Home Buying in Milton>Question Details

M.caudell, Home Buyer in

How long do you need to give seller to move out? How long does closing normally take?

Asked by M.caudell, Mon Apr 23, 2012

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6
Barbara Murphy’s answer
Closing dates are one of the many items that are negotiable between buyer and seller. When buyers and sellers are represented by professionals, that detail can be agreeably worked out to be win/win for both buyer and seller.

Closing can be done very quickly if you are paying cash for the home, the seller agrees to your price and terms, and you don't require any inspections.

If you are obtaining a loan, it is wise to allow anywhere from 30-60 days to close (depending upon where you are in your loan approval process, and what types of inspections, appraisals, surveys and/or repairs are completed, if needed).

A real estate purchase is the largest financial transaction that most people make, and a knowledgeable Realtor is a valuable professional to have on your team during the home buying and selling process. Interview several, and select the one to work with that will explain the process to you, and educate you with all of the facts you'll require to make the best decision for YOUR personal situation.

If you are not currently working with an agent, I'd be glad for you to interview me for the job! Call me at 850-686-9919 or email me at RealtorBarbaraMurphy@gmail.com . You can also visit my website at TartanPropertiesFL.com to learn more about me and the Home Buying and Selling Process. :)

Thanks,
Barbara Murphy
0 votes Thank Flag Link Mon Apr 23, 2012
What if the seller does not move out by the agreed time?
0 votes Thank Flag Link Thu Nov 12, 2015
then they aren't fulfilling their contractual obligation. why do you think they won't move on time? you could check with a real estate attorney to review your contract to see what recourse you have.
Flag Thu Nov 12, 2015
The time required for a closing may depend on a number of factors: cash sale or financed? shot sale, foreclosure, or regular sale? are ther contingencies? etc. So there is a range for the amount of time required that could be 30-45 days, 30-90 days, or more.

For the second part of your question about the amount of time a seller should be allowed to move out....simply stated, it's highly recommended that buyers not close on their transaction until the sellers have vacated the home. To close with them present could be to embrace a mountain of problems that otherwise could have been avoided.

Good luck,

Bill
0 votes Thank Flag Link Wed Jun 20, 2012
I believe that differs pertaining to the location. Here in the Pensacola/Pace/Milton area it is customary for Buyers to take possession at closing. If that is not possible due to unusual circumstances then the Buyers and Sellers would need to work that out and get it in writing on legal forms. It is customary for a closing to take about 30-45 days. Sometimes sooner, sometimes longer, but 30 days is time frame most of my sales close out in.
0 votes Thank Flag Link Wed Jun 20, 2012
Closings are usually dictated by the Buyer's financing but on occasion the Seller may ask for a slightly longer close. Most closings for occupied homes are 2-4 weeks for cash, 4-6 weeks for financing. Over 60 days if there are personal or title issues on either side. Now if you have seen the home and it was packed to the roof - don't expect a 4 week closing I would suggest giving them 45 days.
0 votes Thank Flag Link Tue Apr 24, 2012
M-

Generally attorneys and agents are hesitant to extend occupancy for the seller beyond closing. It introduces complexity and uncertainty for the buyer. What happens if you close, the seller gets your cash and then refuses to leave? What if they leave but damage the property before they go? What if they encumber the property in some way? All of these can be avoided with possession at closing. That said, many deals are done with a post-closing possession date. Unless you anticipate a long-term leaseback arrangement, the length of time from closing to possession should be short.

Closing can be really quick for a cash sale to an eternity for a short sale. It really depends on the complexity of the sale and every one is different. Cash deal ~2 weeks, conventional loan ~45 days, short sale ~who knows.
0 votes Thank Flag Link Mon Apr 23, 2012
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