The short answer is no. There are no instances where you can begin work on a home that you do not own until you have closed and funded. If closing is when you sign the papers, funding is when the money is wire transferred from your lender/bank to the title company....who then wires that money to the owners. Most of the closing I have been a part of recently have a "table funding" which means that the funds have already been transferred from your lender to the title company for distribution. All the title company needs is an authorization number to complete this distribution. The delays that can and do happen with funding normally occur:
1. Closings late in the day (anything after 3pm they may not be get a wire transfer out or in by cut off from the wire department/ Generally 4pm)
2. Closings at the end of the month. (everyone is rushing to get them in)
3. Closing late in the day on Fridays
Fridays can be the worst.....if you miss it or there is a glitch in getting the paperwork approved, someone at the lender is on vacation...and you miss having the file approved once you sign by the lender, you may push your "funding" to the next business day.......which is Monday or even Tuesday if Monday happens to be a national/bank holiday.
So my advice is to close early in the day and stay away from Friday if possible.....Thursdays work great!
Best of Luck to you!
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Chris Schilling, ABR, GRI, CRS, GREEN
Real Estate Broker
If you get the bids and choose your contractors prior to closing, you could have them all scheduled and set to go very quickly after closing. I would recommend that you choose contractors that people you know have used and had good experiences with. And as Realtors, we often can give you some direction on local companies that our own clients have used and recommended. This is extremely important in any renovation or home improvement project you are planning. I believe 45 days is plenty of time to get the items completed that you mention in your post.