Profile picture for georgiaguy

I will be ready to close on a house around march 15, How far out can I put an offer on a house?

  • January 01 2010 - Warner Robins
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Answers (6)

Best Answer

Profile picture for nwhome.us
Usually your lender is the key player in the length of time that it takes.  This is why it is a good idea to have someone picked out who knows your lending situation ahead of your offer.
In our state they (the lender) won't send out an appraiser until the buyer has removed the inspection contingency so your process of inspection needs to move along briskly.  They will have an idea of how long it takes to get the appraisel completed and returned; it has been taking much longer in the past year.
Then the issues of rates and other changes in the Good Faith Estimate begin to have their effect on the time.
Leaving short sales and REOs out of the discussion, I'd agree with the 45-60 days of minumum time. You should varify this with your lender.
If you are asking, however, can you make an offer today, and have a closing date on March 15th; the answer is yes.  There is no restriction on the closing date that you put into an offer.  The date just has to be agreed upon by the buyer and seller.
  • January 01 2010
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Now is the time.
  • January 02 2010
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Profile picture for Pacita Dimacali
Several questions to ask

Presumably, you own a house that is in escrow and you're closing on March 15.

If you are trying to take advantage of the repeat/move up home buyers tax credit, and you qualify under the guidelines, then you must have a ratified contract by April 30, and close escrow by June 30, 2010.

If you found a house you'd like to buy, you can submit your offer contingent on your own property closing escrow. Some sellers may agree to that, especially since several properties are being sold as short sales which may take time to be approved/accepted by the short sale lender (depending, of course, on who the lenders are).

First step: consult with your realtor about the timelines, conitions, strategy.

Good luck
  • January 01 2010
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Profile picture for wetdawgs
Ofe: how does your response relate to the question?
  • January 01 2010
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Profile picture for wetdawgs
It often takes 45 to 60 days from offer to close even in the best circumstances, REOs can be much longer.   Therefore, you'd be safe for a March 15 close with an offer in late Janaury/early February.

  • January 01 2010
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Profile picture for Ofe Polack

Under the new law you may enter into a contract on your principal residence on or before April 30, 2010 and close on the home by June 30, 2010.  

  • January 01 2010
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