cycle87, Home Buyer in Phoenix, AZ

How long does it take a home to close after the seller accepted my offer?

Asked by cycle87, Phoenix, AZ Wed Jan 2, 2013

The reason I'm asking is that I want to delay the whole process as much as I can because my lease on a current rental house ends in May this year, so I don't want to be in a situation making two payments on both houses( I don't think I can break the lease and leave early)

Help the community by answering this question:

Answers

17
Hi Cycle87,

There are some good answers here and some that don't address what you are looking to do. As previously stated, a "typical" escrow can be a couple weeks for cash and 30-45 for one involving financing. But, closing dates are negotiated between buyer and seller. Today's market conditions will make it difficult to schedule an extended escrow. Inventory levels are in the seller's market category. If a seller receives more than one offer they will take the one that will net them the most and can close quicker in most cases.

You should read your lease carefully and discuss you intentions with the landlord. There may be some flexibility, but you won't know unless you properly research and discuss it. If this is a house, the landlord might be willing to let you go early if a new tenant is found that can occupy sooner. It also sounds like you are planning on purchasing on your own, without representation. The key question I have is why? Do you feel you can get a better deal this way? I refer to the market conditions again and point out that many properties are getting multiple offers. In case you weren't aware of it, the seller pays all commissions in a transaction (unless specifically negotiated otherwise), yet you get the benefit of an agent working for you and not the seller. This includes locating and researching properties and handling documentation and the process for you. If you can get these benefits without it costing you anything, isn't it worth it? If you would like more information, please feel free to contact me. Either way, best of luck to you.

Adam Tarr PC
1 vote Thank Flag Link Wed Jan 2, 2013
The question is really a moot point. The closing timeframe is dictated by the contract, which is negotiable. If you don't want to move until a certain date, specify that closing date in the contract. You can specify a closing date as far down the road as you want, as long as both buyer and seller agree in writing.

Your question shows a basic misunderstanding of the process and doesn't exhibit knowledge of the state sales contract. Have you retained an agent to represent you? If you haven't, I strongly urge you to get an agent. It costs nothing to the buyer (seller pays the commission) and will keep you out of a lot of trouble. An agent will also explain the contract in great detail, all of your rights and remedies under the contract, etc. If you need special language written into your contract, real estate agents are licensed to do so just like attorneys in Arizona.

I would be happy to assist you with buying a home as well as explaining the ins and outs of the purchase process and all of the contracts. I am one of the top producing agents int he valley and have been recognized by "The Phoenix Business Journal" for my accomplishments. I've sold over 300 homes in the last 4 years.
1 vote Thank Flag Link Wed Jan 2, 2013
That depends on a lot of factors. Short sales and even Foreclosed homes take longer. Your contract should state a proposed closing date as well. Many things can speed up or delay a closing, but unless it's some sort of distress sale stretching it out to May is probably not realistic. If I were you I would talk to my landlord, tell him your situation and see if you can work something out. Perhaps you can allow him to begin showing the rental house to potential tenants early and, if he finds one so there is no gap in his income stream, he will terminate the lease early.
1 vote Thank Flag Link Wed Jan 2, 2013
it hardly takes one year after your seller accept your offer just kidding friend you can sell him your house at quickly as possible or as late as possible as you are the owner of the house and you can give some estimated time to the persons who leave in Lease.
If you want another advice then contact me:
http://www.calgarypropertypros.ca/calgary-realtor/
0 votes Thank Flag Link Mon Jan 7, 2013
Thanks for all the advice., I was amazed! I'll contact professional exports of you guys to get help!
0 votes Thank Flag Link Wed Jan 2, 2013
As a direct mortgage banker, we will typically close a financed offer in 30 days or less. BUT i would highly recommend you find very qualified and knowledgeable professional experts to assist you. You will not save any money by doing it yourself and you may step on more than one legal land mine that may cost you in the long return.
0 votes Thank Flag Link Wed Jan 2, 2013
Hi,

