Profile picture for karther6

Do I have enough time?

So here is our dilemna...my wife and I have already been pre-approved and are getting all of our information to the bank in hopes to be completely ready to close on a house asap. We have 5% down for the conventional loan we were approved for as well as the moneys set aside for earnest, attoroney fees and so on. We are house hunting now in hopes to find "the one home" for us. The challenge we are in is that our lease is up on July 31st and we could not get a month to month agreement with our landlords without signing another year contract so we declined the additional year. Is it possible for us to find and close on a house within this timeframe or do we need to find a temporary month to month place to rent in the meantime? Also, we saw a short sale that we liked and it said that the bank will not look at any offers under the listing price. If we offered the listing price could this move fast or are short sales out of our timeframe? Thank you very much for any advice or knowledge you can provide.

  • June 21 2014 - Aurora
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Answers (6)

Profile picture for B Klein
Short sales can take up to a year to close and there's no way to know how long it will really take. 

I recommend talking with your lender about how long it will take to close, 30 days is reasonable but not all lenders can meet that goal.  That given, it's June 24 so you'd have to find a home, make an offer and complete negotiations then get a signed contract by June 30. 

Best to talk with your landlord about going month to month, there may be additional rent.

  • June 24 2014
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Have you offered your landlord any extra insentive for a month to month. You should look for an alternative with friends or relatives.
As for the short sale, just because the bank has a price in mind that doesn't mean they will say yes any faster.
  • June 21 2014
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Profile picture for USMortgageRanger
With everything in place (all your documents) most lender will close you within 30 days of contract except the big banks that will take 45-60 days. I would stay away from the short sales as it will take them more than 60 days in most place to make a decisions. 
  • June 21 2014
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You should ask your lender how much time they need to process the loan once you find a property, but it usually takes 30-40 days so you would need to find a house pretty soon or you will need to find a month to month situation. This is always a hassle, but not much else to do if you do not have any family in the area with extra space.
  • June 21 2014
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I would recommend finding a temporary place to stay. Even the best laid plans in real estate can get delayed or way layed. 

Good luck.
  • June 21 2014
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Profile picture for wetdawgs
If you made an offer today on a regular sale and you've been pre-approved, probably (but not definitely) you could close by July 31.

A short sale is of unknown duration, it could be a month or two or it could be longer than a year.   There is no way to know (plan on it being slower than you wish).

Do you have friends going on vacation who would let you camp out?  family?  A residence hotel?

  • June 21 2014
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