A ? for people that have bought or sold a house

[CalicoFarm]

I am selling my house and will be buying a new one soon. About how long does it take for someones credit to be approved and for all the inspections to be done? I have absolutely no experience with the buying/selling process. I accepted the last counter offer I got on my house Friday after going back and forth all week. Any information will be helpful. Thanks.

 

[onthespot]

It depends on how long your escrow is. They have to get done before escrow runs out. If they are not done by then, you can give them an extension. The sooner they get on it, the sooner it is done. People with more $ seem to get done quicker than us broke folks. I am selling a house right now, sitting on pins and needles to get done. I was hoping it would get done last week. They have until the end of this week. Hopefully it goes. I'm ready to spend some serious dough here!

 

[Southernbelle]

Credit check/pre-approval for loans just took a few minutes for us. Filling out all the loan paperwork took about a week and final approval takes a little longer.

The home inspection took a few hours. We made an appt with an inspector, met him at the property and walked it with him as he looked over every detail. He talked as he walked and we listened. It took about a week for him to make a final report.

 

[Tigerjane]

It's completely dependent on your state and it's rules/regulations, and the type of loan the buyers are using. Are you using an agent? They should be able to answer your question. Your mortgage broker should be able to as well. An inspection on your house won't be done by the buying party until after they've gone under contract to purchase your home. They will state on the contract how long they will take to close (usually 30-45 days from the day they sign it).

 

[rancher hicks]

If you are not working with an agent you should be.
The bank can take as long as they want in approving you for a mortgage. While you can get preapproval it may not be written in stone and they may give you an limit as to how much you are approved for.

Your agent should be able to tell you whether the buyer has been approved for a mortgage but they have no control over the bank.

In a nut shell talk to your agent and lawyer. You must have a lawyer even if your state does not require you to.

Have the house your looking at inspected.

 

[CalicoFarm]

I am using an agent. The buyers, from what I was told, still have to be approved. My agent has been out of town for the weekend so I guess she will let the buyer know I accepted their offer first thing Monday. Luckily, if all goes well, when I do buy I won't have to be approved for anything. The buying experience should be much easier.

 

[CedarRidgeChicks]

We just closed this past Tuesday on selling our home/land. The buyers started working on getting their loan the first of February, had been pre-approved the past November. They used Farm Credit..most of the delay was on Farm Credits end. Really petty stuff such as needing current employment varification..the first one being more than 30 days old..affadavits as to where the down payment came from..(gift from parents)..but all being said it went through!!

 

[HarlansHollowFarms]

Quote:
I guess it all depends on the bank, when we bought our home, we closed in less then 30 days!

Question....why do they care where we go the $$$$ for the down, do they not think people have savings anymore? or are they thinking we robbed on of their banks!

 

[skeeter03]

After our offer was accepted on this place we couldve had everything done in a matter of days - we had one mortgage agent who dragged her feet and didnt keep in contact with us and tell us what is what ,and what we needed to do - so we switched went to a different guy and had our mortgage approved in about 2 hours. then it was just a matter of getting all of our financing in a row - like the downpayment and such.

and the reason why the banks like to know where you got your downpayment from is they wouldnt want you to take out a loan for a downpayment on a house (at least here) cause then you have to much in payments. But in Canada the rules are a bit different

 

[Hillsvale]

Quote:
I guess it all depends on the bank, when we bought our home, we closed in less then 30 days!

Question....why do they care where we go the $$$$ for the down, do they not think people have savings anymore? or are they thinking we robbed on of their banks!

they care where the down payment came from because if you have to borrow money for the down payment that need to be worked into your total debt ratio, banks are squeemish about lending to someone who does not have a vested interest on the property ie: a borrowed down payment means that the owner has some financial interest in making sure the mortgage gets paid, if you have borrowed everything and start to go under there isn't as much invested in the property.

BTW I have moved into and closed on a property in 10 days.... now I had to leave my prior home very late on a Saturday night and was essentially homeless with my boys so I am sure that helped but all my home purchases (4 flips as well as 2 residences) were complete in less than 30 days.

If you are purchasing a home with a well.... please PLEASE have a flow test done. My current home had a dry well and we just finally won our legal battle... very stressful!