Home Buying in Bossier City>Question Details

cattech9, Home Buyer in Bossier City, LA

Once you put in an offer to buy a home generally how long does it take before you can move in?

Asked by cattech9, Bossier City, LA Thu Jul 4, 2013

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The short answer is 0 to 45 days.

Let’s assume the offer is accepted by the owner, or there is a negotiation period that results in an agreement. That starts the process. If the owner and buyer agree, there is a document they can both sign (like a short term lease) where the buyer can immediately occupy the property.

If the buyer is paying cash, the property can close (where the buyer owns the property) in about 2 weeks. That gives time for a check to see if the owner really does own the property, or are there any problems with people thinking they have a right to the property, or some unpaid bills where someone has put a hold on the property. That check is done by a title company to make sure the title to the property is free and clear.

If the buyer is getting a loan, it can take more like 45 days, depending on the loan type. The shortest of the loans would be a conventional loan closer to 30 days. The worst would be an FHA 203k, it could go on for a really long time because of contractors, repair work, and a lot of moving parts. A standard FHA or VA would be in the 30-45 day range normally. There are rules and regulations that a lender must follow. Those rules are changing, all in the spirit of protecting the consumer. Buying a house is a lot of money. It is important that it is done correctly.

I have omitted a lot of important activities, for sake of brevity. Even new professionals have problems with all of the possible moving parts. The fun part is picking the house, the rest is a tedious grind.
Not only do I do the fun part, I take care of the grind. You get to enjoy a smooth, easy process.

Contact me for an interview. (Go to Zip711,com and click contact me). Or, you can read about it in my book, “Get the Best Deal When Selling Your Home – Northwest Louisiana Edition” at your local library, or bookstore. See pages 105 to 120.

Carolyn Grimsley, CRS, ABR
Certified Residential Specialist, Accredited Buyer’s Representative
Licensed by the State of Louisiana
Web Reference: http://www.zip711.com
2 votes Thank Flag Link Fri Jul 5, 2013
In my opinion every single answer posted is correct! Bottom line is these are questions your REALTOR will go over with you before you ever write an offer to help relieve some of the stress and anxiety any homebuyer/seller experiences during this exciting but highly stressful time. ~Sherry
0 votes Thank Flag Link Fri Jul 5, 2013
Hi Cattech9!

Since you are local it's really whatever is negotiated however most of the time is approx. 30-35 days if it is being financed by a lender and same applies even if cash but it can be less than a week if cash.. it's all according to the agreement between the buyer and seller.

Lets presume in your case this is a financed loan... After the offer is accepted the property status is changed to pending and can not be shown to other buyers (unless your offer is "contingent" on you closing on your current home/property in order to buy that one- if this applies the property is marked "contingent" and it can still be shown).

In either case buyers have a time limit to complete inspections to determine if the property is commensurate w/ expectations when the offer was made. Meaning minor repairs are asked to be fixed based on what seems reasonable for the home as the terms of the agreement.

Providing there are not serious new findings (example: structural issues, systems issues, etc...) the remaining time - generally about 3 weeks until all loose ends for seller repairs, buyers paper work w/ lender, and lenders approval process, appraisal, repairs inspections and or final walk through inspections.

Providing all goes well at this point you are basically just waiting for closing day! .. Buyers/Sellers can agree to move in or out early or only after closing appt. It's all according to your agreement... if buyer agreed that the seller has 2 more days then the buyers insurance is in play from closing forward. If buyer has agreement to move in 3 days early then sellers insurance is still in play.

There can always be variations so your agent will advise accordingly.

Best wishes!!!
Lola Jones
Coldwell Banker
318-572-9579
0 votes Thank Flag Link Fri Jul 5, 2013
The offer means nothing, it is the seller accepting the offer, you getting your mortgage and closing the sale. The contract will state when you can move in, In most states the day you close the home is yours and then you can move in,
0 votes Thank Flag Link Fri Jul 5, 2013
It depends on what your agent put in the contract. There are some instances where you could occupy the home prior to closing. In that case you would have a special addendum saying just that. I'd say most cases in Louisiana though you occupy the home when you own the home. So once closing takes place (per the contract) then you move in.

Best of luck!
Margaret Rodrigue
Web Reference: http://www.houseade.com
0 votes Thank Flag Link Fri Jul 5, 2013
An offer doesn't trigger anything, what you need is a contract, in other words your offer signed and accepted by a Seller. Once you have this it's typically a week process to closing which is when you get the keys to the home and the seller gets paid. If you are a cash buyer you can move more quickly , but I'm guessing that you're not buying with cash and that you're a first time buyer.

You really should be working with an experienced buyer broker. I've attached a link below on how to find a great one regardless of where it is you are buying.

Best of luck and happy house hunting.
0 votes Thank Flag Link Fri Jul 5, 2013
Cash buyer can close in as little as two weeks, Conventional loan typically 30 days, FHA or VA loan typically 45 days.

Tammy Hayes, Realtor
RE/MAX Palm Realty
tammyhayesre@gmail.com
http://www.tammyhayes.remax-florida.com/
0 votes Thank Flag Link Fri Jul 5, 2013
The short answer is 30-45 days. But there are a LOT of steps in between. And the more of those steps you have done before you start, the quicker you might be in a home. First, start with a good local lender and see if you qualify to purchase a home and what type of financing is right for you. Then you get a good Realtor with your needs in mind that helps you to find the right homes to look at and choose from. Together, you find the home you want to write an offer on. Then.......30-45 days later, there you go. Long long story short. But I would be glad to help you if you would like. Send me an email at jayne@forsalebyjayne.com and I will see what I can do. Thanks.
0 votes Thank Flag Link Thu Jul 4, 2013
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