How long do closings take in Henrico or mechanicsville? Relocating, lease up at the end of feb. And wondering when to start looking in earnest.?

Asked by J3s, Richmond, VA Sat Jul 14, 2012

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Jimmy Benson, Agent, Richmond, VA
Sat Jul 14, 2012
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Hi - as other agents have mentioned, it takes from 30-60 days to close on a loan after the contract is signed by both seller and buyer. It would be good now to talk with a lender and get the price range and monthly payment that you qualify for and are comfortable with so you can begin your search with homes only in your price range to save you from falling in love with a home that might just be out of reach financially. I would be happy to recommend several excellent local lenders and then help you with your home search by sending you links to homes that match your requirements so you can become familiar with the Henrico and Mechanicsville areas.

I would suggest that you start your home search physically - actually going out to the homes in late Oct. - Nov. so you could time the closing of your home for late Jan. or early Feb. to allow some overlap time for relocating. Your 1st mortgage payment is not due until 1 month after a full month after closing - ex. close in Jan. - 1st payment March. Please contact me if I may be of assistance with your home search - Jan Hoover - Advance Realty
janhoover2@gmail.com 703-946-7625
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Betty Hesalt…, Agent, Glen Allen, VA
Sat Jul 14, 2012
HI J3s,
If you are paying in cash you can close within three weeks.
If you have to borrow money count on 30-45 days. (But talk to a lender now to make sure you qualify)
If you are buying a short sale it could take anywhere from 2-6 months or more depending on the banks that are involved.
If you are buying a foreclosure it can usually close within the same lending time as above, 30-45 days.

Best advice I can give you is to talk to a lender now and figure out how much you can afford to spend. They will also help you figure out what needs to be done if your credit score needs to be raised. Then drive around different neighborhoods and decide on areas that you like while getting a feeling for pricing. I would start actively looking in late fall. Feel free to call if I can answer any other questions.
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Andy Newman, Agent, Richmond, VA
Sat Jul 14, 2012
J3s
There are several ways to answer your question. No exact answer can be given because there are variables not yet known which could dictate the amount of time needed to close after a purchase agreement has been negotiated, such as the type of mortgage (if any) you might be applying for, whether your credit and finances are in good enough order to complete a loan application; the seller's time frame needed to vacate; the timeliness of the required mortgage appraisal of the property, and of course the professional abilities of the mortgage loan officer and the underwriting team to process your file- and what type of inspections you plan to have and what type of repairs (if any) the seller will be required to complete prior to closing.
That said, you can close in as short as a week- or two months and anywhere in between. Planning and using able vendors in the transaction will make all the difference in the world.
I'm ready if you are!
0 votes
Greg Baron, Agent, Henrico, NC
Sat Jul 14, 2012
Closings on home purchase will take no less than 30 days. That is the least amount of time any lender can process a loan. I would start now by getting a Realtor to start sending email listings. This way you can get an idea of the market. Also contact a lender for pre-approval. You will need this before you can make an offer. When you are ready in the next few months, you should start to get out and see some homes. Let me know if you need any help.

Greg Baron
804-937-7873
gbaron@wrbaronsnipes.com
0 votes
Ann Mullikin, Agent, Glen Allen, VA
Sat Jul 14, 2012
It takes anywhere from 30 to 60 days to complete the purchase of the house after you have found it and put it under contract. I would say that you can start looking as early as October and looking in earnest in November and December. if you go online now and start looking at houses that are available you and your realtor will get a much better idea of where your tastes run and what your needs are for later. I often hear from people 3 to 6 months before they get serious about their home purchase. this gives you time to get prequalified so you know what you can afford. taking this preparation time will make the house search that much less stressful. I would be glad to help you customize a search for your next home.
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Tim Moore, Agent, Kitty Hawk, NC
Sat Jul 14, 2012
A closing takes about 45-60 minutes to close as people sign the papers. I am thinking you are asking how long does it take to get to closing once an offer is made. That varies, if you are offering on a short sale the answer is from a month to never as many never do close and many take 2-4 months. There is nothing quick about a short sale. The normal time delay factor is the lender and they can take 30-60 days. Your first step in buying is to speak with a lender to see if and how much loan you can get. Ask them how long they think it will take and add a week. You should be getting serious towards the middle to end of December.
0 votes
Tony Proto, Agent, Richmond, VA
Sat Jul 14, 2012
Assuming a mortgage will be required, you should allow for 30 - 45 days after a contract is written, for planning purposes. Ask your lender how much time they require to close the loan product you will be using. Most are requiring 45 days currently. Its always a good idea to have a back-up plan should a glitch come-up.
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