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.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
How long after an offer until it's ours?
My boyfriend and I just made an offer on a wonderful 2 bed home in a relatively nice area of New Orleans. We're
already preapproved, and I'm eager to get our house and get it ready for
the baby. How long will it take until it's ours? What happens after
making an offer?
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Re: How long after an offer until it's ours?
How long it takes depends on what type of loan you're getting (conventional, FHA, VA, USDA). So, that can be any where from 30-90 days.
This is after the sellers accept your offer. They might not, or they may counter offer.
If they counter, you can counter their counter or you can walk.
Also, if you are getting an inspection (you should be getting one) anything that pops up in this that you want the sellers to fix can go through another negotiation process.
Paperwork on your loan will not get moved until the offer has been accepted.
Congrats on fijnding a place to make an offer on! I hope everything goes smoothly for you.
And now I have to be Debbie Downer and tell you to not get excited yet. I think buying and selling real estate is why the phrase "Don't count your chickens before they hatch" was coined. Nothing about it is a done deal until it's really done and the keys are in your hand. I know it's super hard, but try not to get emotionally attached to the house. Don't start decorating it in your head or plan your garden or envision evening strolls through the neighborhood. Because if you do these things, and then you end up having to walk away from the house for one reason or another, it's total heartbreak... like breaking up with your first love heartbreak. And it sucks and makes it that much harder to get out there and try again.
Hopefully you will not have first hand experience with this heartbreak. Hopefully this house is the one you were meant to buy, and things will go smoothly for you. But be mentally and emotionally prepared for things to not work out. Nothing in real estate is guaranteed.
Congrats! We are around the same place in the process as you. We put in an offer on a house last Friday. We gave the sellers 12 hours to respond and they took the full amount of time and countered. Via phone with our realtor all day we countered back and forth and settled on an offer Sat. night. Sunday we went back in and signed the new offer.
We just got the home inspection done yesterday and tonight our talking with our agent about asking the sellers for repairs. Once that gets settled, we need to do the appraisal. We go in Friday to officially apply for the loan with our mortgage lender. We have the closing date (that the sellers accepted) as July 30. By July 23, our loan officer is required to give us a good faith letter that we have been approved for the loan.
But we are still in the thick of the process and know something could go wrong at any time. It has gone relatively quickly for us, but like others have said and like our realtor told us, it sometimes takes 60+ days to close, though he doesn't like it to stretch more than about 45. I hope everything goes well for you guys though and best of luck!