Home Buying in New Paltz>Question Details

Hendrick Moy, Home Buyer in New Paltz, NY

How long does it take to close after receiving the commitment letter?

Asked by Hendrick Moy, New Paltz, NY Fri Aug 7, 2009

We signed a commitment letter at the beginning of the week and we still have not received any word yet of closing date. we have a 30-year FHA. does it normally take this long? how much longer will this take?

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3
It should be just a matter of setting up a closing date if you have clearance to close.If you have a commitment letter with conditions than they must be cleared up before you get the clearance. These days a bank will tell you you are a priority customer and it can still takes weeks. No explanation given. Sometimes they have stalling tatics like where is the HOI (Home owners Insurance) then they ask for signatures of gift checks, etc. etc etc. I have a current buyer that has clearance to close but because the seller was unavailable won't close for two weeks.From the commitment letter to clearance it took two weeks and there was no reason for it. I am finding little difference between conventional or FHA mortgages. Cash is still King. From purchase offer to closing three weeks.

I'd say get out a dart board and throw some darts at different dates. You're prediction will be as good as any.

Let us know how long it actually takes. Welcome to the community!
2 votes Thank Flag Link Fri Aug 7, 2009
Depends on your lender and closing atty schedule. Usually 7-10 days if you have a commitment letter with no outstanding conditions! Almost there! Good luck
Margo Pisacano
http://www.MargoSells.com
http://www.SeaportVillageRE.com
Cape Cod
1 vote Thank Flag Link Fri Aug 7, 2009
Have you read any books about first time buying?
0 votes Thank Flag Link Sun Aug 9, 2009
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