How long from accepting an offering to Closing?

I know it differs for everyone, but was curious of what people's experiences were like here.

When we bought our house, it was a short sale so it had a very different timeline.

Whether you bought or sold- do you remember how long it was from the time you accepted (had an accepted) offer, went to contract and closed? Just trying to get an idea of a timeline.

Thanks!

Re: How long from accepting an offering to Closing?

After our offer was accepted it took about a week and a half for the contracts, then almost 2 months after that to close.

Re: How long from accepting an offering to Closing?

Every home is different. We bought our house 4 years ago but made an offer at the end of February (accepted), inspection the following week. From the inspection there were items we beeded to adjust in the contracts before we signed them. The seller's attorney was a douche so they took awhile to sign. I want to say everything was signed late March. The seller had to get permits and such for work that was dine before we got the clear to close. We closed end of June.

Re: How long from accepting an offering to Closing?

4 months... we signed the contract in October & closed in February

Re: How long from accepting an offering to Closing?

for us the time difference was about 3 months from start to finish

Re: How long from accepting an offering to Closing?

We signed contracts in late April.

Still waiting to close. It was supposed to be 6/1 but we found out the house had a tax lien.

Re: How long from accepting an offering to Closing?

offer 3/8
closing 7/15
took keys on 7/21

Message edited 6/5/2012 10:06:24 AM.

Re: How long from accepting an offering to Closing?

As you said, this will vary because closing dates are an agreed upon term in your Contract of Sale so really you can have any time frame that the parties agree to. In my experience, most transactions go from Offer to Contract in about 1-2 weeks and then Contract to Closing is usually 60-90 days.

I hope that helps!

Kristen M. Breglio, Esq.
The Breglio Law Firm, PLLC
1225 Franklin Avenue, Suite 325
Garden City, New York 11530
p: 516.240.8033
f: 516.240.8032
www.thebregliolawfirm.com

Re: How long from accepting an offering to Closing?

4 months, the owners dragged their feet during the closing process (and there were other CO issues)

Re: How long from accepting an offering to Closing?

I find that the time from the accepted offer to the contracts being signed depends on the motivation of the parties, the circumstances, and the attorney's schedules.

If a buyer moves to get the home inspection done asap, and the seller will accommodate them, and there are no issues arising from the inspection, then the parties can be ready to sign contracts quickly. But when a buyer doesn't get a home inspection done immediately, or when a seller won't provide access to the house for the inspection right away, or there are items to work out after the inspection (e.g., the buyer wants a specialist -- electrician, plumber, etc. to look at something in the house, the parties are having trouble negotiating the repairs, etc.), it can drag things out.

Even once the parties are ready to sign, they need to meet with their attorneys, and how soon that happens depends on the attorneys' schedule and availability. Then, sometimes you have multiple sellers in multiple states (like with an estate sale, for example), so it can take awhile to get all signatures.

On average, I think it's taking about 2-3 weeks lately for sales to progress from accepted offer to contract.

From contract to closing, it's generally 60-90 days unless the parties negotiate an extended close or a cash deal, which can close very quickly.

Re: How long from accepting an offering to Closing?

About 3 months. I forget when we made the final offer but we were in contract in Mid-August and closed the 3rd week in October.

Re: How long from accepting an offering to Closing?

It took about 2 weeks from accepted offer until contracts were signed. Then it was exactly 2 months from contract to closing.

Re: How long from accepting an offering to Closing?

It took 5 months, but the seller needed the extra time because they were moving to Florida.

Re: How long from accepting an offering to Closing?

Re: How long from accepting an offering to Closing?

Our offer was accepted mid February, we closed end of June.

Re: How long from accepting an offering to Closing?

Thank you, everyone!

When we bought, it was a short sale, but was almost exactly 4 months from offer to close. We didnt know until just a couple of weeks before, though, that it was officially going through, so it was sit around and wait and then rush, rush, rush lol Seems like the timeline wasn't too far off from the more conventional sales, though!

Re: How long from accepting an offering to Closing?

About 2 months from Contract to Closing

Re: How long from accepting an offering to Closing?

Can't go by me... it was a 6 month process, but that is because the seller died a week before the original closing date and chaos ensued... in the end though, it all worked out.

Re: How long from accepting an offering to Closing?

Last week of September: Offer accepted
First Week of October: Contract signed
Last week of October: Cleared to Close
First Week of November: Closed (we could have closed earlier, but it was hard to get everyone's schedules to work out)

5 weeks total.

Re: How long from accepting an offering to Closing?