Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
60 day close
Hi everyone ....I am new here. Me and my husband are hoping to purchase a house early next year. This is all assuming that the house we like isn't sold by then.
We were hoping to put an offer in sometime in December. We would like to have a closing date of at least 60 days (Our lease is up in Feb)
Is this typically a big deal for the seller? Is this request not something that is normally asked? We live in RI if that makes any difference. The sellers have already moved, so the house is empty. I am guessing they would pretty motivated to sell ASAP since they probably don't want to pay two mortgages.
TIA!
Re: 60 day close
If the house is vacant the sellers will likely want a quicker close.
If everything falls into place why not close at the end of January to give yourself the entire month of Feb to move in, do any painting, etc rather than rush to do it all over a weekend or so?
It is not the typical close but it is not outside the realm of normal. I would not ask for any longer than 60 days, and I would also be prepared to pay a higher earnest money deposit in order to put their minds at ease. They may also want a higher sales price since they will have to pay an additional mortgage payment during the wait.
It is not at all benefical to the seller to have a long close date since they could potentially be off the market for two months and then have something happen to kill the deal and have to start over. Just food for thought. I don't know how the market is there, so it may be no biggie this is something your real estate agent will know more about!
For us even though we were not living at the house it wasn't a huge rush to sell because we could more than cover two mortgages so it may not be a big enough motivator for them to take the risk, it all comes down to their preference and situation.
Most of the investments houses we sell fall within a 30-60 day timeframe for closing. I would not ask for more than 60 days, but since the RI real estate market sucks big time right now and market will slow down even more starting next month, the seller may agree to a longer close.
We just accepted an offer on a house we are selling last week and the closing will be the end of Nov, so just under 60 day close.
GL!
It's a dog's life!
We had a 60 day close but that was becuase the sellers wanted 60 days.
If you do an offer in December and your lease is up in Feb (provided you get a 60 day close) that doesn't give you much time to paint, move, clean etc.
I think closing in January is most ideal honestly.
We were in a lease on an apartment through the end of August. We submitted the offer in March for 60 days, and closed May 13. Our first mortgage payment wasn't until July 1st. If you close in January, you may not have a mortgage payment til March.
60 days was ideal for us, but we ended up putting in 45days in our offer (house was only on the market 4 days). With inspections, fixes, and re-inspections, then some issues with my bank near the end we ended up with a 75 day contract period before finally closing. It is possible, and if the sellers cannot swing it, they will counter which you can accept/decline.
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If it's empty, they'll likely want to close ASAP.
However, we bought an empty house in the winter - made an offer in November and requested a 90 day close. They accepted. So, you never know!