How long does it take to close from when you bid on a house?
Bridex100
Posted:
Member since
How long does it take to close from when you bid on a house?
Let's say I bid on a house this week. When would should we expect to move into the house? We will be getting the down payment from our parents and I don't think there should be any complications on getting a mortgage.
How long did it take you guys when you bought your first house?
N.Y.bride
Posted:
Member since
Re: How long does it take to close from when you bid on a house?
I just asked a real estate agent the same thing. It depends o how smoothly everything goes, also is the family still living in the house, is it empty?
She said in general about 4-6 months.
ETA: Hmmm wondering if she said that because I told her I wanted my son to finish out the school year here..
njbound07
Posted:
Member since
Re: How long does it take to close from when you bid on a house?
I think it all depends if the seller accepts your bid... thereafter, you then wait for the closing.. the closing can happen anywhere within the first 7 days of when the seller accepts your bid or upto 3-4mths to get a closing date. all depends.. it'll be much quicker if you're pre-approved
SoulMates422
Posted:
Member since
Re: How long does it take to close from when you bid on a house?
we are in the process of doing this right now. After you put in a bid, we had to wait for it to get accepted. Then we had to go into attorney review. which to me seems like the battle of the lawyers. Then we sign the contract if both parties accepts the attornys recs. Today we had the inspector and appraiser and the termite guy come and look at the house. I dont know about you guys but in order to get the mortgage from the bank the house has to pass the inspection and they look at our appraisal. Feels like a lot of waiting. There is alot that goes into it. There may be something that your eye did not catch but the inspector may catch and then you have to wait for the current owners to fix it. we have been doing this for a month so far and we hope to close by the 31st of Jan at the latest. I should mention that its going this quick because we were preapproved.
xcoleyx18
Posted:
Member since
Re: How long does it take to close from when you bid on a house?
depending on how long it takes for the seller to get back to you..if he accepts your bid right away and you have an atty to work up the contracts..the only step after that is to get a mtg..that should take 1 month at a max..I work for a mtg co and after the contracts are worked up theres really not much to do after that besides pulling title and getting approved... FM me if you need any help and good luck!
NowAndForever2012
Posted:
Member since
Re: How long does it take to close from when you bid on a house?
It took us about 1 month to finalize everything.
KellyDance
Posted:
Member since
Re: How long does it take to close from when you bid on a house?
I closed a month ago. It took us about three weeks to sign contract(there were a lot of negotiations). From contract signing you put in a date 60 days from the signed contract. You have 30 days before or after to close(it usually takes a mortgage about 45-60 days to go through!) So, basically anywhere from 30-90 days from contract signing!
Bridex100
Posted:
Member since
Re: How long does it take to close from when you bid on a house?
We are looking at mostly new developments so I don't think there will be that much negotiating and inspection should be painless.
Can I expect to close in a month?
Espo22
Posted:
Member since
Re: How long does it take to close from when you bid on a house?
Posted by Bridex100
We are looking at mostly new developments so I don't think there will be that much negotiating and inspection should be painless.
Can I expect to close in a month?
Well they would still have to do inspection regardless, plus it will have to get appraised. It all depends on the mortgage company. It took me just under 3 months, and our lawyer told us that they did it pretty quick that many times it can take longer. But I would say three months is about average. Just to schedule a closing takes time. Even after the inspection and everything, we were given a closing date and had to wait a little while for that.
I would say you shouldn't EXPECT for it to just happen in a month. It is possible as you can see other girls have said but this is not average wait time. Stay hopeful for 1 month but just expect it can take longer.
Espo22
Posted:
Member since
Re: How long does it take to close from when you bid on a house?
Posted by Bridex100
Let's say I bid on a house this week. When would should we expect to move into the house? We will be getting the down payment from our parents and I don't think there should be any complications on getting a mortgage.
How long did it take you guys when you bought your first house?
Even if you have the money, and all these things that SHOULD run smooth, just expect for things to come up. The people who did my mortgage did it in decent time, but in the beginning i kept having to go back because there were certain papers that were not given at first and i didn't know i had to give. The problem was that at first his assistant was handling all the paperwork, and she would call me and say ooh I dont have so and so paperwork from you, meanwhile she NEVEr told me, and she did this a few times.
Also, if your parents are giving you the money, its not that simple either. What happens is that they have to fill out paperwork that they are giving you the money as a gift, theres specific things you have to write up and info they need, its like a 'GIFT' letter. Regardless of the gift they will still want to see your bank statements, they want to make sure YOU can make the payments, bc the downpayment is one thing but they need to see you will keep up with it. So your parents will have to write a letter and everything that comes along with it. I had to do all this.
Basically your credit will still have to be checked, the house will be in your name not theirs so you are the one getting the loan, so the process will be the same. Infact, your parents giving you the money makes it a little bit more paperwork.
