« on: October 17, 2008, 10:19:30 AM »
typical closing times range from 1 - 3 months, and depend on a number of factors. The most important, and probably most common cause of delay is the buyers' ability to secure financing. Getting approval from the local bank branch you're going with is just the first step; then it goes on to regional and/or national offices, then whoever is underwriting the mortgage (GE finance, for example) has to approve you as well. In my case, I got a NYS subsidized mortgage for first time home buyers, so that added yet another layer of red tape to get through. Nowadays you also have to provide a paper trail for every last penny you plan on using for the down payment. Additionally, if the inspection reveals deficiencies and you try to negotiate credits, etc, that too can delay the process.
it's a pain in the rear trying to plan and time everything accordingly. it's not uncommon for home buyers to find themselves with a rental lease that has run out and a house they are still a few weeks away from closing on. in that situation, it is very common for the buyer to "rent" the house they are buying from the seller. it's usually at a daily rate prorated for either the buyers future mortgage or the sellers current one, i forget which. That is, of course, if the buyer is already out and willing to do this. just keep it in the back of your mind that it could be an option if you're in a bind.