I have been looking at houses for a while now...but I was wondering what the timeframe/timeline looks like once you put in an offer? (Ex how long til they respond, closing, inspections, how long until you move in?) Also, I've heard that skip 1-2 monthly mortgage payments, can someone explain this? Thanks ya'll!
Brooklyn
2006-09-28 05:38:39 · 6 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
wat type
2006-09-28 05:39:17 · answer #1 · answered by gawjus gal 2006 1 · 0⤊ 0⤋
It can vary. If you are already approved for a mortgage (not PRE-approved, but full-fledge approved... financial rectal exam and everything!), then it can be as little as two weeks form offer to closing. I woudl say a normal closing is about a month, but can be done in as little as 7 days, or as long as 2 months.
In some states, it si very common to put a time limit on an offer. You can submit this offer today, but make it expire within 48 hours or whatever, depending upon wwkends and holidays. You dont' want to leave an offer dangling out there forever! If they won't take your offer, or want to counter-offer, you need to know in a timely manner so you can continue negotiating or move on to the next property.
Some states do not typically put an expirtation, but say only "time is of the essence." Whatever that means. I'd suggest putting an expiration date and time. ie: Your offer to purchase expires 10/2/2006 at 12:30 PM. or something like that.
As far s mortagage payments... when you make a payment, you are paying 2 parts: interest and principal, or a portion of the amt. you borrowed. You pay interest for "last month's use" of the money. The principal is for this month's use. For this reason, in whatever month you close, you do not have a payment the next month. So fi you close Nov. 15, you will not have a Dec. payment, but will have one due in Jan. Because you are paying interest for the month of Dec, of using that money, but paying your principal for Jan. They have to let you borrow it a month to charge you interest on it. HTH
Now to closing costs. If you close on the 15th of the month, you will owe interst on the money you borrow from that closing date until the end of that month. So you owe interest up front on tehday of closing from the 16th - 30th. If you close on the 25th, you only owe interest for the 26th - 30th. So you can see, closing towards the end of a month saves you a lot of cash at closing. Of course, title companies are busiest the last week of the month, so get it scheduled early (your real estate agent should handle that).
Well, it's long, but hope I've helped you! Good luck!
2006-09-28 05:48:30 · answer #2 · answered by Sugar Pie 7 · 1⤊ 0⤋
Once you make an offer usually the Realtor puts a time for accepting into the contract, usually 24 - 48 hours. If your getting a loan and are pre-approved it does cut down on the amount of time, compared to your not being pre-approved. Here in Illinois generally closing takes place between 30 - 60 days. In that time the inspections are done. HOWEVER, each sale is different and time frame for closing can vary. Usually, unless your contract says differently you take possession of the property at closing. I would expect a minimum of 30 - 60 days fro acceptance of contract to closing.
2006-09-28 05:44:58 · answer #3 · answered by Kathleen M 4 · 0⤊ 0⤋
Yeah the time frame it takes for you to close escrow is approximatly 45 days, you only skip 1 monthly payment because your first payment isn't due until 45 days of escrow closing.
2006-09-28 05:41:21 · answer #4 · answered by BATISTA 4 · 0⤊ 0⤋
This article shows you the process from a buying point of view. It really all depends on the length of the chain and the efficiency of the solicitors.
2006-09-29 06:29:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
if you talking about when after your mortgage has been approved then usually 1-3 months.
2006-09-28 05:40:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