Home Buying in SoHo>Question Details

serenzuma, Other/Just Looking in SoHo, New York, NY

How long from when my offer on a house is accepted to when i can move in?

Asked by serenzuma, SoHo, New York, NY Mon Aug 12, 2013

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It depends on the financing. If you use a FHA loan, then it can be within 45 days depending on when the current resident moves out.
1 vote Thank Flag Link Mon Oct 7, 2013
It depends on the financing. If you use a FHA loan, then it can be within 45 days depending on when the current resident moves out.
0 votes Thank Flag Link Mon Oct 7, 2013
that depends mostly on you and your lender. how fast can you get your loan funded, if you can fund in 30 days then you can expect to move in in approx 33days. pocession of the property is usually 3 day after closing.

kawain payne, realtor
0 votes Thank Flag Link Mon Oct 7, 2013
The simple answer is two to three months, but there are many variables. E.g., just because your offer is accepted, does not necessarily mean that you will get an executed contract. If there are contingencies, something might come into play that would void a contract, e.g., failure to obtain a mortgage. Co-ops are more complicated because board approval usually requires an interview. Boards meet monthly and if you are not available for a meeting, or if the board requires follow up material, it could go another month. So work it out with your broker for your specific situation.
0 votes Thank Flag Link Mon Sep 30, 2013
it takes two weeks for the attorneys to draw up the contract and get both you (the buyer) and the seller to sign. If you're paying all cash and this is a town house, you can probably close within two weeks after you have a fully executed contract. If you are financing add aproximately 45 days, if there is a sales application add 20 - 60 days from the fully executed contract. On the day of the closing the keys will be turned over to you. if this is a REO or short sales the time line can be longer.
0 votes Thank Flag Link Tue Aug 13, 2013
When the offer is accepted, the time sign the papers and both buyer and seller get and deal.
0 votes Thank Flag Link Mon Aug 12, 2013
It depends on the bank you are using. If no bank then as fast as you have fully executed contracts and your attorney orders the title report. It also depends on the sellers time frame. Not knowing any particulars about your deal we cant really answer your question accurately.

Chris
0 votes Thank Flag Link Mon Aug 12, 2013
If your planning to buy in Manhattan it depends what you are looking to buy. You put in an offer to be accepted or declined by a certain date. In the offer, you or your realtor has stated a price among other details which will produce a settlement date and an occupancy date.The seller has the choice of accepting exactly what you put into the agreement, declining the whole agreement or making a counter-offer. If the offer is accepted it usually takes around 6 weeks from the closing date that the deal becomes final. There are other variables to take into consideration if your buying a coop (board approval) or a condo (rights of first refusal).
0 votes Thank Flag Link Mon Aug 12, 2013
Keep in mind that an accepted offer really means nothing until an executed contract is in place, signed by all parties and deposit money exchanged. As to how soon you can move in--it depends, are you purchasing in cash, or utilizing a mortgage; is the property free of any liens; is it a co-op, etc.; since not much information was provided, ask your attorney for an estimated time frame....
0 votes Thank Flag Link Mon Aug 12, 2013
From 30 days to a year:
You didn't say what kind of sale, normal, Shortsale or REO,
You didn't say who the Seller was; a Bank or a Bank and a Shortseller.

But, by asking the question, it sounds like you are trying to work without a Realtor; Why would you do that?
0 votes Thank Flag Link Mon Aug 12, 2013
Dear Serenzuma,

Assuming you are purchasing a home in Manhattan, several things come into play. How long will it take for your mortgage to be approved and locked in at the preferred rate If you ar epaying cash, the process could go much quicker.. If purchasing in a coop, you will need to have a board interview once your board package has been submitted. This is dependent on when the board meets. If you are purchasing a condo, you must wait for the condo's first right of refusal. That said, it takes approximatley 2 months without any glitches before you can close. You can make arrangements with the building to move in right after your closing.

Good luck!


Ross Ellis I Licensed Real Estate Salesperson
Halsstead Property
EastSide Office
212.317.7828 direct
rellis@halstead.com
0 votes Thank Flag Link Mon Aug 12, 2013
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