Profile picture for Raddison4X

What is the average closing time these days??

I was just wondering what it sht normal closing time now? 12 weeks? 8 weeks? I know there are variables but I'm looking for just the average :)

When do I have to have the closing money?

Thanks!

  • May 09 2008 - US
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Answers (13)

Profile picture for KD in Texas

I think average is 4 weeks or so but I've had a cash deal close in 1 week.

  • May 09 2008
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Profile picture for Raddison4X

OMG 4 weeks??? Holy Moley! When Do I have to have the closing $$$???

  • May 09 2008
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Profile picture for KD in Texas

In my state, you had to have the money on the day of closing - when you sign the final paperwork.  If you are buying, you have to pay upfront for Appraisals, etc., for whatever the Lendor demands.

  • May 09 2008
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Profile picture for another_dustbunny

Raddison, the closing date is something both parties agree to, so if 4 weeks is too short for you, you can try to negotiate a longer closing.  Also, closing dates can be fiddled with after you go under contract.  Our buyers have asked three times for our closing date to be moved up, which we agreed to because it worked out well for us.

  • May 09 2008
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Profile picture for Raddison4X

Thanks! Yes, if I got a buyer I would be thrilled BUT I won't be ready in 4 weeks.

 

So I  have to have 10K cash to give on the day of closing to sell my house? Do I get my money that same day too? Why don't they just take it out of my proceeds?

 

We just put in 20K and now I have to come up with 10K cash? UGH!

  • May 09 2008
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Profile picture for Raddison4X

KD I am selling my house, not buying. So I still have to have 10K cash that day?

  • May 09 2008
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Profile picture for wetdawgs

A 4 week or 30 day closing is pretty standard on purchase offers these days (and has been for a long time.)

 

If you don't think you will be ready and you don't have an offer yet, start taking the actions now so you can be ready in 4 weeks (if you really want to sell).   Right now you can start packing.  While you can counter with a proposed longer closing,  the counter can be rejected and you may lose the sale.   Why not be ready  in this  buyer's market?

 

If you need money for closing, start the process now.   If you need to have a mover, start prescreening movers.  If you have too much junk, start packing and getting rid of the junk.   These things do not have to wait until you have an offer.

 

A few years ago I had an offer contingent on a 14 day closing.  I checked with the preselected movers, and countered with a 15 day close.  The buyers agreed to that one day change (thank goodness).

 

 

  • May 09 2008
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Profile picture for Carrie.

Raddison, if you are making enough profit on the sale they will take your portion of closing costs and deduct it from the proceeds. If you are upside down you would need cash the day of closing.

  • May 09 2008
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Profile picture for Raddison4X

HI Again Carrie! OK so then I don't have to have the cash on closing? I Should have the $$ in my proceeds but with today's economy, who knows. If it is too low, then we won't accept an offer. We have way  too much in this house to take that much of a hit.

 

I your pic. Is that your horse? Love it!

 

Wetdawgs! OMG don't even tell me 14 days! I would go into a total panic!

 

I have been packing and most of my closets are minimal. (I have 85 boxes packed) BUT all the over flow, junk, etc. has made it's way to my basment and my once clean basement has turned into something that looks like Sanford and Son's house! LOL  So I need about 1 week to finish my chores. (replace screens, wash windows, spread a truckload of mulch, etc) and then I have to dive into that mess in the basement. So I guess I could be out of here in 3 weeks. We don't officially list until Monday. And I HOPE that I have to be worrying about how fast I have to get out of here.

 

I'd rather that than be sitting on this site at Christmas crying that my house isn't sold yet! LOL

 

OK I better go....I have to get packing! :)

  • May 09 2008
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Profile picture for Carrie.

hmmm, I could be wrong but I'd say you have PLENTY of time to figure this all out.

  • May 09 2008
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Profile picture for Aldreth

4 years or so.

  • May 09 2008
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In my area, Fairfield and New Haven Countys, "Average" homes sell in up to 180 days.  Homes that are less than average take longer to sell but, homes that repersent great value are selling in only hours.

 

Make yours the best value in the market!

 

Good Luck Always!

  • May 10 2008
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Profile picture for Raddison4X

Hey Everyone!

 

Well, I have a new roof, new carpet (LV/Dining) 3 rennovated baths (high end) granite, tile, 8 jet massage shower in master bath, all new stainless appliances,  all new granite and slate kitchen, new hard wood floor in kithen and new energy slider in kitchen.  We have a new 14 X 28 brick patio, koi pond and shade sail, all new professional landscaping, new washer (steam) and dryer and utility room with new tile floor and counter with tile back splash,etc. Our furnace and air is 4 yrs old and we have replaced the front door, garage door and opener and hot water tank all in the last 3 years. Every wall and ceiling has been freshly painted with eco friendly neutral paint.

 

We even built an awesome workshop in the garage. I really think we have maxed out the house. There isn't anything else I can think of doing. Oh wait, I still have to do the mulch in the yard :(

 

We wanted to make sure that our house was the best in the area. I know the compeition is going to be tough and this way it ours won't  be overlook because it is a used home.

 

Thanks for everyone's input!

 

  • May 10 2008
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