How long before closing did you get the clear to close? UPDATE: got our clear to close!

Our loan coordinator emailed me to say we should be getting our clear to close tomorrow (fingers crossed that happens!) How long is it typically between getting that clearance and actually closing?

UPDATE: We got our clear to close, the seller doesn't live at the house anymore, she has another house. There is some stuff still there but she had said a while back that she would move it out once we got our commitment letter. WE got our commitment letter 2 weeks ago and the seller was informed so hopefully she started the moving out process. Now just waiting for our lawyer to work out scheduling.

As far as the title, the title search that was run early was clean except for a permit for an above ground pool that was never put it. The seller new about that weeks ago as well so I hope it was taken care of then. Even so, the appraisal clearly showed there was no above ground pool so I'm hoping it won't be an issue. Fingers crossed!

Message edited 8/22/2013 9:31:42 AM.

How long before closing did you get the clear to close?

6 days for me

Message edited 8/21/2013 11:10:13 PM.

Re: How long before closing did you get the clear to close?

i got clear to close on a friday and we closed tuesday.

Re: How long before closing did you get the clear to close?

The loan officer said to us 48 hours is typically what they need. We got our clear to close on Mnday and were ready to go on Wednesday, but the bank attorney wasn't available on Wednesday and then the sellers attorney was not available on Thursday. We closed on Friday.

I think the banks need the 48 hours after the clear to close, then its up to coordinating everyones schedule to actually GET to the closing table.

How long before closing did you get the clear to close?

A couple of days. The attys just need to coordinate a day and time.

Re: How long before closing did you get the clear to close?

It's usually just a matter of scheduling, once you get the clear to close. If it's an occupied house, you have to make sure the seller is ready to go, of course, and then the attorneys must coordinate with the bank attorney. If everyone is prepared to move forward, it is usually a few days (so if the clear to close is given on a Monday, closing would usually be Thurs or Fri of that week).

Also, sometimes you get cleared from an underwriting standpoint, but there are other obstacles standing in the way of closing that need to be worked out. The bank attorney has to review title, too, and that can present obstacles. For example, I had one last week where a couple of building violations had popped up on title. The buyer's attorney ran title early, as we recommended, so the seller knew to take care of this well in advance of closing. The seller fixed the issues, and then he had a Town of Hempstead inspector come in to take a look. The inspector cleared the violations, but in looking around, found two other violations to be cured. By that time, we were ready to close. In the end, the bank attorney allowed the closing to proceed with the seller leaving money in escrow, but many probably would not have allowed it (there were personal connections here that pushed the deal through).

So I would just speak with your attorney to confirm that things are good with title, that the bank attorney is in the loop, and maybe have him give the seller's attorney the heads' up that you should be cleared to close by x date and would like to close immediately. That way, you'll know if you should expect other delays (e.g., you'll know if the seller's attorney plans to leave on vacation next week or something).

Re: How long before closing did you get the clear to close?

we had to wait a few weeks bc the sellers were waiting to close on another property.

I think it just depends on what the seller and buyer need...

Re: How long before closing did you get the clear to close? UPDATE: got our clear to close!