normal time between contract and closing

What is the average time between contract and closing?

If we sign the contract on our condo tomorrow, is it reasonable to be able to close within 30 days? Or is that REALLY rushing it?

I understand there are things out of our control -- including how fast title gets done and how fast the bank can get things together to close on our loan. Am I out of my mind to think we can sign the contract tomorrow and close before September 15?

Re: normal time between contract and closing

I don't think Sept 15th is unreasonable. We signed contracts mid June and were cleared to close w/in 30 days. Have your attorney put a rush on the title and you shouldn't have any problems.

Re: normal time between contract and closing

We signed our contract in April but didn't close until July. However, this was for a co-op which can sometimes take longer because we had to go on an "interview." We were also in no rush to close so we didn't push for a quicker closing date.

Re: normal time between contract and closing

The sellers were rushing us to close by September 1st, so we locked our interest rate... the lock expires Sept 21. We are supposed to sign the contract tomorrow. The contract has a closing date of September 30th. I know we can close earlier, but there's no obligation to. The date should have been September 1st.

Argh. I need to have this figured out before I sign the contract and fork over thousands of dollars.

ETA - I'm waiting for the bank to call me back.

Also ETA - Our attorney IS going to get them to change the date in the contract. That still doesn't mean we'll get to closing by the 21st. I'm just hoping it's remotely possible...

Message edited 8/2/2007 2:06:35 PM.

Re: normal time between contract and closing

Posted by Kara

The sellers were rushing us to close by September 1st, so we locked our interest rate... the lock expires Sept 21. We are supposed to sign the contract tomorrow. The contract has a closing date of September 30th. I know we can close earlier, but there's no obligation to. The date should have been September 1st.

Argh. I need to have this figured out before I sign the contract and fork over thousands of dollars.

ETA - I'm waiting for the bank to call me back.

Re: normal time between contract and closing

Posted by LIgrlatheart

Posted by Kara

The sellers were rushing us to close by September 1st, so we locked our interest rate... the lock expires Sept 21. We are supposed to sign the contract tomorrow. The contract has a closing date of September 30th. I know we can close earlier, but there's no obligation to. The date should have been September 1st.

Argh. I need to have this figured out before I sign the contract and fork over thousands of dollars.

ETA - I'm waiting for the bank to call me back.

have your lawyer contact the sellers and have them agree to change the date on the contract
dont' sign it till u feel good about it
if its not in the contract its worthless

Message edited 8/2/2007 1:35:38 PM.

Re: normal time between contract and closing

We signed our contract on 2/12,were officially in contract by 2/16, and closed on 3/29.

Our on or about date was 3/19. Our rate was up on 3/30!!! We were getting nervous!

Our major hold up was that there were issues with the survey, luckily, we had nice neighbors who signed it right away.

If you get the on or about date changed to 9/1, you should have no problem closing by 9/21, especially if the owners really want out.

Otherwise, to keep the rate you are locked in at, you can pay a fee for each day you want to extend it (if it's not that long a period of time).

Re: normal time between contract and closing

I would change the date in the contract. If it states 9/30 they have until 10/30 to close.

Re: normal time between contract and closing

We signed the contract in the middle of March and closed May 9th.

Re: normal time between contract and closing

Update - The bank will allow us to extend the lock for a fee for up to 30 days. (1/8 point for 7 days, 1/4 point for 14 days, etc.)

Our attorney is calling the other attorney to get the date in the contract changed to state Sept. 1. This way, at most I figure we'll pay 1/4 of a point, more likely 1/8 of a point, and hopefully nothing at all.

The bank says all their paperwork is cleared to go on their end, so they shouldn't have a problem closing the loan before the lock expires. My attorney thinks we'll have title in time. The sellers were extremely motivated and wanted out, so hopefully they will be cooperative.

this works out!