Home Buying in 10940>Question Details

Sgrant, Home Buyer in Crowder, OK

if I have a contract, how long do I have to close.

Asked by Sgrant, Crowder, OK Thu Aug 19, 2010

Can I put off closing for 3 months if I need to?

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The length of time for a real estate transaction depends primarily where you live..If your state requires contracts to be drawn up by the attornies, the entire transaction from the time of contract can be 30-60 days..If attornies aren't used, the entire transaction can take two to three weeks. (attornies please don't get mad at me)..this is just the way it is..Contracts are usually mailed because they need original signatures..Just the time in the mail system is two weeks..then they review them with their clients and make changes..the whole process is about a month.
There are two other major variables..the length of time the title search takes and the length of time the loan takes..Also, with titile in most areas is a letter from the town called the municipal search..It is basically a letter form the town saying there are no outstanding certificated of occupancy or propert violations..if there are, this will extend the transaction time..
I practice in New York..here the qucikest transactions take 60 days and the average transaction takes 90 days..Also keep in mind a cash transaction is the shortest duration followed by a conventional loan, the FHA and finally veteran's adminiatration Loans
Web Reference: http://www.asasplaces.com
0 votes Thank Flag Link Thu Aug 19, 2010
The problem with trying to put off the closing is the buyer's financing has a "rate lock" period..You would need to know when that expires...because ..once it does, the buyers either no longer have financing to buy your house, or..they will have to spend a fee (if their financing has this provision) to extend it..They certainly can ask you to pay that fee..But keep in mind, that if thay are selling a house, they are continuing to pay a mortgatge or if they are tenants they are paying rent...If the reason you need three months is that you can't move in time, or your new place isn't available yet, you can (with the approval of the attornies) do a "rent back" where you close the house on time and rent it from the new owners.. Hope this helps...
Web Reference: http://www.asasplaces.com
0 votes Thank Flag Link Fri Aug 20, 2010
Much depends on your contract. Usually, there's an "on or about" date that should allow for at least 30 day flexibility on closing. If you have an issue that requires the closing take place later, speak with your attorney or agent about your needs up front and see if something can be worked out for everyone involved.

Good luck!

Ralph Windschuh
Certified Buyer Representative
Senior Real Estate Specialist
Associate Broker
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
In The Top 2% of Century 21 Agents Nationwide!
0 votes Thank Flag Link Thu Aug 19, 2010
What is your agent suggesting--Much will depend on your contract and specified dates-review the contract and make a determination and or ask your attorney the question. If you need to postpone your closing for a later date other than already specified, see if you can reach an agreement with the sellers--your attorney can best advise as it relates to your specific situation.
0 votes Thank Flag Link Thu Aug 19, 2010
It's whatever you and the seller agree to. And, yes, if you want to put in your contract that closing will not occur before November 19 (3 months from today), then that's fine.

Understand that the seller might not agree to it. But if you and the seller can reach agreement, then you're set. Your Realtor can give you more specific advice.

Hope that helps.
0 votes Thank Flag Link Thu Aug 19, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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