Home Selling in 06419>Question Details

Bosspaige, Home Seller in 06419

How Long to Close in CT?

Asked by Bosspaige, 06419 Mon Nov 23, 2009

I have an offer on my house in CT that I am going to accept tomorrow. Can anyone tell me about how long until we could close on this. I have another house I would like to put a Hubbard offer on, but would like this end to go as quickly as possible. Thanks!

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Bosspaige - Since you do not have representation from a real estate agent, you need to speak with your real estate attorney. Your attorney should assist you with the contract and terms, including the closing date. How long it may take to close will also depend on their mortgage broker and the type of financing, if any, the buyers will be utilizing.
0 votes Thank Flag Link Tue Nov 24, 2009
Thank you all for your responses. Neither I or the buyers have an agent. I have a real estate contract and we were going to get together tonight so that we could both fill it out and then have our attorneys look it over. I would really like to have a closing date by the end of the year, but I am not sure if they can get their mortgage that quickly (I have heard that the process is much longer now with the new regulations). The house I would like to purchase is anxious to close, and I don't want that deal to fall through. The buyers for my home have not sold their house yet (but don't need to to purchase mine) and have agreed to let me rent this house in between closings. Is it completely unrealistic to put a closing date of the end of the year?
0 votes Thank Flag Link Tue Nov 24, 2009
Bosspaige - Look at the offer you received on your home - it should list an anticipated closing date.
If you cannot locate this on the offer, then ask your agent to assist you, assuming you have an agent representing you in the sale.

If a specific closing date is important than you, then you can counter that "time is of the essence." With this clause, if either party does not meet any dates in the contract, then the other party may cancel the contract.

Please speak with the agent representing you for more information. If you do not have an agent representing you, then speak to your real estate attorney.
0 votes Thank Flag Link Mon Nov 23, 2009
I am assuming you have a realtor and the closing date on your house is specified in the contract. If you want to put in an offer on another property have the closing be contingent on the closing for your current house. That way they can both happen on the same day and you should be all set. If your first closing is delayed then so will your second closing. Be sure that the seller of the house you are putting the offer in on is aware that your house is currently under contract. CT law with regard to closings is that the closing can take place any where between 3 days prior to the closing date in the contract and 30 days after the specified date.
0 votes Thank Flag Link Mon Nov 23, 2009
Best bet is to figure at least 45 days. Is there a closing date on the contract? There should be. When if the mortgage commitment date? Is the buyer pre[qualified or pre approved? Do you have a Realtor working for you?
If not, you want to see proof that the buyer can buy the house by seeing a pre approval letter. Once you have that, feel free to contact their lender and ask how long to close.

Hope this helps....Amanda
0 votes Thank Flag Link Mon Nov 23, 2009
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