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Re: How long does it take to close on a house?
It really depends.
If the sellers are ready to close asap, it's typically 45 to 60 days from the date you are in full contract. Some lenders can close more quickly, such as within 30 days. But 45-60 is typical.
Keep in mind that it takes a week or two to get from accepted offer into contract, as you will do a home inspection and then the attorneys need to draft an d negotiate the contract. Then, both parties will have to arrange to meet with their attorneys to sign. So the speed of this phase depends on how fast the buyers move on the inspection and then how quick the attorneys are and how flexible everyone's schedule is. As a buyer, it is to your benefit to get into contract asap, as the seller isn't legally bound to sell the house to you until they sign the contract, and in this market, anything can happen.
But some sellers need more of an extended timeframe (e.g., because of a job situation, kids needing to finish school, if they are buying another home, any number of reasons). So whatever "on or about closing date" is negotiated into the contract will govern. Usually the on or about date is just a guide, and the parties expect to close within 30 days of it. If you put "on or about May 15," you can realistically expect to close between May 15 to June 15, or earlier if the bank and all parties are ready.
If you, as a buyer, need more than a standard window for closing, then you need to disclose that upfront, as part of your offer (we would be ready to close in x month or on or about date).
ETA - Unexpected issues can arise to delay closing, such as title issues --- missing C/Os that the bank insists be obtained, an old unsatisfied mortgage that the seller's attorney has to research, etc. If you want a quick closing, make sure your attorney orders title as soon as you are under contract, and if a new survey will be required, that he/she orders that, too.
Message edited 3/15/2017 10:31:53 AM.
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: How long does it take to close on a house?
It varies depending upon what time frame was negotiated or stated during offer or contract period.
I recently purchased a condo in FL and included a 30 day close with the offer. Closing was exactly 30 days later.
Message edited 3/15/2017 10:46:43 AM.
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Cacarina
Two girls!
Member since 12/09 2971 total posts
Name:
Cari
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How long does it take to close on a house?
In the process now and if all goes well it'll be about 6-8 weeks from offer to close. Our mortgage guy is awesome and said that he can get the deal done in less than 4 weeks. Fingers crossed, so far things have been going pretty smoothly, but you never know what could come up!
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MichLiz213
Life is Good!
Member since 7/07 7979 total posts
Name:
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Re: How long does it take to close on a house?
Posted by angelicd77
We signed contracts 3/3 and we are expected to close between 4/18-5/18. No definite date yet.
Similar. We signed on the 2nd, expected closing date is 4/15.
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