Home Buying in Novi>Question Details

Allen, Both Buyer and Seller in Novi, MI

When buying a home, what are typical time frames for inpsection, attorney review, loan application?

Asked by Allen, Novi, MI Sun Jul 22, 2012

When buying a home, what are typical time frames for inpsection, attorney review, loan application (how many days from signing a purchase agreement)? Is there any advantage to doing them all at once or all one after another? one before the other?

0 votes Share Flag Home Buying in Novi

Help the community by answering this question:

Answers

9
Inspection is normally 7 days. To apply for a mortgage 5 days. To get a mortgage commitment 30 to 45 days
0 votes Thank Flag Link Mon Apr 1, 2013
In most contracts it is up to 7 days after all parties sign the contract, I have seen bank owns allowing 10 and I have seen some short sales that require you to have the inspection completed before the bank signs off on the contract.
Attorney review, have it done right away, the sooner the better. Especially before the inspection period ends.
When an agent writes up the contract there will be a time frame for getting everything complete. Just be sure to do them within that time. Also after the inspection you will have to sign an addendum stating whether you accept or deny it. If denied your EMD should be returned.

Good luck
0 votes Thank Flag Link Sat Oct 13, 2012
My goal is to get to closing within 30 days. A good offer should allow 3-7 days for inspections and loan applications. I like to have the home inspection completed first to make sure it is a go and then start title work to get the ball rolling.
0 votes Thank Flag Link Thu Oct 11, 2012
Inspection usually within 7 days after signing purchase agreement. Attorney review depends on how slow your attorney is; should only take a few days. Loan approval usually takes about 2 weeks.

You should get pre-approved first of all; that way you are not looking for more home than you can afford. Than call me for a list of homes with your specifications. I will email you a list of homes that yoy can see in detail on the internet; then drive by the ones you like and list the homes you want to see inside. The whole process usually takes from 30-45 days from after you receive an accepted offer. Please dont hesitate to contact me with any questions.
0 votes Thank Flag Link Mon Jul 23, 2012
I won't go out with buyers who aren't pre-approved for a mortgage (Not pre-qualifed which is and has always been a more or less worthless piece of paper) This also informs me of who the buyer will be working with for their mortgage.

From the time a contract is signed I immediately send the contract to their lender and tell them they need to go in and finalize their application. I also let my buyers know it's time to select a closing attorney and offer them a few to choose from. Once an attorney is selected I send them a copy of the contract and put them into direct contact with the buyers loan officer.

Home, pest and any other inspections that either the buyer or I feel necessary are typically scheduled within the first 10 days. I instruct my buyer to contact their insurance company and confirm that there have been no claims against the property their buying that will adversely affect their insurance rate and if there have been claims to find out what they were. (Insurance companies share a national data base) Once the lender has received the contract I push them to order the appraisal immediately.

The goal is for mortgage loan approval within 30 days and all inspection related issues on the table and being negotiated within 10- 15 days and resolved within 20-30

Ordinarily the lawyer won't do much until they know the buyer has received a loan commitment as they don't want to run up a bill unnecessarily. Closing is typically 5-6 weeks from the date of contract.

Closing on time doesn't just happen, it takes a concerted effort that should be organized by the buyers agent/broker.
0 votes Thank Flag Link Mon Jul 23, 2012
It is important to work with agent who is knowledgeable abour the market area you are looking in like myself.
If you would like to get started, reply with your contact information.
0 votes Thank Flag Link Mon Jul 23, 2012
Also, if you are selling a home, the time frame is affected.
It is recommended to have home sold first before entering into contract if there are no foreseen contingencies in the sale of your home.
0 votes Thank Flag Link Mon Jul 23, 2012
To add to my colleague, if you are buying a short sale home, timeframe could be 30 days to never. Typically, you will not enter into a contract until you have been pre-qualified to ensure you are not wasting each others time. You usually do the inspection first in case you need to re-negotiate / walk away before dumping more money into the deal. And basehess these questions, it appears you are not working with a real estate agent. The advantage of working with a real estate agent is they know all these answers and can guide the process along. Good Luck.
0 votes Thank Flag Link Sun Jul 22, 2012
If you are paying cash, it may take 7-15 business days, depending on the seller.

If you use fha, estimated time frame will 30-45 days.
If you go conventional, it may take upto 30 or sooner.
Inspections are allocated 5-10 business days
0 votes Thank Flag Link Sun Jul 22, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer