Post # 1
I lurk around on the Bee all the time, so I decided today to post 🙂
My hubby just got a new job in a different city, and we will be moving at the end of this month! We would really like to buy a house, but we’re not sure that we would be able to make an offer, get it approved, and close on a house in that time frame.
So for all you bees who bought a house, what was your timeline like? Thanks!
Post # 3
We bought a short sale so it took a while. I think they told us it would take about 8 months, but it only ended up taking 5. So my advice would be don’t look at short sales 🙂
Post # 4
We started looking at home in April. Finally found one we loved like Aug 1 and put in an offer 2-3 days later, and closed by the end of the month. If all your financing and everything is inline when you find a home you like, it can go very fast. The fastest closing I’ve heard of from offer to closing is 14 days.
Post # 5
It took us about 2 months to find the house we wanted. Then it took us another 3 weeks of horrendous back and forth negotiations, ended up walking from the house when seller refused our offer and asked for $300 more (really? Three hundred dollars? We were bored at that point… and pissed) to help pay off her credit card debt. She apparently had a change of heart and accepted our offer the next day. Then it took another 2 weeks to close and a week more before we moved in.
We looked at short sales and found other houses that we loved but they got snatched away or the price skyrocketed with bidding wars… I’d have to say that house hunting was one of the most frustrating things I’ve ever been though, and it took a toll on our relationship for sure.
Post # 6
It took us 2 months from when we found our condo, made and offer and closed. We had our downpayment and everything intact..or so we thought. Because we bought a condo we weren’t aware of how hard it was to get a condo loan…we had to do A LOT of paper work..faxing..emailing etc..and it was just a headache.
I say, do your homework ahead of time, find out all about the requirements for the type of loan you want. A month is pretty tight though…
Post # 7
You will probably need to stay somewhere temporarily (think Residence Inn or corporate apartments) for a month. It will take time to first of all find your perfect home. Make sure you check out areas and have an idea of where you would like to live before hand. Then narrow down your search. Typically from contract to close is about 3-4 weeks.
Post # 8
Started looking in October, found our house in February (after months of going out every weekend to look at places), offer was accepted in a week, closed April 30th because they had to finish moving out.
Post # 9
Depends on the municipality and what they require to close. Average time from offer to closing is 6-8 weeks where I work
Post # 10
Umm about 6 months overall, from the first viewing, all the way to contracts exchanged (after about 5 months of waiting for the last owners to move themselves out) and moving in ourselves.
Was very stressful at the time as the solicitors dragged on forever and we really thought it was going to collapse on us but then all of a sudden things just sprung forward!
Post # 11
Once I found my house and made an offer (same day), it took 27 days to close.
Post # 12
I’ll go ahead and tell our horror story. We found a house, almost was ready for closing, the courts took over so we lost it. Found another house. Bid on it, the seller came back and raised the asking price $300 more than the listing price. (who does that?) so that fell through. Third house, bid on, got taken off the market, put back on the market in another city’s MLS so it was taken out from underneath us. 4th house had 6 other offers, much more than ours, so we didn’t get that one. We are currently waiting on our 5th house right now, which is a short sale. We’ve been waiting about 3 weeks. Found out last week that it has 3 liens on it. So it’s not looking good. I’m getting very frustrated. Hope you have better luck than we are having.
Post # 13
I agree that if you have your finances in order it can move quickly. The first thing we did was work with a mortgage lender and get preapproved for a specific amount. This helped us only look at houses in our price range. We were actively looking for a house for about 2 months before we found one we felt was right. We put in an offer and spent about 5 days in back and forth negotiations. After we were under contract, we closed just under four weeks later.
Post # 14
6 months of devoted searching, a couple of hours to put in an offer on the house we absolutely loved, 3 months to close.
Post # 15
I had been looking on online doing research for a bit. We started looking September 14, put an offer in on September 15 and we would have closed October 28. We killed the deal though after the home inspection because the house was a death trap apparently.
We continued to look for two more weekends, saw a place October 5 and 6, put an offer in October 7and it was accepted. We are closing December 16. The sellers wanted a longer closer, and we had to put in 60 days notice, so it all worked out.
Post # 16
Well, for our last home that ended up falling through at the last second (right before we closed) the entire process took a little more than 3 months. It took that long because the buyer took over a week to finally accept our offer then the bank was ‘so busy with refinances’ that they just couldn’t seem to get to our loan.
I’m in contract again and this time around we made our offer contingent upon a response within 48 hours so that was done a lot quicker (otherwise the sellers can keep you on the hook while trying to hold out for other offers which is what happened last time). We also interviewed a bunch of banks and found one that is willing to give us the attention we need and help us close in a tight timeframe.
So if everything is on time, assuming this doesn’t fall through, from first offer made to closing should be a little over 2 months.