HOW LONG DOES IT TAKE TO CLOSE ON A HOUSE? Offer To Contract


how long does it take to close on a
house from the time your offer is accepted to the time you walk out with
your keys well that’s the topic of my next video how long does it take to close on a
house and the time your offer is accepted to the time you leave the
closing table with your keys in hand that’s the topic of this video hello
everybody my name is Mark Schreier and I’m a licensed sales associate with
century 21 American Homes Real Estate right here on Long Island New York
so let’s jump right into it the timeline and yes it can vary I’m gonna give you
an educated estimate of the process and the timeline understand that things can
vary also I’m going to include or make an offer available to all of you for a
free home buyers guide so make sure you stay tuned a lot of part of the video
and I will show you how to take advantage of that free home buyers guide
offer right down to it number one are you paying cash for the property or are
you using financing if you’re using financing and 85% at least of the people
here along Island do what type of financing are you using if you’re using
a conventional mortgage if you using a government-backed either an FHA or a VA
mortgage they all have to take they all have different steps that you need to
take into consideration and a conventional could be a little shorter
than a VA or an FHA loan let’s touch on the cash right now if you have cash and
you’re paying all cash for your property you can close in as little as two weeks
if not sooner it’s more seller buyer dependent what do
I mean by that I mean that the seller and the buyer make the circumstances of
when you they want to leave and when they our buyer wants to move in and it’s
totally up to them it’s a wonderful thing but if you do get an all-cash
offer as a seller make sure you have thoughtful funds that you know that
you’re holding up your sale and the person actually has the money so make
sure your realtor checks proof of funds and you’re satisfied with how they did
it I’m going to be concentrating a little more now on those people that
choose finance see if you have a conventional mortgage
you are subject to appraisals home inspections and things of that nature
the home inspection is usually for you most attorneys will not let you buy a
house unless you get it inspected except if you are a contractor yourself and
then it’s not much of an issue because you are your own home inspector now when
you buy the house you want to make sure that you line your ducks up in a row
what do I mean by that well I’m going to include a video a link to a video down
in the bottom there will be a link of the home buyer checklist and that will
get in much more detail about what you need to know before you get ready to go
out and shop because you don’t want to lose that great deal once you find it
that perfect house I’m gonna touch on it now basically you need to have all your
documents whether it be tax returns whether it be w-2s ready to show your
mortgage person before you find the house of your dreams so contact the
mortgage person and get pre-approved pre-qualified pre-approved there is a
difference make sure your mortgage person you say I want to show you the
documents so you know everything that I need I have don’t just fill out some
information online and they say you’ve been pre-approved for X amount of
dollars because when it comes down to it you might have accidentally hit the
wrong key and now you might be $50,000 off and you can’t buy the house that you
thought you could so make sure you get those documents also by going through
that exercise you have everything ready for your pre-approval and it gets the
process going I would suggest starting about 18 months out so you’re shopping
for the house and everything so you have plenty of time to work yourself through
the process pre-plan you will definitely go a long way how do you pick a lender
pick somebody that has been recommended by friends relatives by your realtor
somebody that does this and they’re easy to communicate with the last thing you
want to deal with is somebody that you call and they don’t get back to you for
four days because you’re missing documents and
that gets me to the next thing that’s very important you are you the type of
person that’s organized they you the type of person that when they say I need
your w-2 forms or I need your income tax forms from the last amount of X years
three years let’s say just throwing that out there I am NOT a mortgage person but
the the last three years do you know where they are are you gonna have to get
them from somebody else so you need to plan ahead to make sure all these
documents are ready so you can furnish them to your mortgage person and things
can run as smoothly as possible I can ask a mortgage guy or you know how long
does the process take while their answer usually is if I have all the documents
it can run very quickly and very smoothly but that’s a big if I have so
make sure you take do what you need to do to get all your ducks lined up in a
row and on that note I have another video that I’m going to include a link
in the bottom another video on the home buying checklist it will give much more
detail on what it is that you need to know about the home buying process so
make sure you check out that video after you watch this video naturally one thing
I can’t stress enough particularly here on Long Island when you get your offer
accepted the house is not yours there’s actually no money in it on Long Island
that’s been transferred from anybody it’s just an agreement that I agree to
sell the house under these terms and conditions to the mr. bio mr. mrs. buyer
but it’s usually contingent on a home inspection and going through the
appraisal process getting funding for the loan so let’s talk about the actual
home inspection you need to make sure on Long Island particularly in a strong
seller’s market we’re in that your house is inspected I would say within 3 days 3
days from the time you have an accepted offer and yes that includes weekends
home inspectors do work weekends if your home inspector tells you they are two to
three weeks out find another home inspector there are plenty of mouth
there I get referrals from neighbors friends Realtors that have used one
recently and makes sure that they are time friendly
that they can work with you within that three to five day window because you
don’t want to lose the deal because your home inspection is taking forever so
that’s an important note again being pre-act proactive finding your home
inspector beforehand will help you and help speed this timeline and could save
you the actual house next thing to consider is the appraisal process your
appraisal process will happen after your house is already under contract at least
here on Long Island New York you’ve got the home inspection
everything worked out there you’ve now given the contracts to your attorneys
when both sides have signed the contract it will go now for the appraisal the
bank or the mortgage banker the underwriters will start checking all the
documents this and that making sure the house appraised is now each bank or each
lender government back loans as well have a loan-to-value ratio they want to
make sure that if you default on this loan they’re getting their money back so
they’re gonna go out within a certain time frame and they’re going to do an
appraisal now yeah you have more videos on that too there will be a length of
the appraisal process you can check it down below the appraisal process where I
interviewed an actual mortgage appraiser and he tells you what’s involved in the
mortgage process I will tell you that an FHA or a government bank loan a VA as
well are more strict in the process so make sure that you ask them ahead of
time so if anything is missing in your house you can take care of that
beforehand so you don’t lose the deal because the appraisal process is taking
forever that can upset the seller and also you
as the buyer you want to be proactive and naturally that would be a tip for
the seller to make sure everything is in line and your Realtor should be able to
go through the house with you and give you a lot of tips and pointers on that
particular thing so after your your house passes appraisal the next thing
you want to do is you’re gonna schedule a closing date well should I say after
the appraisal is over the underwriters will give a commitment and once the
commitment is done and the attorneys are all satisfied they’re gonna set a
closing date the last thing in the process
is a walkthrough now I do have a video on the final walkthrough I’m going to
include a link in the bottom but that is usually done two day before so you make
sure everything that you agreed on in the house is still there when you go to
the closing tables the day after that or two days after that if scheduling is a
problem so the average time it should take from the time you go
you’re from the time your offer is accepted to the time you walk out with
your keys I would say between two to three months 60 to 90 days again
depending on how things go all the paperwork and everything else if and I
did promise there’s gonna be a free home buyers guide the link is right below so
make sure if you want to take advantage of that you click the link below for the
free home buyers guide I hope you enjoyed the video definitely give me a
thumbs up subscribe share the channel this is Mark shreier from century 21
American Homes

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  • ✔Free Home Buyers or Sellers Guide: http://freeebook1.toplirealtor.com/buyer/sellerguide

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