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how long does it take to close on a house after offer is accepted?

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How long does it take a home to close after the seller accepted my offer?
The reason I'm asking is that I want to delay the whole process as much as I can because my lease on a current rental house ends in May this year, so I don't want to be in a situation making two payments on both houses( I don't think I can break the lease and leave early)

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asked Apr 25, 2017 in Business and Finance by Cycle87

3 Answers

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There are some good answers here and some that don't address what you are looking to do. As previously stated, a "typical" escrow can be a couple weeks for cash and 30-45 for one involving financing. But, closing dates are negotiated between buyer and seller. Today's market conditions will make it difficult to schedule an extended escrow. Inventory levels are in the seller's market category. If a seller receives more than one offer they will take the one that will net them the most and can close quicker in most cases.

You should read your lease carefully and discuss you intentions with the landlord. There may be some flexibility, but you won't know unless you properly research and discuss it. If this is a house, the landlord might be willing to let you go early if a new tenant is found that can occupy sooner. It also sounds like you are planning on purchasing on your own, without representation. The key question I have is why? Do you feel you can get a better deal this way? I refer to the market conditions again and point out that many properties are getting multiple offers. In case you weren't aware of it, the seller pays all commissions in a transaction (unless specifically negotiated otherwise), yet you get the benefit of an agent working for you and not the seller. This includes locating and researching properties and handling documentation and the process for you. If you can get these benefits without it costing you anything, isn't it worth it? If you would like more information, please feel free to contact me. Either way, best of luck to you.
answered Apr 25, 2017 by Adam Tarr PC
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Once offer is accepted, how long to closing? an appraisal? Home inspection? Is 30-60 days typical?

Cash transaction can close in 15 days.  Financed transactions are going to require 30-45 days as the others have stated.  In hot seller markets there can be a lot of seller pressure to force early contingency removal dates on the buyer.  In Sacramento I see a lot of offers get countered with 7 day buyer inspection contingency removal and 17 day loan contingency removal.  The sellers want to know early that the transaction will go through.  In any case, once escrow starts the buyer should act quickly to move forward on the inspections and loan.
answered Apr 25, 2017 by Gerry Scott
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How quick can you move into a house once your offers accepted?
Had an offer accepted, were going to the estate agent tommorow to verify we have a mortgage approved. How long realistically will the process take till we can move in? We have no chain and the house were buying isn't in a chain.
We would like to be moved by 31st May as that's when our contract on our rental expires, agent says it's possible but the amount of bull they've told us till now I don't know if he's just being optimistic.
answered Apr 25, 2017 by King-ocelot
I'd say about 6 weeks minimum if everything goes to plan and there are no problems.
we had an offer accepted, no chain, on a place in October and we're finally moving in today (fingers crossed). we expected to be in by January...
so many people involved who have no interest in rushing, mainly:
- solicitors who aren't yours or the vendors
- mortgage companies who offer good rates and are therefore busy
- management companies

I'd say 31st May is do-able but you're going to have to chase it. And you need to find out when the vendor wants to move out.

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