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citywife
LIF Adult
Member since 10/10 994 total posts
Name:
Expecting #3
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home buying time frame (reposted from FHF)
i know it probably depends on a lot of factors, but how long is the process from putting in a bid on a house to actually moving in? our lease is up in july and we'd like to move then... just wondering if it was too early to fall in love with and put a bid on a house.
tia
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Posted 12/6/11 6:50 PM  |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
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Re: home buying time frame (reposted from FHF)
It depends. There are so many awesome short sales out there. If you fall in love with one it MAY work out for you. I put a bid in august and should close in jan or feb. When I bought a house at regular price it was 3 months.
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| Posted 12/6/11 8:22 PM |
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Re: home buying time frame (reposted from FHF)
With a regular sale (not a short sale), it's usually 2 to 3 months from when you have an accepted offer to when you close.
You have the home inspection phase done asap, and then the attorneys prepare and negotiate the contracts. It usually takes a couple of weeks for the inspection to be done, and the contracts to be prepared and signed). Once both parties sign, and you have a fully executed contract, then you apply for a mortgage. Most of the banks I have dealt with lately have been taking 45-60 days to close a loan, although one of the banks I recommend a lot can regularly close loans within 30 days of getting a mortgage application.
This assumes you are getting a mortgage. A cash deal can close very quickly.
A short sale, as Amy said, can take longer, because you are waiting for bank approval, and the bank can be waiting on information from the seller or just be slow to review the file.
But the closing date, like the other temrs of the deal, can be negotiable. You could make an offer in the winter and negotiate a closing date that is months away. Sometimes the sellers want more time, too. When I bought my house, I made an offer in June, but wanted to close in late fall because I was pregnant and didn't plan to move out of the city and commute in the latter stages of my pregnancy. The sellers were having a house built in N. Carolina and didn't want to move asap. So the timing worked out.
However, I think wanting a delayed closing date would be a negative for you when negotiating, as most people want or need to move as soon as possible. Usually the more flexible you can be on things like closing date, the more attractive your offer is.
Have you looked into whether you could terminate your lease early? A lot of my buyer customers are renters, but are flexible in terms of when they can close because they just need to give a certain amount of notice (like 30 days).
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| Posted 12/6/11 8:45 PM |
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Jenhos
Maeve
Member since 6/05 3273 total posts
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Re: home buying time frame (reposted from FHF)
our first house we went to contract in July, closed in Nov and rented back to the seller till Feb. She wasn't ready to leave so that was her timeline that we agreed to. With our new house we went to contract in Oct and we aren't closing till Jan because our selllers wanted to get through the holidays.
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| Posted 12/6/11 9:07 PM |
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citywife
LIF Adult
Member since 10/10 994 total posts
Name:
Expecting #3
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Re: home buying time frame (reposted from FHF)
thanks everyone!
is it a possibility to write into an offer we make that we don't want to close until june? do people ever do that?
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| Posted 12/6/11 10:47 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: home buying time frame (reposted from FHF)
You could do that as one of the contingencies. You never know,they could go for it but you also could lose the deal b/c o f it.
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| Posted 12/6/11 10:51 PM |
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Re: home buying time frame (reposted from FHF)
Posted by citywife
thanks everyone!
is it a possibility to write into an offer we make that we don't want to close until june? do people ever do that?
Yes, when I am the listing agent, I always ask for ALL of the terms, including what the buyers' timeline is for closing. So you definitely should present your desired closing date as part of your offer. As I said earlier, your timeline may nor may not match up well with the sellers.
Some sellers need more time to move, figure out where they are going next, etc., and might be ok with waiting several months to close. But many want or need to close asap.
Everything is negotiable, but you have the best chance of getting an accepted offer if your terms are most attractive (such as you can be flexible on closing date, have no contingencies, etc.) -- especially if you are trying to negotiate a price significantly below asking. But if the seller feels comfortable that you are solid in your ability to get financing, they may go for it.
But be aware that mortgage commitments and interest rate locks are typically only good for 30 days. And if you wait until May or June to lock in a rate, the rates may be higher than they are now, affecting your monthly payment. That's the only real downside to you, as a buyer, in delaying the closing date until June.
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| Posted 12/7/11 9:15 AM |
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