closing

ghenley · 10-09-2011, 09:13 PM

Would someone tell me the average time it takes to close on a home? My wife and I have an offer on our current home and the potential buyer wants to close Nov. 30th. This means that will be heading down to buy in a couple of weeks.

Pturner · 10-09-2011, 09:15 PM

Don't know, but you should be thrilled with a quick closing.

graciegirl · 10-09-2011, 09:17 PM

It takes a very short time to build a house. Less than three months. They can give you the closing date if you know what you want to build and on which lot. The closing date is etched in granite.

GTTPF · 10-09-2011, 09:46 PM

You can always rent for a couple of months if you are building. If you are buying a house on the market or a speck home (new) closing can happen very fast. Good luck you will find lots of options.

John_W · 10-09-2011, 10:15 PM

Normally after a contract is signed on a completed home that's for sale such as a patio villa, courtyard villa or spec cottage or designer home they require that you close within 30 days. I bought my CYV over the telephone and made two deposits, one with credit card and one with wire transfer. I was then told I had to close within 30 days.

In my case they changed the rules because that suited them. My 30th day was Thursday June 30th and I was here with cash in hand and had to pay out of pocket for five days at the Holiday Inn. They said due to the holiday weekend they couldn't fit all the closings in beforehand on Thursday and Friday. With Monday as a holiday my closing was pushed to Tuesday July 5th.

alemorkam · 10-09-2011, 10:42 PM

When buying a resale for cash, closing can be done in one week if both parties agree. I know that for a fact. Can message me if you want.

graciegirl · 10-10-2011, 03:07 AM

Quote:

Originally Posted by alemorkam

When buying a resale for cash, closing can be done in one week if both parties agree. I know that for a fact. Can message me if you want.

Closing on a resale can be fast...but financing can cause a delay or no closing at all. Sometimes people can't get a loan and I have read that on here as a reason for delay or failure to close.

I am told that loans are a huge hassle these days compared to six or seven years ago. That is probably a good thing.

Papa · 10-10-2011, 04:43 AM

Quote:

Originally Posted by ghenley

Would someone tell me the average time it takes to close on a home? My wife and I have an offer on our current home and the potential buyer wants to close Nov. 30th. This means that will be heading down to buy in a couple of weeks.

FYI - We purchased a New Home in Sanibel on Oct 4, and will be Closing on Oct 18, just 14 days. We are paying cash.

2BNTV · 10-10-2011, 10:11 AM

Quote:

Originally Posted by ghenley

Would someone tell me the average time it takes to close on a home? My wife and I have an offer on our current home and the potential buyer wants to close Nov. 30th. This means that will be heading down to buy in a couple of weeks.

If your talking about the home you are trying to sell, I believe the standard time is 45 to 60 days days.

Doodlegirl · 10-10-2011, 01:25 PM

will get their mortgage or have cash. An offer is great, but once the banks
get involved it's an entirely different story. I feel so sorry for so many people today who have had a credit issue of one kind or another that pops up.
I was lucky the people purchasing my South Florida home were more than
qualified AND, were willing to pay cash if necessary. Just plain lucky.

ghenley · 10-10-2011, 07:14 PM

Thank you all for your wonderful replys they were a great help! We want to pay cash for a new or pre-owned CYV; but of course we need the cash from the sale of our home (hopefully closes Nov. 30th). So once the check clears we would be ready to pay cash for CYV. I am trying to figure out how we could manage to say close on the CYV first week in Dec. We had planned on coming down by the end of this month to look at something to buy;' but if a cash deal closes as fast as I am hearing maybe we should come down first of Dec. find someplace to stay and purchase the home then.

downeaster · 10-10-2011, 09:30 PM

Quote:

Originally Posted by ghenley

Thank you all for your wonderful replys they were a great help! We want to pay cash for a new or pre-owned CYV; but of course we need the cash from the sale of our home (hopefully closes Nov. 30th). So once the check clears we would be ready to pay cash for CYV. I am trying to figure out how we could manage to say close on the CYV first week in Dec. We had planned on coming down by the end of this month to look at something to buy;' but if a cash deal closes as fast as I am hearing maybe we should come down first of Dec. find someplace to stay and purchase the home then.

I would advise talking to to some real estate professionals here in The Villages. I can't advise which ones but there are a lot of good ones. I would tell him/her exactly what you have written above.

John_W · 10-10-2011, 09:53 PM

Quote:

Originally Posted by ghenley

...We want to pay cash for a new or pre-owned CYV; but of course we need the cash from the sale of our home (hopefully closes Nov. 30th). So once the check clears we would be ready to pay cash for CYV. I am trying to figure out how we could manage to say close on the CYV first week in Dec. We had planned on coming down by the end of this month to look at something to buy;' but if a cash deal closes as fast as I am hearing maybe we should come down first of Dec. find someplace to stay and purchase the home then.

That's exactly what we did. We came in April for seven days and looked at models, no particular home. When we listed our home the first week of May we sold it in one day. Closing was set for May 29th. Then I went on this site http://www.thevillages.com/homes/search/ and looked for the exact home I wanted to buy. We had planned to come down for four days but we found the home we wanted and put a deposit down. Had our buyer backed out of the deal, I could of lost my $15,000 deposit. I guess we have to take chances, then again I could of sued the buyer and would of gotten into a long drawn out situation.

That didn't happen. The only negative was we were actually here and ready to buy but TV put us off for five days and we had to stay in a motel. When you start scanning the homes for sale site, they can sell at anytime. That's why it's good to come down and do your homework and then be ready or at least put a $2500 deposit down with a credit card. I know of two instances that other customers have done that and then changed their mind and bought a different home, they allowed it. I think they will work with you to make you happy.

LvmyPug2 · 10-11-2011, 07:01 AM

If you need the cash from the sale of your current home to pay for the new house it might be a challenge to close on the new house a week later. The people selling you the cyv would have to to accept a contingency regarding the sale of your home. My hunch is you will be able to find folks willing to do this but they will most likely place a "bump out" clause on the deal. If they do that, they continue to market their place and if they get another offer you would have 2-5 days to remove all contingencies. You may want to simply wait until you have the check in the bank before trying to buy. There are plenty of houses to buy in TV

ghenley · 10-11-2011, 02:31 PM

You are so right. Our potential buyer has already been pre-approved for the loan. We have had the inspection, so everything is looking good of course he could loose his job or die on me. Keeping

posting: fingers crossed

closing

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