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Average time it takes to purchase a home?
Posted on 7/23/12 at 9:27 am
Posted on 7/23/12 at 9:27 am
Let's say there are a few homes right at the price point I'm looking for and at least one of them has no red flags and is move in ready.
How long would the process take from applying for a home loan (VA or USDA depending on area) to the closing and move in date? Like I said, best case scenario. Home inspection passes. No repairs. No hang ups at the bank. Not much haggling over price.
Also, what are some common hang ups? Bank I don't see a problem. Most of these homes I'm looking at were built in the last 10 years. Is it a red flag if the house has been on the market for over a year or has the housing market really be that bad? Some cases I've seen the people have come down 30-40 G's over the last year or year and a half.
How long would the process take from applying for a home loan (VA or USDA depending on area) to the closing and move in date? Like I said, best case scenario. Home inspection passes. No repairs. No hang ups at the bank. Not much haggling over price.
Also, what are some common hang ups? Bank I don't see a problem. Most of these homes I'm looking at were built in the last 10 years. Is it a red flag if the house has been on the market for over a year or has the housing market really be that bad? Some cases I've seen the people have come down 30-40 G's over the last year or year and a half.
10
Posted on 7/23/12 at 9:32 am to xLxSxUxFxAxNx
45 days is probably a safe number. you can probably speed it up if you have to.
Posted on 7/23/12 at 9:34 am to xLxSxUxFxAxNx
at least about 45 days, assuming everything goes absolutely perfect
and nothing ever seems to go perfectly - you can count on there being some completely unforseen and utterly trivial hang-up that'll push things back a week or two. 90% of the time caused by the lender/underwriter
and nothing ever seems to go perfectly - you can count on there being some completely unforseen and utterly trivial hang-up that'll push things back a week or two. 90% of the time caused by the lender/underwriter
Posted on 7/23/12 at 9:39 am to gizmoflak
45-60 days. If you go USDA expect more like 60 days.
Posted on 7/23/12 at 9:53 am to theoldwiseone33
I got a transfer from work and will be moving back home... we looked at 13 houses on July 5th. We knew the one we wanted the whole time anyway. Made and offer on July 6th. Agreed on July 7th. In our agreement we had in there that we had to close and they had to be out on July 31. We are set to close 10 am next Tuesday. So far everything has gone smoothly..... so far...
Posted on 7/23/12 at 10:34 am to xLxSxUxFxAxNx
quote:doesn't necessarily mean there is anything wrong with the house, just means that it's listed too high above a good asking price.
Is it a red flag if the house has been on the market for over a year or has the housing market really be that bad? Some cases I've seen the people have come down 30-40 G's over the last year or year and a half.
smooth settlements can do anywhere from 20-45 days and sometimes longer.
We closed on my house about 30 days after my offer was accepted and that included a pretty significant hiccup by my lender
Posted on 7/23/12 at 10:39 am to xLxSxUxFxAxNx
Another factor will be what the home appraises for. Just because it is a price you and the seller agrees upon does not mean the home is worth that and a lender will be willing to give you a loan for that amount. If you have a good down payment you won't have to worry about this.
Posted on 7/23/12 at 10:56 am to xLxSxUxFxAxNx
(no message)
This post was edited on 8/15/12 at 11:11 am
Posted on 7/23/12 at 11:11 am to KG6
I closed right at 21 days after initial offer, that was with a week delay from the mortgage company over paperwork
Posted on 7/23/12 at 12:08 pm to xLxSxUxFxAxNx
quote:
Most of these homes I'm looking at were built in the last 10 years
Short sales take anywhere from 1-4 months after an offer has been made. The newer the construction, the higher the chance that the seller is underwater and needs their lender to approve the sale.
Posted on 7/23/12 at 1:09 pm to xLxSxUxFxAxNx
IberiaBank had me squared away pretty quickly. It took a month for the previous owner to move out. I closed the day before I got the keys.
I'd say 30 days is a good bet unless it is a short sale or distressed property.
I'd say 30 days is a good bet unless it is a short sale or distressed property.
This post was edited on 7/23/12 at 1:11 pm
Posted on 7/23/12 at 1:30 pm to xLxSxUxFxAxNx
I just got a RD loan @ 3.75% and it closed in about 45 days. With FHA rates getting out of control everyone was switching to RD. Had the office backed up. Was supposed to close in 30 but it got pushed. Had to file two extensions but it all worked out in the end. The original owners even let me move in for the original closing date with a guarantee from the lender. Had to pay rent but it was very cool of the owners to allow that.
Posted on 7/23/12 at 1:50 pm to xLxSxUxFxAxNx
RD will take 60 days. The RD office in LA is running 21 days from when the recieve a file!
Posted on 7/23/12 at 9:17 pm to xLxSxUxFxAxNx
Accepted offer on our house July 26th last year. Closed on it August 11th.
Had contract on the house we purchased on July 31st & closed on August 19th. We could've closed a week earlier if we hadn't arbitrarily picked this date on the contract. Sellers were moving out of state & wouldn't let us move the close date up, but all paperwork was done in less than 2 weeks.
Had contract on the house we purchased on July 31st & closed on August 19th. We could've closed a week earlier if we hadn't arbitrarily picked this date on the contract. Sellers were moving out of state & wouldn't let us move the close date up, but all paperwork was done in less than 2 weeks.
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