how long does it take to close on a house?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
I know the process of finding a house can be long or short and I know that after closing some people do a rent-back so they don't move in right away, but how long does it take on average to close on a house once you place a bid and it's accepted?
We're first time home buyers and my husband is going to be out of town on business for the entire month of October. We're wondering if it's dumb to start looking now. We have a good idea of what we want and which neighborhood we want it in. |
Anonymous
|
Offer- Beginning of June
Accepted-2 days later Closed- End of August Your mileage may vary. |
Anonymous
| On both the homes we have purchased it took 2-2.5 mos. to close. It takes a lot longer than the realtor and bank want you to know. |
Anonymous
|
Ask your lenders, that's the gating item, as well as if you need to protest the appraisal.
Conforming loans take 30 days. super jumbos take 30-60 days depending on their underwriting processes. 45 or 60 days was the norm. |
Anonymous
|
Our realtor says 45-60 days is normal in MD. Our closing took just under 60 days. Our last closing (in NJ) took longer -- more like 90 days.
|
Anonymous
| Our closing in nova took 42 days. 30 yr conventional loan last year. |
Anonymous
| Its taking us 60 days in MD - seller is not a fast mover. |
Anonymous
|
we've done both of ours pretty quick. Our first one was maybe 19 days - in 2003. Our more recent closing took about 5 weeks from contract to close - put in a contract at the end of July and closed August 31st, just in time to move in and get our child started in school on time.
We started househunting at the beginning of June last year, put our townhouse on the market in mid-July and had it under contract in 3 days. |
Anonymous
|
I think you should start looking now, just to get really familiar with the market. Then you will definitely know a good house when you see it.
I think I closed on my first house in a month or less- it was vacant, they were happy to close early and I only had to give a months' notice at my apartment. When I sold that house, the buyers took about 45 days to close. When I bought the next place, it was almost 2 months because the seller was disorganized and couldn't get it together to move earlier. (even though she'd basically moved in with her new husband by then.) |
Freeman
Member Offline
Member Offline
| I would say that 1-2 months is probably a reasonable expectation. If problems arise, it can take much longer, but I've also seen closings happen in less than three weeks. The exact time frame is often negotiated when you make your offer, so any rent-back or other riders will be settled on at that time. |
Anonymous
Just make sure that you and the sellers have a specific settlement date, don't agree to "60 days after X" or something. |
Anonymous
He doesn't have to be there to close. He can sign a power of attorney to permit you to sign everything for him. I just closed a house this way because my DH was also out of town for an extended period for work. Find the house you like and use a POA if the seller insists you close while he is away. |
Anonymous
| Agree on the POA suggestion. It is a simple document, specific to the property in questions (ie 123 House Lane), so no worries about the POA signing for all sorts of crazy things. The settlement company will provide the document, you/your husband will just need to get it notarized. And should he be traveling, he can find a notary anywhere and mail the original. Will be using my mother as POA to purchase a home in a few weeks. |