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