(Closed) From start to finish…

posted 7 years ago in Home
Post # 3
Member
478 posts
Helper bee
  • Wedding: October 2011

I’d say from the time you put a contract in, it’s about two months for a foreclosure. If you are buying from actual people and not a bank, then that’s a whole nother story. They may need to settle on a house to move into before settling with you.

But for a foreclosure,it really depends on how long it takes you to get financing. I know some banks will set a certain closing date but if things are ready sooner then they can move the date up. As long as you can find something you like quickly and the realtors and bank moves quickly then you should be good.

Post # 4
Member
708 posts
Busy bee
  • Wedding: January 2011

We have been inteh process of finding/buying a home for 6 months. Our closing date just got pushed from Wednesday to Friday. Since we actually put in our first offer on this house it has been about 3 months.

Post # 5
Member
1137 posts
Bumble bee
  • Wedding: September 2010

To address a few different things you have in your post:

1) Time from acceptance of offer to closing depends on a lot of factors including inspection results, appraisal results, and time for their bank and your bank to pull together all of the closing paperwork. It helps greatly if you are pre-approved and organized with all of your financial documents and homeowners insurance lined up before making an offer. Once all of the conditions have been removed (inspection, financing approval…etc), it will take between 30-60 days to close.

2) I personally feel that it is never a good idea to rely on a tax return for a future purchase. A lot can happen between now and the end of the year that can greatly affect your refund amount. Any money received from a refund should be viewed as a “nice to have”, but it should not be relied upon in any way.

3) No down payment mortgages are a BAD idea for many reasons. 1) It does not allow for any equity in your house, so if prices go down even the slightest, you will be under water. It will also affect your ability to refinance in the future. 2) It comes with much higher interest rates and you will pay mortgage insurance which will increase your monthly payments by at least $100/month. Try to put anything you can towards a downpayment, even if you qualify for a no money down mortgage.

Post # 6
Member
955 posts
Busy bee
  • Wedding: April 2011

We looked for 6 months. We were preapproved fro the start. In those 6 months we put offers in on 3 houses. the first 2 we lost and the third we got. From the time they accepted the offer to the day we closed was just over 30 days (maybe 35 day). It was a forclosure and it took 2 days to hear from them after we put in an offer and our closing was pushed back once. We have an FHA loan so we had to put 3% down. They paid closing. We do have to pay mortgage insurance but it is $33 a month. You have to do what works for you. For us we would have put nothing down if that choice was avail. We looked for a house that fit our needs and was something we can afford very comfortably. We didn’t go by what the bank told us we we approved for, we spend much, much less. Just make sure you look for what you can afford. And house values are constantly changing right now, atleast where we are. We had equity in our home the day we signed the papers but within 2 months that started to change.

Post # 7
Member
3943 posts
Honey bee

Assuming you arent buying a short sale or foreclosure, it could take 2+ months. From the time we had our offer accepted, our closing took about 75 days. This included inspection, appraisal, etc. We also were already pre-approved. But there are SOOO many things that can pop up while buying a home, that you really never know. I have friends that closed in under 30 days, and I have friends that had to wait over a year (that was a short sale).

My advice is to be pre-approved and have all your paperwork in order (tax returns, pay stubs, bank statements, etc).

Post # 9
Member
708 posts
Busy bee
  • Wedding: January 2011

@pfinarffle: You might be getting $40,000 back in taxes?????? Did you mean $4,000? If not, I want your job!

Post # 10
Member
739 posts
Busy bee
  • Wedding: August 2009

As others have said, it just really depends on your situation… My husband and I are closing on a house next week, just one day short of a month after we put in an offer.  Our situation: we were pre-approved for financing and had everything in order, the seller knew when we made the offer that a quick close was important to us (our current house had just gone under contract & we needed a place to go!).  In this economy, it’s hard to sell a house, if a seller knows you want to close quickly, it’s likely they’ll be willing to work with you because who knows when they will get another offer.  But, like others have said – every situation presents different scenarios.

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