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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Closing on 1st house
We will be going into contract this week for a first time home purchase. The seller is hoping to close by mid- Nov, we are secretly hoping it's not till the beg of Dec. Is a closing in mid-nov even practical, I have heard that it will take at least 45 days, and I don't want to pay any penalties. Should we just put on the contract on or around Dec 1st to avoid this, or continue with mid- Nov?
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Posted 10/13/08 5:48 PM  |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Closing on 1st house
If your closnig date in your contract is Nov 15th you have until Dec 15th to close (that is if you are buying in NY).
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| Posted 10/13/08 6:08 PM |
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jewels
Stop and smell the flowers
Member since 7/06 1538 total posts
Name:
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Re: Closing on 1st house
if you are ok with closing anywhere from dec 1st till the 31st then i'd put dec 1st. if the seller wants nov 15 then i see no reason why it can't happen. we closed on the 15th of a month.
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| Posted 10/13/08 6:20 PM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: Closing on 1st house
How long did it take though? He wants Nov 10th and we didn't even sign the contract yet, that process starts tom. So that will take a week, then like 6 weeks for the mtge right? I just don't want it to go over Dec 10th & we pay a penalty, I think I am going to tell my lawyer to do Nov 15th because he doesn't want to pay another month of mtge
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| Posted 10/13/08 6:25 PM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: Closing on 1st house
sounds way to quick. Most likely won't happen unless you know someone. But sometimes that doesn't even matter. Our contract had a date of June 31st. We knew we (me and DH) weren't closing until after July 15th. We closed on July 18th. And even then it was a fight for the bank to be ready!
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| Posted 10/14/08 2:48 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: Closing on 1st house
I'm in CT, where closings are typically faster than they are in NY. In CT, it usually takes 2 months and the closing date is firm. Our closing is taking place even faster than that (about 5 weeks). I'm not sure how long things take in NY, but so far we haven't encountered any problems with closing quickly. As long as you get your paperwork in quickly to the mortgage company, you should be fine. Good luck!
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| Posted 10/14/08 2:55 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Closing on 1st house
The closing date on the contract is an on/or about date. You typically have 30 days from that date before the sellers can do anything. Even at that point, they'd have to send a certified letter to force you to close "within a reasonable time frame"- this is usually 2 weeks. So you can put November 15th..
I've worked in Real Estate Law for over 8 years and I've never seen a normal closing occur in less than 45 days...usually at least 2-3 months.
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| Posted 10/14/08 3:22 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Closing on 1st house
Posted by jen919ifer
How long did it take though? He wants Nov 10th and we didn't even sign the contract yet, that process starts tom. So that will take a week, then like 6 weeks for the mtge right? I just don't want it to go over Dec 10th & we pay a penalty, I think I am going to tell my lawyer to do Nov 15th because he doesn't want to pay another month of mtge
What type of penalty are you worried about? A rate lock?
Whatever date is put in the contract, you have 30 days after to actually close. Anything over 30 days and you as the buyer have the right to get the process moving.
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| Posted 10/14/08 3:40 PM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: Closing on 1st house
I heard that if your closing date is Nov 15th, you have until Dec 15th to close, and if you don't there is a penalty? Is that true, or if it does happen to go after Dec 15th it is ok?
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| Posted 10/14/08 4:56 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Closing on 1st house
I don't know what kind of penalty you're referring to...
The only thing that can happen is that the seller can try to force you to close..but there's no actual penalty
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| Posted 10/14/08 5:19 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Closing on 1st house
Posted by jen919ifer
I heard that if your closing date is Nov 15th, you have until Dec 15th to close, and if you don't there is a penalty? Is that true, or if it does happen to go after Dec 15th it is ok?
Not sure what penalty you are referring to? As the buyer, I can't think of why you would have a penalty if you close late.
Message edited 10/14/2008 6:04:57 PM.
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| Posted 10/14/08 6:04 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Closing on 1st house
I thought our bank guy told us 3-4 weeks to get mortgage
eta - make sure you find out about the 7500 first time homeowner credit
Message edited 10/14/2008 6:25:15 PM.
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| Posted 10/14/08 6:19 PM |
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