Closing on a house

Bride908 Posted: Apr 24, 2009 12:39 PM

Closing on a house

Anyone know how long the procedure is once you have an acceptance?

Just curious

ChristineAaron08 Posted: Apr 24, 2009 01:06 PM

Re: Closing on a house

I havent done it in awhile, but I think once you have a mortgage acceptance, and all inspections are done, you set a closing date.

Bride908 Posted: Apr 24, 2009 01:13 PM

Re: Closing on a house

Posted by ChristineAaron08

I havent done it in awhile, but I think once you have a mortgage acceptance, and all inspections are done, you set a closing date.

So the whole process is like a month - 2 months?

yelley77 Posted: Apr 24, 2009 01:19 PM

Re: Closing on a house

Posted by Bride908

Posted by ChristineAaron08

I havent done it in awhile, but I think once you have a mortgage acceptance, and all inspections are done, you set a closing date.

So the whole process is like a month - 2 months?

Our process hit 2 months on 4.19. We put the offer in and it was accepted on the 19th of february, contracts were signed the following week. we should be closing next week

teenigrrl Posted: Apr 24, 2009 01:21 PM

Re: Closing on a house

i think it really depends on many factors. when we sold our condo, we closed in 6 weeks after going into contract. the buyer was anxious to move in, and we were anxious to get out. his mortgage commitment came in about 3-4 weeks after going into contract. then we set the date that worked best for everyone.

when it came time to buying our house, that was a whole different story. we went into contract in mid nov, but didn't close until feb 13th. we had 45 days to get a mortgage commitment (from when we went into contract), which we did. the issue was that the sellers wanted to stay through the holidays, which we were OK with, so we had an on or about date of Jan 15th. however, the sellers can extend that by up to 30 days, and they milked every single one of those days. they had a place to move into for Feb 1, they just took their sweet time. so in our case it took us 3 months to close, because they took full advantage of the 30 days. the one good thing that came out of that was that we were able to get a really good interest rate for our mortgage. had we closed closer to Jan 15th, it would have been about 50 basis points higher.

lucamon Posted: Apr 24, 2009 01:22 PM

Re: Closing on a house

It depends on a lot of things. Mine took 3 months. My friend's took much longer because the owner never filed for the pool so they have to get a permit and a CO. Their closing took almost 4 months. My mom's closing took 3 weeks but that's in CT.

ChristineAaron08 Posted: Apr 24, 2009 01:29 PM

Re: Closing on a house

Posted by Bride908

Posted by ChristineAaron08

I havent done it in awhile, but I think once you have a mortgage acceptance, and all inspections are done, you set a closing date.

So the whole process is like a month - 2 months?

it depends b/c the bank can accept contingent upon CO's, permits, inspections, etc. Once they see their requirements are met, and they approve the loan, its up to the buyer and seller as to when they want to schedule.

So like others said, it depends on a lot of things...

CD516 Posted: Apr 24, 2009 01:37 PM

Re: Closing on a house

It depends on the deal, but most of my purchase closings take 45-60 days after contracts are signed. HTH

Mrs. Bernabe Posted: Apr 24, 2009 02:39 PM

Re: Closing on a house

Posted by Bride908

Posted by ChristineAaron08

I havent done it in awhile, but I think once you have a mortgage acceptance, and all inspections are done, you set a closing date.

So the whole process is like a month - 2 months?

it is normally 2 months (for normal sales- excluding short sale). It can take longer than 2 months but that if certain issues arise.