how long does it usually take to do a closing when you buy a house?

We recently won the bid on a house up for sale. we currently rent right now and i don't know when I should tell my landlord when we will actually vacate the apartment?

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  • 1 decade ago
    Favorite Answer

    30 days is about the standard.

  • Anonymous
    1 decade ago

    With the information given this is a difficult question. In the past I was manager of a mortgage company. The actual closing takes about an hour or so. But, there are many things which lead up to the closing such as appraisal on the property you're buying, title search to be sure the sellers have the right to sell it, all monies present and accounted for (some lenders insist that you have the down payment in the bank {in escroe} and can prove it's your money and not a gift from a parent, etc. Some don't care. There may be inspections, i.e., termite, radon, home inspection (up to you), final walk through (talk to realtor) and many more things. If ALL of this has been done then the closing can be schedualed and done in a few days. If not, well...how long will it take you to get them done? You're sort of at the mercy of the title company, home inspector, lender, appraisoe, etc. My advise? If you want it sooner than later, make sure you provide ALL of what your lender asks in full and promptly! The biggest time consumer is usually the buyer not providing adequate proof of income, rent, savings, etc.

    Source(s): IQ 180...Ozzie's brain...Use to manage a mortgage company.
  • 1 decade ago

    Since you won the bid on a house, you purchase contract should state a close of escrow date, this would be the date you need to close escrow buy, sellers usually have 3-5 days to move out. I would ask your agent what is a good date to give your landlord as you would want to have rent and mortgage overlap a couple of days to give you time to move

  • 1 decade ago

    What is your closing date on your offer? That is the latest date you should give your landlord. If it is less than 30 days, then you will have to follow the guidelines within your lease. Your closing date could be as soon as 2 weeks, or as far out as 3 months, depending on what you wrote into your offer. If you wrote (I hope) with a Realtor, it will be right on the first page of your offer under "closing date". If you wrote one yourself, check the form you filled out - there should have been a spot for that. Your bank will also have to have that date.

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  • Anonymous
    1 decade ago

    Depend on if you have one loan or 2. If its one loan, then the whole thing should take about 30 minutes, if you are not reading every word of what you are signing. if there is 2 loans because you did an 80/20 then it can take an additional 10-15 minutes. I dont sugest that you not read al of the paperwork, however if you have a good bank or broker, you should have copies of all of the document that you are signing a few days befor the closing, with the exception of the till and GFW, and the HUD because they are not finanilized untill the last moment befor you close.

  • Anonymous
    1 decade ago

    Inform your current landlord in writing now but, request a month to month lease until your loan is fully closed. I have had too many borrower's try to second guess me regarding their closing date and it ends up in a mess. Plus with the upcoming holidays most lenders will be on short staff and closing early slowing down production which could delay your closing schedule.

  • 1 decade ago

    1 to 2 weeks

  • Anonymous
    1 decade ago

    Takes about 30 days. Depends on the bank you are working with.

  • Anonymous
    1 decade ago

    within 30 days

  • 1 decade ago

    2 weeks

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