D,

Let me leverage off what George said below. I think George is saying, "get your house on the market NOW!" to which I concur. Using the metaphor of a rising tide raises all boats, think of where you are making your money and worry less about the perfect timing of when to sell your present home (perfect timing is as realistic as finding a unicorn).

Now is the perfect storm for BUYING a home as is indicated in your comments. You will make most of your gain in this new home if you plan to hold onto it for, say, 3-5 years or more. As for selling, an honest Realtor will advise you to stay ahead of the market vs. following it. In other words, price BELOW the existing comps slightly and sell you home faster than your competition. If you price "at market" you will find yourself chasing and settling for less of a sales price after more time. Time IS money--especially in such a soft market. No one is going to make the great financial gain on both their sale and their purchase.

HI D,

It takes time for banks to respond hence that lateness of their countoffer signed. The clsing date of your contract is still the date for you to follow.
Hopefully your loan is proceeding ahead on time. The bank is giving you extra time to close which is usual with short sales and foreclosures.
I noticed that you own another home...with an FHA loan it should be your primary residence. .....make sure that you have all documentation as they are extremely picky right now..
Also is your loan with the same bank?
You can call your loan officer for frequent updates on the status of your loan, but they should be calling you if any further documentation is needed. An Appraisal can hold up your loan especially if repairs are needed, so check with your lender on the status of your appraisal.

The first thing to do now is probably to call your lender and make sure that the appraisal has been ordered. (Be aware that you have to pay for it in advance.) Late appraisals are one of the most common reasons for escrows that don't close on time. Also...be sure to request that you get a copy of the appraisal, preferably prior to close of escrow. FHA appraisers can call for repairs in the appraisal, and the loan won't be funded before all FHA requirements are met. Once the appraisal is cleared up; the loan package can go to be fully approved.

Once the loan is ready; you can go with the 5/22 the bank specified, or close earlier if that's a benefit to you. Most banks are thrilled to close early and get their files on the property closed. Quite often; the title officer that handles all their foreclosure properties is already empowered to sign for the bank when all of your paperwork is ready, so it can be done fairly quickly.

Meanwhile....get your house prepared to be marketed. If you have pets and too much "stuff" in the house; it may make sense to wait until you've moved to put the house up for sale. Realize, however, that April, May, and June are by far the three biggest home selling months in Tucson. Get your house looking good and on the market ASAP, so you don't have to pay for two homes for very long. (In this market; I advise most people to sell first, and then buy a new house.)

Good luck!

HowardRoth@remax.net

D. Home Buyer,

You may as well go with the bank defined date - "leaning" on the bank, generally, will not work.
You may put your house on the market at any time. Yow need to specify that you will not vacate it earlier than XXXX (June 1 ?). More than likely it will take 90 days to sell anyway (unless you are very lucky and price it low).
George
http://www.DestinationTucson.biz

Thank you for all the answers.

There won't be a problem with the appraisal, as we have gotten the house for far below what it was valued last year. It is a foreclosure, so there will be no repairs being made. We already did the Home Inspection last week, and it was clean. We already did termite inspection, and that was clean also. The loan officer already has all the paperwork.

Just wondering what will the time line look like now? What will take the most time in processing and can I lean on anyone to get things done in a more timely manner? Its been two weeks since the initial offer went out, and it had a closing date of 4/30 specified, but we finally got the counter offer signed by the bank yesterday that has a date of "no later than 5/22". Which dates will everyone strive to meet?

I know that this is the best time in Tucson to put a house on the market, and we won't put our current house on the market until we move out of it.

This process here is also 30 - 45 days days provided everything gets done in a timely manner. There may be a delay with the appraisal, if there is a lower worth given than the loan amount, there could be problems with the inspection and repairs needing to be completed before close - any number of things could change the final date. It hinges greatly on the contract and others' performance. It is a wonder that all this gets done in the short time that most do.

HI D,

FHA loans are currently taking around 30 to 45 days to close.
This is assuming that you have completed a loan application with the lender ,and he/she has all the required documentation from you.
However, it does depend on your closing date in your purchase contract, as that is the date that is followed by all. Hopefully enough time has been given.
Make sure that you give the lender everything that they ask for in its entirity as it can hold up the process for you if they do not have all pages of bank statements, and any letters of explanation signed and dated.

Good luck!

Anne

D. Home Buyer,

Closing date should have been specified and agreed on in the Purchase Contract. If there was a need to change it, it should have been covered (changed) through an Addendum.
For all practical purposes, closing should occur within four weeks. However, many events may cause a delay - doeas a roof has to be replaced? Will additional inspections have to follow a Home Inspection (check on air conditioning system? or some newly discovered plumbing related problems)? Do repairs have to be made to a swimming pool?
George
http://www.DestinationTucson.biz

This depends on many factors including title issues and all the players working together.
No transaction is smooth sailing without a bump or two (or more) in the road. Your agent will guide you accordingly but likely, with her guidance, you've allowed enough time for all the dominoes to fall into place. Typically agents will coordinate closing date with the lender to be certain the lender can perform within the time constraints outlined in the contract.
Good luck!