What is the average time it takes to buy home in New Jersey, after offer is accepted?

Asked by Leah, Perth Amboy, NJ Fri Apr 15, 2011

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Mary Petti, Agent, Edison, NJ
Sat Apr 16, 2011
Leah,

In NJ usually the contract is written by YOUR agent, with your input, so you can really choose whatever time frame you would like. Typically the closing date is written into the contract for 60 to 90 days from the day you make the offer. It is always "on or before" a particular date. (Recently I had a sale that, per original contract, was supposed to close on April 28 and it closed last week...with both the seller and buyers agreement to the change)

For a short sale purchase it gets a bit tricky. I have put a 90 day close date, and waited another 1 to 2 months to close because it took the bank quite a while to approve the short sale.

In either case, if you work with a qualified Real Estate agent, he/she can guide you through the process and explain it in detail.

If you have not already made an offer or are not working with an agent, I would be happy to help you and explain it myself.
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allan erps,A…, Agent, Pearl River, NY
Sat Apr 16, 2011
Only wish New York was the same as the other states that have answered this question. Have one deal closing within 60 days but my Buyer is an Attorney and his office pushed very hard to do it. Generally here it is 60-100+ for FHA, VA, SONYMA loans
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Gina Chirico, Agent, Fairfield, NJ
Fri Apr 15, 2011
Hi Leah,

I'm not sure from your question if you already have made your offer and have had it accepted, if yes, then your contract that you prepared with your agent and signed will have an anticipated closing date. Sometimes during negotiations of your offer, the sellers may propose a different anticipated closing date but once the contract is signed by all parties - all parties should try to adhere to the agreed closing date.

If you have not yet made an offer, depending on your circumstances (and the sellers), it can be on average about 45-60 days to close. Some factors that can delay the closing date may be short sale, type of loan, contingency dates, etc.

Good luck with buying a home.

Gina Chirico, Sales Associate
Lattimer Realty
973-715-1158 cell
973-575-6353 ext 17 office
Gina@GinaChiricoRealEstate.com
0 votes
Michele Klug, Agent, Basking Ridge, NJ
Fri Apr 15, 2011
Hi Leah,
You should have a close date on your contract that has been accepted so that is the date the home should close on. If it is a short sale or foreclosure then the closing date will vary due to the banks timing. An average closing time for a contract to close is 60-90 days. You can contact me at michele.klug@yahoo.com if you have any other questions.
Michele Klug
0 votes
Fred Glick, Agent, Mountain View, CA
Fri Apr 15, 2011
No matter what state you are in you can get it done in 30 days with no problem. Everyone just has to do their job!
Web Reference:  http://fredglick.com
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Tim Robbins, Agent, Northfield, NJ
Fri Apr 15, 2011
Leah

It all depends on the agreement between buyer and seller.In a cash deal where there is no one living in the home I have closed in 7 days..... Today if there is a mortgage with conventional and 20% down it can be done in 30 days but with banks today there is always a snag somewhere again it all depends on the bank.. If FHA and all is clean it can be done in 45 days but expect 60 so your not disappointed.

It also depends on if the seller can move out in the time frame this all becomes part of the agreement between the two parties and then there are also if inspections and repairs have to be done. Like I say the big word is it depends on what is in your offer and acceptance of the agreement of sale.

Wish you well
Web Reference:  http://bestmortgageplans.com
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Phil Rotondo, Agent, Melbourne, FL
Fri Apr 15, 2011
As stipulated in the contract....but once accepted by all parties:
30 days or less if cash
30-45 days for FHA or VA Financing
30 days Conventional
Web Reference:  http://www.321property.com
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