Moving into Home after Purchase?

Question

What is the average waiting time for one to move into a home after it being purchased?

And, what is being processed during that time? During this time, would I be able to save extra money for costs associated with Closing, etc.

Thanks.

PS: I do have a Realtor. However, I wanted to get others' advice, in order to compare "truths."

PSS: When I say "after purchase," I do mean after the offer has been accepted.

In addition, given that I plan to have Closing Costs covered either via a Seller's Concession or through the loan itself, I am referring to additional costs: ie: taxes, fees, etc. Or, will such additional costs be paid upon the Closing process.

Answer 1

If you are referring to after you write an offer, I would say 30-45 days. Sometimes longer if the seller needs more time, or perhaps if the buyer needs more time. The longest I have seen is 120 days. Your question says after you purchase the home, if you mean after you close, you should get possession immediately.

Answer 2

You mean after you write an offer that gets accepted? A typical timeframe is 30 days but it can be anything you want. 30 days gives you enough time to apply for (and get approved for) a loan, make your moving plans, do all your inspections, give your landlord notice, etc.

Most buyers want to take possession of the home as soon as they close but again, it can be whatever you and the seller decide.

And no, when your offer is accepted you have to have the money available for closing costs right then (at least this is the case in CA.) It's even in our contract that you'll show the seller you have the money available within a few days of acceptance. What's going on during the escrow period is a) the bank is making sure they feel good giving you a loan that you can repay, b) you do a roof inspection/termite inspection/whole home inspection, or whatever you feel is necessary, c) the bank appraises the property and makes sure it's worth what you're paying, and d) the title company is making sure the seller is legally allowed to sell the property and that no one else has a lien on the house. Plus the seller is disclosing everything they know about the house to you so that you can make sure you still want to buy it. There's a HUGE amount of paperwork involved so you should allow yourself enough time so that you don't go insane.

If you don't have to get a loan because you're paying cash you can close in 10 days. And if the seller needs to find a new home you could make it 60 days. But the average timeframe is about a month.

Answer 3

When you get to move into your new home varies, and can be negotiated with the seller. If you move into your new home before you close on it, i.e. sign all the paperwork and pay your part of closing costs, the seller may require you to pay rent for that time. It also depends on whether or not the seller is still living in the home. In our experience, we bought new construction, so we didn't have to wait to move in. We had added the property to our insurance and had a binder faxed to us so when we went to the closing and were able to prove that the property was insured, we got keys right then. Usually it is 30 days. Check with your realtor to see if there is a "first time home buyers" seminar in your area. A lot of lenders will give you a discount on your mortgage, or will apply a credit toward your closing costs if you have completed the course. Plus, those seminars are super informative and are usually only eight hours long. The waiting time is usually so the previous owners can move out. And by then, you would have already paid your closing costs.

Answer 4

Unless there are special circumstances, the house should be delivered vacant at closing. You get the keys at the table in a wet funding state, and one to three days later in a dry funding state.

Processed as in what? During what time? Processing as in your loan application after you make an offer?

You should get a clear idea of your costs BEFORE you make an offer or sign a contract. Costs vary greatly from place to place and from lender to lender.

You will need to give more information in order to get a better answer.

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Making an offer isn't a purchase. It's just making an offer.

Purchase is at the closing, when you actually close on the title and on your mortgage(s).

It's up to your lender and the appraisal if you will be allowed to include closing costs in your loan. Same with a seller's concession. Some lenders will not allow that. But ... you can have the seller agree to pay up to X dollars in your closing costs and those items will be in the sellers column on the HUD, not yours.

What your loan and closings costs will be vary by lender and by location. You know where you are. We don't. Your lender will disclose their fees and costs to you.

Answer 5

Purchase occurs when the deed is signed at closing. You can mopve in within the hour. You own it. This is for the USA i can't comment on other countries.