contract to closing (yes i have another question)

the sellers want out ASAP to move into a senior citizen community.

we want IN ASAP.

contract date is november 30th (of course on or about)

how likely are we to meet that?

starting wtih mortgage stuff on monday(ish) that's when we are supposed to have contracts (or they are sending them out on monday).

Re: contract to closing (yes i have another question)

do you have a pre-approval or are you just starting with the mortgage stuff?

5 weeks isn't easy these days

my BF got my Dad a mortgage in 3 weeks....they should be closed next week...

and that was on a condo in FL with no kitchen

so it can be done depending on who you are using and if they are able to get it done

with all the first time home buyers pushing to close by then- that could be a hold up too

Re: contract to closing (yes i have another question)

we were in contract as of 8/4 and we closed on 9/4....our broker was honest with us and told us it might not happen in time (it was a short sale and sellers bank gave 30 days to close)....but he said b/c we have outstanding credit and were putting 20% down we should be ok....luckily we were and we closed on 9/4....it was hectic though b/c we had a surprise with the appraisal but we still managed to get the loan secured in time...

eta: this was in FL and everything seems quicker down here when it comes to buying houses, cars, DMV, etc. so i don't know....NY seems to drag things out....

Message edited 10/22/2009 2:27:14 PM.

Re: contract to closing (yes i have another question)

I would start today with the bank!! and make sure their attorney and your attorney are on board for a closing that quick. I always hear about the attorneys taking up a lot of the time.
Make sure they aren't going into any huge trials or away for thanksgiving

Good luck!! Glad you guys are moving forward so quickly, how exciting!!!

Re: contract to closing (yes i have another question)

We were in contract on September 30th and are set to close on October 30th.

Additionally, we are in NY, so it is possible to close quickly if your bank is on top of things.

Re: contract to closing (yes i have another question)

Depends on your loan. If you are under FHA - your going to wait. So far contracts were signed I think in June and we still haven't closed.

Re: contract to closing (yes i have another question)

Re: contract to closing (yes i have another question)

We used Bethpage Credit Union and our closing was exactly 30 days from the day we signed the contract.

My loan officer was great and I was able to email her and then scan all of our documents to send them as pdfs. I think that helped.

Re: contract to closing (yes i have another question)

we used wells fargo - so if you can get it in writing to close by a certain time i would go for it! We are at the point of homelessness thanks to delays.

Re: contract to closing (yes i have another question)

I spoke to bank (continental) today. She said for me to get all my paperwork to her (i will have this done by 8AM tomorrow) she will get the Ap started. There is some new thing about waiting 4 days after the ap or before the ap has started?? something like that??

so... she said that continental is averaging one week faster on closings than smaller banks and one month faster than big banks.

however, the first time homebuyer thing will put a wrench into the works.

at least i know i am going to do all that i can to move it along.

OH! yes, FHA is the way we are going.

good luck to all you others out there going through the same process...

Re: contract to closing (yes i have another question)

We had signed contracts August 13 and closed 10/5. We had originally starting our application with another bank, but then switched mortgage brokers because we didn't like the bank we were dealing with, so that cost us some time.

Filled out the mortgage application and locked in a rate the Friday before Labor Day - had a slight delay with the appraisal process, but once that happened, we got a closing date and were good to go. We could have closed the last week of September but the sellers couldn't get into their new house right away.

This wasn't with FHA though which I hear sometimes takes a bit longer.