time to closing

mjlbJune 10, 2013

We have an offer from a buyer who has been pre-approved for a loan, and the house inspection has already occurred. What would be a reasonable time period to closing? The buyer is suggesting about 6 wks, but to me, that seems lengthy if you're already pre-approved? There are no brokers on buyer or seller side, so there's no one handy to ask.

Thanks for any insights.

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mjlb

Sorry -- I meant to ask 'time to obtaining a commitment from the bank", not closing! Closing would be 2 wks after loan commitment.

    Bookmark   June 10, 2013 at 11:14AM
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kirkhall

2 weeks. I don't see why you'd need longer than 1 month to close. 45 days longest. Maybe they want to push it out for some other reason--(their rental unit doesn't expire until x date, or...) Has an appraisal occured?

    Bookmark   June 10, 2013 at 12:02PM
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mjlb

No appraisal yet, but you are right -- the buyer's lease is up in six weeks. Thanks!

    Bookmark   June 10, 2013 at 12:30PM
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chispa

The average time to close in my area of LA, is about 8 weeks right now. From date of offer to date of closing.

    Bookmark   June 11, 2013 at 1:07AM
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linda117117

It really depends on what state you are in. In my area of NY, closings typically take 45 to 75 days. Pre approved only means based on income, credit and debts, they can afford the mortgage. Mortgage approval is totally different.

    Bookmark   June 16, 2013 at 10:00PM
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linda117117

It really depends on what state you are in. In my area of NY, closings typically take 45 to 75 days. Pre approved only means based on income, credit and debts, they can afford the mortgage. Mortgage approval is totally different.

    Bookmark   June 16, 2013 at 10:01PM
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hgli2005

Pre-approval means nothing really, only that if the borrowers told the truth to the bank about their income and liabilities that they meet the financial qualifications. The lender still has to do the same credit checks and review and that can take 30 - 60 days depending.

So here in southern NY, 45 to 60 days is average from contract signing to closing.

    Bookmark   June 27, 2013 at 10:18PM
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ncrealestateguy

Here in NC I close deals anywhere from 30 -45 days. I did, however, just close a financing deal in 25 days.
Do you not have a written contract. If so, all these details should be spelled out.

    Bookmark   June 28, 2013 at 6:47AM
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