Home Selling in 18974>Question Details

Tarrah Botto…, Home Seller in Ivyland, PA

How long does it take to go from accepting an offer to settlement?

Asked by Tarrah Bottone, Ivyland, PA Mon Nov 18, 2013

I am looking to sell my house first before buying another and wondering how long I have to find another.

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14
Hi Tarrah,

I see you've already received several good answers to your question. My advice to you, if you are looking to sell you home, would be to interview several Real Estate Agents to get an idea of who you would feel most comfortable working with. There are a lot of factors that go into selling your home, and then to find another home on top of that can be a very trying time. You need to find someone who you feel can give you the right guidance and make the transition as smooth as possible for you.

I'd be happy to discuss this further with you. Feel free to contact me at your convenience.

Regards,

Jack Torres
Coldwell Banker Hearthside, Realtors
212 N Main St.
Doylestown, PA 18901
Cell: 215-740-0607
Email: j.torres@cbhearthside.com
1 vote Thank Flag Link Mon Nov 18, 2013
Hello Tarrah,

How long you have to find another house really depends on what you agree with the seller. You may want a settlement to take place 90 days from signing the agreement and the buyer may want a 30 day settlement. Maybe you can agree on a compromise of 60 days or you can insist that you will need 3 months to find a home. If you find a good realtor they can manage your expectation and gauge how tough it will be for you to find the right home when you sell yours. Remember that you are signing the agreement of sale so you don't have to sign anything that makes you feel uncomfortable. Having said that, the more flexible that you are the more likely you are to attract the right buyer.

If you will be needing financing for your new purchase and would like to deal with a good local mortgage broker, drop me a line.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
1 vote Thank Flag Link Mon Nov 18, 2013
If your home is listed and gets an offer accepted, here is (typically) what to expect as far as closing times:

FHA: 30-45 days.
USDA: 60-90 days.
VA: 30-45 days.
Conventional: 30-45 days.

If it's a short sale: 30-WHO KNOWS!!

These results are typical, no guaranteed. Good luck to you!
1 vote Thank Flag Link Mon Nov 18, 2013
Thanks, its listed For Sale by Owner right now. (Trying to get it on this site, but its on another right now).
Flag Mon Nov 18, 2013
Hi Tarrah,
Is your house listed? If not, you should have an evaluation with information showing you the days on market, discount rate and a general idea of the time frame to sell your home. I have had homes sell in days and even hours and other sit for a longer period of time for a variety of reasons. So, I would recommend having a detailed analysis of the market and your home so could can make a better informed decision.ar as buying another home,

As far as buying another home, it is the same analysis. Which markets are you looking in and how quickly do they sell in the price point or area where you are looking. You should know the list to price ratio and the average days on market. It is not an exact science but what you need is an experienced Realtor to work up a scenario to sell your home and buy another in the timeframe that you are hoping to move. Please contact me if you need any assistance.

Frank Dolski MBA, ABR, e-PRO
Associate Broker
Certified Relocation Specialist
Previews Luxury Home Specialist
Coldwell Banker Hearthside Realtors
Ranked #1 In The State of PA in 2012 For Affiliated Coldwell Banker International Realtors
2012 Coldwell Banker International President’s Elite Award
2010-2011 Coldwell Banker International President’s Circle Award
215-803-3237 (mobile)
215-794-1070 x-103
f.dolski@cbhearthside.com
http://www.FrankDolski.Com
1 vote Thank Flag Link Mon Nov 18, 2013
Hi Tarrah!
It really varies, but I would say the AVERAGE is about 45 days. As a seller though, you have options. You could say that settlement of your home is contingent upon you finding suitable housing. Or you could line up temporary housing. You could also request an extended settlement on your 1st home, such as 60 or 90 days if needed. Give me a call if you aren't working with another agent already and I would be happy to help you out with your listing and figure out the best gameplan for you.
1 vote Thank Flag Link Mon Nov 18, 2013
That depends on so many factors, as an inspection can hold up things if there are issues that need fixing and can be time consuming,- do a pre-sale inspection so you can fix any issues- If the buyer has all their paper work in order and if they stay on track, if any other issues or disputes come up, they all take time... The norm can be up to 60ish days, but you never know till its done...

Start looking while home is on the market, as you can place an contingency on the new home. Make sure your home is priced right, get an licensed appraiser to appraise the home so you are in the right price for your home to sell quickly, and too then the bank won't come back for a 2nd appraisal if it don't appraise out to what they think its worth.
0 votes Thank Flag Link Tue May 13, 2014
That is like asking if you should kiss on the first date?

Your though process is correct. When doing re-location you should definitely get your house under contact before buying your new home (in most cases). If we got your house under contract I would push for a 75-90 day close so it gives me a reasonable time to find you a new home without the stress of being without a home for a period of time. Give me a call if you have additional questions. I would love to help.

Mike Bottaro
Realtor
HomeStarr Realty
The Bottaro Team
"Before You Schedule to Show, Call Bo"

Office: 215-355-5565
Cell: 267-307-2444
Fax: 267-282-5666
Email: mbottaro@homestarrinc.com

PA Licensed Realtor # RS306824
Multi-Million Dollar Producer, 2012, 2013
http://www.mikebottaro.com
"Like" HomeStarr Realty on Facebook
Follow me on Twitter @HomeStarrBo
0 votes Thank Flag Link Tue May 13, 2014
The same answer to any good question. "It depends". With a mortgage typically at least 30 days. However if you are selling your home first I would give yourself at least a 60 or 75 window to make settlement on the new house so it gives you plenty of time to find the right house for you, and not rush just to find something. Best of luck!


