How long to close on a home?
 

Our home is on the market and we will be buying as soon as we have a deal and a closing date. My question is how long can we expect to have to wait to have a closing on our home in TV. I realize there are many variables that influence the time. We expect to finance the home with approximatly 60 to 80% down and have excellent credit. I ask because we're not sure where we will stay while waiting for the closing and after leaving our current home in S. Fla.

We purchased on Nov. 12 and settled on Dec. 15, 2009. It happened much quicker than we expected.

We closed in July..
 

When we purchased in June, TV wanted us to close in a month.
Using their bank, Citizens speed things along very well at competitive rates.

No issues!

We signed the contract on a new build on Dec. 18. Closing is scheduled for March 4. Construction actually began on Dec. 31. I asked how accurate was that closing date. Sales rep said they've missed one closing date in last 5 years.

If new construction, plan on 2 weeks if paying cash and 30 days if taking out a mortgage.

You are correct. Many variables. New construction, new spec home, MLS, by owner, mortgage company, title company and, last but not least, a lot depends on the closing date on your existing home. It may be best if you check with your broker. If it is the developer they will give you a firm date. Others should include date in the sales contract.

We are scheduled to complete purchase contract (already have land) on Jan 29th and construction is to be completed and closing in 8 weeks. When we signed initial contract for land in mid-August it was to be 90 days for construction, so based on that I'd say the building timeline is business constrained and may vary some. Hope that helps. Ray

Less than 30 days with Citizens. We bought a resale and took out a mortgage.

When I bought new construction in Feb. 2008 there was no discussion. They insisted on closing in 30 days with or without the sale of my existing home. Everything was done by mail and my agent did the builder walk-through for me.

I guess some things have changed, some things haven't.

When I bought land in late 2004, I had four-six weeks to begin construction. Once I had spent a week at the Street of Dreams, selecting every detail of the house, construction began within five days.

Closing was scheduled for 90 days after that. I asked whether there would be any slippage of the closing date, mostly so I could lock in my schedule better. "No," was the absolutely concrete reply! I didn't really believe them, but I did close on that 90th day.

I had a week to identify problems. The half-dozen minor, mostly cosmetic, issues were handled on the spot either by the builder's foreman or by others he summoned "at once" over his Nextel link! I was in awe that whole day.

SWR
:beer3: