Average days to close?

mhc11

Hi, I've looked through previous posts and haven't found (or overlooked) what I'm looking for.  For those of you who have recently purchased a home or about to purchase what has been your average days to close on the new home?  The reason why I ask is we just received an offer on our house and they have the closing date set for end of February.   60+ days seems like a lot to me.  I asked my realtor and she said that loans can cake up to 2 months to process; I didn't clarify if that's the norm or exception.  My husband and I just bought a brand new home in California and closed on the new home in just under a month.  Is there a time difference to process loans for new builds vs. existing?

I was thinking we could counter with a closer closing date, among other things, so we don't have to absorb the costs of floating our existing home, insurance, taxes, etc., for any longer then we have to.  I just want to see other's experience with closiing time frames before we do.  Thanks!

wishulthinking

Our closing is about 30 days out. If they are first time home buyers they might be asking for such an extended closing date because they need to give notice to their landlord. I know in my area (DC Metro) 60 days notice is the norm. 

I doubt the loan would take 2 months to process.  

MNVegas

30-45 days is the norm here. 

However we just sold a house and the closing was more like 90 because the buyers were idiots. Didn't tell their lender that wife was on leave from work when applying for the mortgage. When lender went to verify employment, they found out wife was not getting a paycheck and delayed loan approval until after she went back to work and received a paycheck. Finally closed last week.

 Maybe buyers have a lease they don't want to break or another reason for not wanting to close sooner. You can definitely counter with a shorter closing date. 

emisi

Ours was 90 days, because our sellers were idiots.  THey would take two weeks to send back basic stuff, not respond, not give us test reports we asked for... they were a nightmare.  LLC, had too many houses they were juggling and just didn't care until the check came in.

mhc11

Thanks for your answers!  I guess it's not crazy uncommon.  We'll still counter with something a little sooner.   Carrying the costs of two homes for as short of a time as possible is our goal.

@ MNVegas...glad that it all worked out for you.   The maternity leave thing would have been so annoying.  Selling a house is stressfull enough!

cheetah*run

We just went under contract a week ago with a Feb 24th close.  The sellers requested the Feb close date b/c they are going after a SS.  Their attorney advised a longer time line just in case.  For us, it was fine, because our corporate rental lease was ending last day of feb.  We had it in the budget to close last of Jan and use all of Feb to paint, organize, etc, but it put the offer in our favor to have a meet their needs and not have a home to sell.    I think it is one of those items that has to be good for both sides!

Beth&Derek

When we bought in 2009, 45 days was the norm here and that's what was in our contract. It ended up taking 70 days, though.

mrsniksca

we have a 115 day closing but that is because we have an apartment lease we cannot break and the sellers didnt mind since they are looking for a home in another state and still havent found one even though we are closing in 2 weeks