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Ldemarco123
LIF Zygote
Member since 8/15 4 total posts
Name:
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Anyone closed on a house in the past year or so?
If you have financed recently on a house on Long Island, how long was the closing process and were you able to stretch it for a couple extra months in order to save up a bit more before paying and moving in?
Thanks for all replies!
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Posted 9/15/15 11:10 AM  |
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MrsS1231
LIF Toddler
Member since 1/15 495 total posts
Name:
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Anyone closed on a house in the past year or so?
That would really depend on the seller and how motivated they are to move out.
I put an offer on an house the end of October, signed contracts around Thanksgiving and my closing wasn't until 4/4. Luckily the seller was not in a rush to move out.
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| Posted 9/15/15 11:41 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Anyone closed on a house in the past year or so?
Like the PP said depends on the seller. Some don't care and some want out ASAP.
For us we put an offer in end of January, full contract by February and we closed beginning of April. Our house was an estate sale though so the owners wanted to sell ASAP.
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| Posted 9/15/15 11:43 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Anyone closed on a house in the past year or so?
For us we went into contract in early July (July 4th weekend to be exact). We were hoping to close in mid September but the seller has taken her time with moving out. She extended our closing until October. We really couldn't do anything about it.
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| Posted 9/15/15 12:01 PM |
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BabyBearA
LIF Adult
Member since 7/11 1254 total posts
Name:
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Anyone closed on a house in the past year or so?
We signed contract in July and didn't close until November.
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| Posted 9/15/15 12:27 PM |
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MrsMango
LIF Infant
Member since 8/14 231 total posts
Name:
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Anyone closed on a house in the past year or so?
from the day we put the offer to the day we closed was exactly 6 weeks, how ever the sellers were motivated to sell and we were motivated to move in ASAP. In fact that was one of the reasons the sellers accepted our offer over the others
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| Posted 9/15/15 2:17 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Anyone closed on a house in the past year or so?
We bought and sold. The buyer put in an offer the first week of May and we closed at the end of August. Edit. We put in an offer and closed on our new home in less than 30 days. If you don't have the money saved up already you are not in the position to buy.
Message edited 9/17/2015 9:15:30 AM.
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| Posted 9/15/15 2:28 PM |
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LadyBug1209
Mommy to FOUR little men!
Member since 8/08 9655 total posts
Name:
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Re: Anyone closed on a house in the past year or so?
We signed contracts in November and closed in February.
It really depends on your situation... can mortgage company guarantee your rate for an extended period of time, how badly does the seller need to move out, etc.
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| Posted 9/15/15 2:42 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Anyone closed on a house in the past year or so?
find out if the sellers would be willing to put an extended "on or about" closing date in the contract. You customarily have 30 days past that date to close (i.e. if the "on or about" closing date in your contract is 12/15, you can generally push the closing to 1/15.) . But, you also have to be aware of your mortgage commitment expiration and any rate lock dates
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| Posted 9/15/15 3:20 PM |
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ChristinaM128
LIF Adult
Member since 8/12 4043 total posts
Name:
Christina
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Re: Anyone closed on a house in the past year or so?
We went into contract July 22 and closed October 25. The mortgage took FOREVER to get, which caused a slight delay. Basically the contract says "on or about" for a closing date. Anything more than a few weeks, you need to get permission from the homeowners or they can reneg on the contract.
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| Posted 9/15/15 4:16 PM |
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Ldemarco123
LIF Zygote
Member since 8/15 4 total posts
Name:
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Re: Anyone closed on a house in the past year or so?
Thanks! These posts help a lot.. we will definitely shoot for 3 months with an extended "on or about" if we can. Although, we are pre-approved so idk if that speeds up the mortgage process. It looks like the house is empty and seller is moved out already so maybe that will help too.
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| Posted 9/15/15 4:26 PM |
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Blubtrflygrl
LIF Adolescent
Member since 5/15 609 total posts
Name:
allison
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Re: Anyone closed on a house in the past year or so?
Posted by Ldemarco123
If you have financed recently on a house on Long Island, how long was the closing process and were you able to stretch it for a couple extra months in order to save up a bit more before paying and moving in?
Thanks for all replies!
This may not be what you want to hear, but if you feel you are in the position of needing more time to save, you probably aren't in a position to buy.
Most sellers are going to be motivated to sell right away.
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| Posted 9/15/15 6:20 PM |
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shadows
LIF Adult
Member since 1/10 4694 total posts
Name:
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Anyone closed on a house in the past year or so?
We sold. Signed contracts in early April. Closed first week of June.
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| Posted 9/15/15 7:04 PM |
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MissJones
I need a nap!
Member since 5/05 22150 total posts
Name:
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Anyone closed on a house in the past year or so?
Signed contract early March, closed last day in April. Estate sale.
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| Posted 9/15/15 7:36 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Anyone closed on a house in the past year or so?