Mike Bottaro
Realtor
HomeStarr Realty
The Bottaro Team
"Before You Schedule to Show, Call Bo"

Office: 215-355-5565
Cell: 267-307-2444
Fax: 267-282-5666
Email: mbottaro@homestarrinc.com

PA Licensed Realtor # RS306824
Multi-Million Dollar Producer, 2012, 2013
http://www.mikebottaro.com
"Like" HomeStarr Realty on Facebook
Follow me on Twitter @HomeStarrBo
0 votes Thank Flag Link Sat Apr 12, 2014
Hi Tarrah,
If you haven't found a home when you are ready to accept an offer on your home, you can put a contingency in the Agreement that settlement will be within 45-60 days of you securing an Agreement on a new home. This can be a little risky if your buyer has other properties they may be interested in and doesn't want to wait.
If your home is priced right and shows well, you can have more confidence that buyers will recognize the value and be willing to work with you about a settlement date.
Making sure you are working with a reputable agent who will help you decide the best market price out of the gate can go a long way in making sure the negotiations go smoothly with the rest of the transaction.
I would be happy to help you in making this important decision so that you can have the best experience in making your next move. Please visit our team web site to get more information about our professional approach
Web Reference: http://www.nextkeymove.com
0 votes Thank Flag Link Tue Nov 19, 2013
Hi Tarrah,

The short answer....it depends. I see you are selling your home yourself. So your condition and asking price will have a great impact on how quickly you will receive an acceptable offer. Once this happens you will have the challenging job of trying to orchestrate just when to pull the trigger on the new home....you have inspections, appraisal concerns and your buyer's mortgage process to get through. This can normally go from offer to settlement in around 45 days.

If you are visiting open houses while waiting for a buyer, this can help fine tune your new home area, size and features.

Hopefully your buyer will be agreeable to extending out if you need more time to find your new home. Assume your new home will be contingent on the settlement of your current home. This is a fine juggling act that works best with an experienced realtor.

If at some point you consider listing....I would be happy to view, value and discuss a custom marketing plan to net you a good price! Our recommendations are available on Trulia.

Warmest REgards
Donna and Joe Cragin
Berkshire Hathaway HomeServices, Fox and Roach Realtors
215-920-9714
0 votes Thank Flag Link Tue Nov 19, 2013
Normally 45-60 days, but it's not uncommon for the seller to ask for 90 days to find suitable replacement housing. You should 1st get an idea of what is out there to buy and if there are homes in your range before you list. Don't offer on them, just look around. You don't want to accept an offer only to find out that you dont' like anything that's for sale. Good luck!
0 votes Thank Flag Link Mon Nov 18, 2013
That just depends on a myriad of things e.g, price (is your price competitive to others properties for sale similar to yours in your neighborhood). how badly do you want to sell which goes back to price, how much equity do you have to play with before it doesn't make sense to sell, does your house need repairs, e. g. a new roof?. Mortgage underwriters don't like to give commitments if there are many repairs or deferred maintenance. They need to sell the mortgages on the secondary market and in order to do that they need to have all the boxes checked off to meet all new fed requirements. Are you ready to sell for less for all cash or would you accept an FHA 203K repair mortgage.

Consult with an experienced Realtor in those areas. These days unless you have money most people should sell their present home first before buying a new one. The times where we had contracts "contingent on selling present home first" are out. You are correct when you are intending to sell your present home first. Wishing you great success - Margaret
0 votes Thank Flag Link Mon Nov 18, 2013
I agree with Jack in terms of you selecting/interviewing a few Realtors to help you to devise a plan. Feel free to contact me even if you just want to talk about the process. Not really sure how anyone can guess this process without facts. If all of the stars align, you could be in a new home in 30 days or less. It depends on your criteria and situation.

Frank Dolski MBA, ABR, e-PRO
Associate Broker
Certified Relocation Specialist
Previews Luxury Home Specialist
Coldwell Banker Hearthside Realtors
Ranked #1 In The State of PA in 2012 For Affiliated Coldwell Banker International Realtors
2012 Coldwell Banker International President’s Elite Award
2010-2011 Coldwell Banker International President’s Circle Award
215-803-3237 (mobile)
215-794-1070 x-103
f.dolski@cbhearthside.com
http://www.FrankDolski.Com
0 votes Thank Flag Link Mon Nov 18, 2013
This is an interesting question that has many variables. Without going into full analysis-mode, if you approach the market with realistic expectations to sell for CURRENT market value (no dreaming!!) and are willing to pay CURRENT market value for your new home (no stealing!!), you could possibly be in your new home within 6 months if you are doing your transactions in the spring/summer market. The fall/winter market moves more slowly with the holidays mixed in.

General timeline per transaction: 1-2 months to get pre-approved and successfully negotiate a contract, another 1-2 months for inspections, title and mortgage processing.
SUMMARY: 4 - 8 months from start to finish (2-4 months to "sell", and 2-4 months to "buy").

To me, the real "unknown" factor in all of this is the motivation of all parties. Some people have an urgent need to move quickly. Others need a far-out future settlement date. Be prepared for surprises, but it's my job to smooth the wrinkles out of a transaction and keep you moving toward your goal: A NEW HOME ! I'd be happy to help you!

My motto: Integrity and Energy... at your Service! Check out my clients' reviews in Trulia!

Peggy
215-869-7871
0 votes Thank Flag Link Mon Nov 18, 2013
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