How long does the buying process usually take?

Asked by Tracy, 60160 Sun Apr 6, 2008

I am pre approved to purchase. My house is on the market and I need to get a contract on it before I put a contract on a house that I would like to purchase. That is according to my realtor, due to the slow housing market. If I obtain a contract for my current property(only on market for 1 month), how long would the buying process usually take from the time that I put an offer on a house? I have been looking and there are a few that I am interested in.

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Sandy Shores, Agent, Melbourne, FL
Sun Apr 6, 2008

The buying process really depends on you, the seller, the lender and the closing attorney or title company. When you present an offer to purchase, your offer will include the date that you would like to close and take possession of the property. The seller must be agreeable, based on their current set of circumstances. Your lender must be able to complete the loan package, forward the docs to the closing attorney or title company (depending on your location) and they must be ready for that date. I have seen transactions close in as little as 7 days or as far out as 45 to 60 days. And of course, in your situation, it must coincide with the closing on the home you are selling.

Your REALTOR has given you good advice on waiting to get your home under contract, prior to buying a new home.

Good luck to you,
Sandy Shores
1 vote
Tracy, Home Buyer, 60160
Mon Apr 7, 2008
Thank you. I am already pre approved. I just have to find a house to close on. I have good credit and am putting close to 20% down.
0 votes
John Sommese, Agent, Orland Park, IL
Mon Apr 7, 2008
Providing you have good credit ( Scores above 680) and you are putting down at least 5-10% the process should only take about 30-50 days. A big factor in your case is to get your home sold and closed so you are able to move forward with the purchase and close of your new home.
0 votes
Leonardo Mon…, Agent, Palm Springs, CA
Sun Apr 6, 2008
Hi Tracy,

It depends. There is first the negotiation period that can last from 2 days to several days then once there is an acceptance the escrow period starts and that in general is a 30 day period but it also can vary. If during this period you found a house you are interested in then you can make an offer with a "contingency upon a sale" and that way be covered in case the house you are selling falls out of escrow.
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0 votes
Howard Koor, , Boston, MA
Sun Apr 6, 2008
In Massachussetts it usually takes from 3-6 weeks. I have seen it done in less than a week but that puts a lot of stress on the lawyers, bankers, etc. Good luck....
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