she isn't on the deed. In which case, see if the title company will prepare it, and then you and the wife can get it notarized and filed later.
The title company handling the settlement will be able to direct you to the best solution in your state, your circumstances. But in general, I've done several closings where one or both buyers were not in attendance for closing; it was something the title company worked out ahead of time, so that should be your next phone call.
I don't think this will be a big deal at all. My husband was not able to be at the closing for a property we purchased last year, and I just got his POA. Nobody cared at all.
Now, by the end of the closing, my hand was literally shaking and about to fall off from all the writing I had to do, which is not just as simple and signing your name and the other parties name. I had to sign something really long and complicated as his agent, iirc.
Just my 2 cents, but if I was the seller I would prefer a 30 day closing because with a 60 day closing there is twice as long that something can happen which causes the deal to fail ... If the transaction does not close, it would now be 60 days that the house is off the market with fingers crossed vs. 30 days. All of that being said, though, I would still consider it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
