A late afternoon closing on a Friday might put funding on Monday, or it could happen 15 minutes after both sides sign the closing documents. It is best to agree with the buyer on possession, for example, within 48 hours after funding. Your Realtor can negotiate and include this in the contract. It's negotiable.
A word of warning: rarely, but it has happened, the mortgage company finds a reason to refuse to fund, until some matter is clarified. You close and 2-3 days later you're still waiting on funding. So, don't be lulled into thinking that you can hand over the keys when they sign -- there are still risks the funding may be delayed or even not happen.
I miss our old house in Azle, so I wish you luck.
If you have received a contract It all depends on what was written in the contract as far as a closing date. if you are working with an agent speak to them about it they will advise you on what to do. The buyer usually puts a date for occupancy into the contract, and if you need additional time this can be negotiated before acceptance. Let me know how it works out.
And good luck!
If you close late on a Friday, yes funding could be delayed, along with other days for other reasons.. I'm sure your Realtor and Title Company can explain how to make sure funding takes place ASAP after closing.
RE: being worried about being packed up and closing delayed.. Talk to your Realtor! The contract can be structured to allow you ample time to pack up and move after closing. There's certainly no reason to have the moving truck loaded before knowing for sure that you're going to close.
Also, one realtor mentioned that one of the boxes to check was that of handing over the house at closing/funding, as if it were at the same time. A realtor I was considering hiring said that the funding might not go in until 3 days later.
(I'm assuming it's okay that I bring up my situation here because it's related to the discussion, would help me, might help others, and also because I don't think that I would be imposing on Susan since her question was 4 years ago).
It's really going to be tricky for me because I will be selling my home with only maybe my tax refund to pay movers, to load up my belongings and move me to a different city and then new movers to unpack me. I also have to pay the upfront money necessary for an apartment (first and last months rent, deposit, an account for them to draw rent from since I don't meet the qualification of 3x the rent).
I really need to get the funding on the day of the closing. I also worry that if I move out the day before (have movers load of the truck the day before for moving to the other city the next day after closing), something might happen with the buyers that prevents it from going forward. I would then have a truck load full of my possessions just sitting out there in the truck that would need to be returned the day of the closing.
Thanks in advance. I found y'all's info below very helpful and thorough.
Is this true for first time home, "For compliance purpose and in this state, and all others, if you apply for a first mortgage claiming it's your primary residence it's a violation of HMDA to lease it back, no matter the term of the lease. Taking possession does not mean I have to move in the second I sign, but it does mean I take ownership so if I have a lease agreement; it's no longer a primary residence. It's an investment property until I take residence in it. It's a common lender error that is often a problem for compliance to clean up after the deal is done. This type of deal can cause HMDA compliance errors that end up causing bigger issues for the bank during exam."
. If you have legal concerns CONTACT A REAL ESTATE ATTORNEY. We can NOT give you legal advice.Hope this helps and clarifies