Home Buying in Durham>Question Details

John P Nieves, Home Owner in Davie, FL

How long does it take for actual home purchase in NC after an offer has been accepted?

Asked by John P Nieves, Davie, FL Wed Aug 21, 2013

Help the community by answering this question:


It depends on whether it is being financed with a loan or paid for in cash.
A cash transaction can close as soon as inspections, title search and deed preparation is completed...in a week.
Transactions involving a loan depend on the lender. Most banks and mortgage brokers ask for 30-45 days from contract/loan application to closing.
1 vote Thank Flag Link Wed Aug 21, 2013
Good point on the cash transaction. Being a mortgage pro, that just was not an option:-)
Flag Wed Aug 21, 2013
In real time New York Loans should take about 60 Days from a fully executed contract(wish our state was faster reading through some answers)! In addition, an FHA or Va Loan will take longer.
1 vote Thank Flag Link Sat Sep 7, 2013
After you provide copy of your sales contract to your Lender, it should not take more than 21 to max 30 days. I've seen loans get approved and closed on 18 days. If you are diligent about providing the Lender everything they request you should be able to close in 21 days, providing that the real estate agent title company and everyone is diligent about meeting contractual time frames.

Best of Luck,

Maria Cipollone

1 vote Thank Flag Link Sat Sep 7, 2013
I have had several clients lately close in 30 days. Quite frankly, I don't recommend it, it puts a lot of pressure on you to get it all done, take 45 days if you can.
1 vote Thank Flag Link Sat Sep 7, 2013
Average time is 5-6 weeks. IF your a cash buyer you could do it in as little as 2 weeks. If it's a short sale it could be 4-5 months.
1 vote Thank Flag Link Wed Aug 21, 2013
Hi John:

It appears that several people have already responded and you now know that a closing can typically take 30-45 days for a conventional loan. Please note that the closing date can also be further out if that is what you prefer to negotiate. It is not unusual for Buyers to ask for 60-90 days or more, though that extended closing date is a risk to the Seller that may cause them to negotiate for more earnest or due diligence monies.

There are different strategies in negotiating and I will be happy to consult with a fellow yankee if you want to talk. Mark 919-960-6332 civiokm@hpw.com
1 vote Thank Flag Link Wed Aug 21, 2013
Under normal circumstanes a loan can be closed on 30 - 35 days. Government loans ca take longer and USDA loans still longer. Please let me know if I can be of service. Fritz Hine REALTOR
1 vote Thank Flag Link Wed Aug 21, 2013
If you are using a conventional, FHA or VA loan, you should allot 30 days to close your loan, but your actual results may vary depending upon who Originates the loan.

USDA RD loans are the only ones needing more time now since the USDA is currently on 18 business day turn times (vs. the typical 5-10). This year we've been planning 45-60 days for those loans to close.
1 vote Thank Flag Link Wed Aug 21, 2013
Our in-house lender is closing loans in under 30 days. A pre-approval is strongly advised so the income and credit are verified.

Angie Striblin, Broker
Keller Williams chapel hill
1 vote Thank Flag Link Wed Aug 21, 2013
Hey John,
More than likely,your REALTOR is going to consult with you to have inspections; home inspection, pest inspection and the bank required appraisal. A due diligence date will be acknowleged by the buyer and seller in which these inspections are going to be completed. Depending on this date and the settlement date of the contract it could take between 30 and 60 days. The lender will be a determining factor after inspections and due diligence repair request is satisfied.
If you need further explanation just give me a call...919-599-7688. Or email at; rickhardy52@gmail.com
1 vote Thank Flag Link Wed Aug 21, 2013
Hello John
That is also written into the offer to purchase , typically 3 to 4 weeks due mostly to lender underwriting, but it can be any time agreeable to both parties.
1 vote Thank Flag Link Wed Aug 21, 2013
It depends on the lender and type of loan. Here are some typical estimations.

Cash 2 weeks

Coventional Loan 30-45 days

FHA-VA 45-60 days

USDA Forget it about it, they take forever!
1 vote Thank Flag Link Wed Aug 21, 2013
Typically 30 days from contract to closing, really depending on how strong the buyer is with documentation, as this is the real culprit in the new lending era. Paper trailing, document everything.
We actually encourage our clients to load their docs first right at application to get a real pre-approval vs. just a pre-qualification. More info at http://www.raleighdurhamhomeloan.com.
1 vote Thank Flag Link Wed Aug 21, 2013
It depends on what type of mortgage you're applying for. A conventional 30 year mortgage usually takes about 45 days to close, which includes the Due Diligence period.
0 votes Thank Flag Link Thu Oct 31, 2013
Thank you for choosing my answer as helpful. Please let us know how successful the real estate transaction end up.

All the Best,

Maria Cipollone

0 votes Thank Flag Link Wed Sep 18, 2013
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