Timeline once you accept the offer

emeraldanchor · February 2013

Once you accept the offer is it always about 30 days before it gets closed on? Or can it be sooner? We're first time homebuyers and after negotiations with the sellers accepted their final price. I'm just trying to figure out a timeline for when we'll know.

Thanks!

mcskatcat · February 2013

Typically, the closing date is written into the offer. It's one of the things they can come back with to negotiate - particularly if they are moving out of their home and into a new one. Ours was 30 days, but I cannot say for sure that it's the norm.

The biggest hang-up tends to be the bank, though. As long as your finances are in order (make sure you're pre-approved) then hopefully you won't have any snafus. Our bank was down to the wire with the final approval.

emeraldanchor · February 2013

Ours has to be closed within 60 days. I just wasn't sure if it could be sooner than that. We did get pre-approved!

Thank you!

sparklychic2012 · February 2013

We got the signed contract w/ agreed upon price on Jan 21 and closed on Feb 7. So, yes it can definitely happen faster! The house we bought was empty - that was the biggest help in getting it closed. Good luck - it's very exciting!!

LoveKiss · February 2013

Our sellers stipulated the closing date. It was the only part of our offer that they countered. They had a specific timeline for moving and were not willing to accelerate it. Since we really wanted the house, we went along with their timeline, and closed 37 days after we went under contract. We already knew from our lender that we could close in as little as 3 weeks, had we needed to. Our loan was very straightforward (80/20, 5+ years at our respective jobs, more than enough seasoned cash in the designated account to pay dp/closing/6 month emergency fund left over, etc.) so our mortgage guy told us we would have no problem getting through the underwriting process quickly, if necessary.

aghouston86 · February 2013

Close dates are always on or before the contacted close of escrow date, unless the sale is concurrent with the sellers purchase of another home. The biggest delays you will find, depending upon whether you are purchasing a bank owned property or short sale or traditional and also depending on the type of financing you are using, will be with the lender and or title/escrow company.

chicagobride_07 · February 2013

Ours is 60 days. We were pre-approved, the loan officer still says it takes 30 days for the loan committment.

TX-Bride · February 2013

Our sellers accepted our offer on the condition we would close by March 4th to avoid additional mortgage payement, they have already moved out of the house. When we were shopping around for loans, there were a few banks that had 60 one had 45 days, to close. We avoided those banks.

HouseSpouse · February 2013

Our total turnaround took less than a month. We put in an offer on January 20th and closed on February 14th (totally planned that!). I think it's different with every closing. For us it all came down to how much time the underwriter took to review everything and get the paperwork done.

Timeline once you accept the offer

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