First, you need time to negotiate the contract and for both parties to come to an agreement on the terms. Typically less than a week. Then you need time for attorney review, which is also typically less than a week. Then, you have home inspections which have to be done within 10 days out of attorney review and then there could be negotiations on any issues that arise there. Possibly taking another 14 days total.
Once these issues are resolved, typically an appraisal is ordered and that takes another week from the order date to the report being received and reviewed by the bank. Hopefully, there are no appraisal issues, but they are pretty common these days. (where an appraisal comes in for less and then you have to deal with it!)
Most of the time when there is a delay in closing, it has to do with the bank more than anything else. Have your agent get involved and speak with your mortgage rep to see what can be done (if anything) to expedite the process for you.
Best of Luck,
Unwavering Commitment to Service, Unsurpassed Results
Normally you are looking at 45-60 day closing period as long as everything goes well with respect to Home Inspection, Title work, how quick you submit your paperwork for mortgage etc,. Just beware that the Lenders are swamped with lots of Re-financing and it is taking a little longer than what it use to be few years back.
For any questions, Please feel free to contact me at my Cell# 732-277-9321.
expidite the closing. I wish it did it depends on the Company
that gets the job done. My suggestions so you and your lovely
to be wife can relax alittle and release the burden of the
uncertainty, Call First Prestige Mortgage Services,Inc
They get the job done. This is not a sales suggestion
but the truth. Call 88-FHA-ROAD or 973-744-8300
Congrad on your wedding..
I don't quite get what you mean. In your purchase contract there is always a date for the closing to occur. Typically it's 60-90 days from time of sigining contract.
What I am unclear about is if putting your home on the market has anything to do with the closing. Do you need to sell that house for the 20% down payment?
What does "a lender who is young" have to do with how you get a final mortgage commitment? Banks have their own protocols and procedures which all representatives have to follow. Perhaps if you were more specific about WHAT the actual reasons for the delay is, you can get a more specific answer to your question.
Delays happen often, but tehre are so many reason WHY they can occur, we really need more info from you :)