We are in contract now. Offer was accepted late August. Home inspection was done 3 days later and 1 week after the offer was accepted contract was signed by both parties. Our tentative closing is 10/1 on or about based on the contract so about 6-7 weeks. We are eager to buy and sellers are moving OOS. House was on the market 4 months by the time we put an offer on it so they were eager to get out.
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| Posted 9/15/15 10:30 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Anyone closed on a house in the past year or so?
Posted by Blubtrflygrl
Posted by Ldemarco123
If you have financed recently on a house on Long Island, how long was the closing process and were you able to stretch it for a couple extra months in order to save up a bit more before paying and moving in?
Thanks for all replies!
This may not be what you want to hear, but if you feel you are in the position of needing more time to save, you probably aren't in a position to buy.
Most sellers are going to be motivated to sell right away.
I agree with this. Also if the house is empty a seller will most likely want to close asap.
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| Posted 9/16/15 7:32 AM |
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Mara1017
LIF Adolescent
Member since 5/11 696 total posts
Name:
Mara
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Anyone closed on a house in the past year or so?
When we bought our house the seller told us they were not looking to close until after the end of June (we went into contract at the end of March) because they wanted their kids to finish the school year. We were ok with it so that was when the on or about date was. With that being said we paid the deposit with the signing of the contract in March.
If you want the closing to be more than a month or so out you really need to include timing as part of your offer.
If you don't have enough money in the bank you may also have an issue getting the mortgage approval.
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| Posted 9/16/15 7:46 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Anyone closed on a house in the past year or so?
Posted by Mara1017
If you don't have enough money in the bank you may also have an issue getting the mortgage approval.
This. The mortgage approval comes before you even set a close date. The banks will want to see your account statements and such. If you cant show them that you physically have the money needed to close, you likely wont be approved for the mortgage.
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| Posted 9/16/15 9:37 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Anyone closed on a house in the past year or so?
Posted by HomeIsWithU
Posted by Mara1017
If you don't have enough money in the bank you may also have an issue getting the mortgage approval.
This. The mortgage approval comes before you even set a close date. The banks will want to see your account statements and such. If you cant show them that you physically have the money needed to close, you likely wont be approved for the mortgage.
This. And our savings had to show our down payment and had to be in our account for a certain amount of time...
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| Posted 9/16/15 10:03 AM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Re: Anyone closed on a house in the past year or so?
Posted by jellybean78
Posted by HomeIsWithU
Posted by Mara1017
If you don't have enough money in the bank you may also have an issue getting the mortgage approval.
This. The mortgage approval comes before you even set a close date. The banks will want to see your account statements and such. If you cant show them that you physically have the money needed to close, you likely wont be approved for the mortgage.
This. And our savings had to show our down payment and had to be in our account for a certain amount of time...
Agreed. We just did all the paperwork we had to show cancelled check for deposit to the bank. Along with that the remaining balance of downpayment we did a 5k deposit which I think is customary? Along with remaining down payment we got the good faith estimate of closing which needs to be shown in the account along with 6 months of mortgage payment in reserves (I've heard 3-6 is customary?) anyway all this needs to be present for your mortgage application. If you do not have the money now you are probably better off waiting- especially if your just saving for the down payment. Closing costs are outrageous and you need to have cash in reserves as well. We were thinking 13k for closing and our GFE came in at 17k so you need to plan for things like this.
I would wait.
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| Posted 9/16/15 11:37 AM |
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Blubtrflygrl
LIF Adolescent
Member since 5/15 609 total posts
Name:
allison
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Re: Anyone closed on a house in the past year or so?
My ILs were just royally screwed by a couple who withheld info and were not in a position to buy, and as a result of house being in contract, lost out of showing entire summer so I would wait if you aren't ready to buy.
It's not the right thing to do.
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| Posted 9/16/15 3:30 PM |
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Pomegranate5
LIF Adult
Member since 2/11 4798 total posts
Name:
Pomegranate5
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Re: Anyone closed on a house in the past year or so?
If the seller has moved out that is going to make them more likely to want to close ASAP, not the other way around.
Do you not have the money yet to close and move into a house? Or do you just want to wait as long as possible and squirrel away as much as you can?
Sometimes the process takes longer and gets dragged out, but you can't count on that. We went into contract end of Aug and closed beginning of Oct, so maybe 6 weeks. But we were all motivated to close. (This was several years ago, but I'm not sure why that would make a difference)
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| Posted 9/16/15 3:45 PM |
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luvbuffet
LIF Adult
Member since 7/10 6470 total posts
Name:
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Re: Anyone closed on a house in the past year or so?
took me approx 8 months 3 yrs ago
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| Posted 9/16/15 4:08 PM |
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Michelle1110
My family is complete
Member since 1/12 2338 total posts
Name:
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Anyone closed on a house in the past year or so?
Signed mid July and closed end of August of this year.
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| Posted 9/16/15 4:29 PM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Anyone closed on a house in the past year or so?
If you need to save up more money, wait before buying. As a seller, I would have been ticked if my buyers intentionally dragged the process out.
But to answer your question, we went to contract on our sale and purchase in late February and closed June 2.
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| Posted 9/16/15 8:38 PM |
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