I put an offer in on a house today, which was accepted. Tuesday we should find out for deffinate about the mortgage (we've got it we are just waiting to know if we have 100% or 105%). I am currently renting so I have nothing to sell on so can move as and when, I just need to know roughly how long a sale take to get to completion as I need to know when to give my notice to my landlord.
2007-06-23 08:58:46 · 5 answers · asked by chelle0980 6 in Business & Finance ➔ Renting & Real Estate
It can take up to 3 or four months for completion on a house to go thru.
2007-06-23 09:02:13 · answer #1 · answered by Andromeda Newton™ 7 · 0⤊ 0⤋
If your lender is giving you a commitment letter early next week (meaning they've looked at your credit, bank statements, work history, etc. and determined that you can get a loan), then it should take less than 30 days to close the loan.
On your offer you indicated an approximate period for closing, didn't you? So if you put, on or before July 31), then by July 1 you should have enough of a picture from the lender as to whether or not the loan will go thru and can give your 30 days notice on your rental then.
2007-06-23 16:26:37 · answer #2 · answered by Venita Peyton 6 · 0⤊ 0⤋
We moved into our house 5 weeks after first viewing it, (made the offer a couple of days later). Our mortgage company was really quick, came out to do the valuation two days after paying for it. Our solicitor was really quick as well. Solicitors normally hold things up. Make sure you reply to every letter asap and send them the money when they ask. also chase them if needs be. you can set a completion date that suits you. once you've got a solicitor they can give you an idea of how long it will take, it also depends of the people moving out. Most people say buying a house takes 3 months
good luck. (this was in the UK)
2007-06-26 14:37:39 · answer #3 · answered by vikki_ricketts 2 · 0⤊ 0⤋
Approx 2 months. Landlords understand buying a house so can be a little flexible. When I bought after renting the deal was delayed a few days so I was 3 days late moving out. Most landlords are happy if you gave notice so they could start showing it but know you won't actually move out on the first of a month if your deal closes a few days late. Also it is another three days after you sign the final papers.
2007-06-23 16:04:26 · answer #4 · answered by shipwreck 7 · 1⤊ 0⤋
In Texas most contracts close about 30 days after they are written and accepted.
Sometimes it takes longer but sometimes shorter.
your contract should specify a closing date. If this is a new home and you are waiting on the builder to finish building then it may take longer.
2007-06-23 16:45:57 · answer #5 · answered by glenn 7 · 0⤊ 0⤋