Closing date too quick?

maddieleeAugust 19, 2010

We are about to sign a contract on a bank-owned house. The seller (bank) wants to close on Sept. 23. Today is August 19.

My question; Is this time reasonable? What problems might we run into trying to have it done within this time frame?

We are already pre-approved for the loan.

Thank you,

ML

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rafor

Has your offer already been accepted? The banks are notoriously slow with these things. We made an offer on a house Thanksgiving weekend and said we would close on Dec 10 which was the date they had accepted on a previous offer from another buyer. The bank dragged their heels. We finally closed in the middle of January but that was all due to the bank and their slow responses.

    Bookmark   August 19, 2010 at 7:56AM
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creek_side

Over 30 days is not really a quick closing. Check with your lender to see how long appraisals are running in your area. Any needed inspections should be no problem in that time period, unless you have an unusual situation in your area.

If something is found during an inspection, you will have to accept the defect(s) or negotiate a resolution with the seller. The closing date can always be extended during that process, if need be.

    Bookmark   August 19, 2010 at 8:24AM
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maddielee

Thank you for the responses...I need to start another post about what has happened. grrrrrrrr.

ML

    Bookmark   August 20, 2010 at 10:52AM
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