I've gathered that you want to represent yourself in this transaction and I wish you the best of luck, there are many landmines in the transaction and agents will tell you most of our work is during the transaction, when we are solving problems that seem to just appear out of no where. Changing title is more complex and requires more resources than just buying a car for example. The standard AAR purchase contract is 9 pages to start with and most average over 13 pages, Arizona law only requires that the contract for real estate be in writing, so you can see that there are quite a bit that needs to be addressed to protect your best interests. This is why you should seek out a qualified agent and everyone that responded to your question is a good start to finding the best agent for you. Once you present your offer, if you find that you need an agent, then you will be paying for that agent yourself, if prior to your offer, it's possible the seller will pay for your agents fees.
0 votes Thank Flag Link Wed Jan 2, 2013
This can certainly be up for negotiation, but a cash offer will typically close in 2 weeks and a financed offer will close in 30 days.
0 votes Thank Flag Link Wed Jan 2, 2013
Have you discussed this with your agent? Who owns the home? Is it a bank owned, short sale or traditional?

Regarding your lease- that is a question you would need to ask your landlord and what does your lease say?

If these are general questions and you do not have an agent yet, please feel free to contact me otherwise this is definitely something you should be discussing with your Realtor and together you can find a solution to this challenge.

Debbie Nieman
Keller Williams Sonoran Living
602-799-5239

http://www.diverdebi.com
http://www.diverdebirealty.com
0 votes Thank Flag Link Wed Jan 2, 2013
That is the kind of thing that is spelled out in an offer to purchase. Your agent or the listing agent can put the date to close in the contract as well as other factors that protect you.
0 votes Thank Flag Link Wed Jan 2, 2013
Dear Cycle87, I ride a YZ250 single track only, so you should def contact me to chat. If you haven't submitted ur offer yet, try asking for a close of escrow date that's most convenient for you. In this market, many buyers are willing to be flexible if they are confident a sale will occur.

Sounds like ur not working with a realtor, otherwise she/he would be advising u the same. I understand that u may want to do the entire transaction urself, but give me a call & i'll give u some tips. 602-481-0750
0 votes Thank Flag Link Wed Jan 2, 2013
*many sellers
Flag Wed Jan 2, 2013
Usually closing will take place within 30 days of the offer being accepted. If you are not able to get out of your current lease you will need to do some serious negotiation with the seller to delay the closing all the way out to May.
0 votes Thank Flag Link Wed Jan 2, 2013
This is not a short sale nor foreclosed one, I plan to present my offer either today or tomorrow. So probably the best bet is to work with my landloard first.. I don't think the seller will allow to close a few month later. Thanks.
0 votes Thank Flag Link Wed Jan 2, 2013
One can never tell what the seller may say, it may work out for the better for them if the homes in their area take longer to sell. If they have theirs under contract and are past the inspection period, it could give them peace of mind over wondering if someone else will come along. Perhaps the Landlord will allow you to relet in this situation.
Flag Wed Jan 2, 2013
If ur the buyer & u manage your lender well, 30 days or less. But that's not what u wanted to hear. lol
0 votes Thank Flag Link Wed Jan 2, 2013
Suzanne is Correct. There are many variables that influence the situation. Your Realtor should be able to help you sort everything out in the contract. If the timing works out for the sellers, they should be willing to work with you also. The key factor is to get everyone on the same page in order to find a mutual agreement and document it as necessary and make changes along the way as required.
0 votes Thank Flag Link Wed Jan 2, 2013
First, is this a short sale? If so, then you probably don't have to worry about getting done by May. It'll most likely take that long.

If not, then check on your contract to see how many days has been allocated for you to close. That will give you a quick timeline.

Finally, you can always ask for some extensions, maybe a couple of weeks, or if the competition is not too hot, you can ask the seller for a delayed close of a few months. Being up front is the best policy here.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Wed Jan 2, 2013
Most homes close in 30-45 days of contract acceptance.
0 votes Thank Flag Link Wed Jan 2, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer