Length of closing on a home to increase with new rules

[spikechiquet]

We are in the process of buying a house...and have been since Memorial Day! We are supposed to close today. Just waiting on the final numbers and a time to do it (yes, it's been THAT crazy, that it's 9 a.m. and I still don't know what time we are closing TODAY!)

Anyway, my realtor said new rules that are saying will make things "easier" will actually take an average 30-day closing to upward of 50 days now.

Here is some of the info. (Note this was from Feb. and they bumped the date to October now.)

Understand the Oct. 3 Changes to HUD-1, Closing Process

So if you miss your chance to get everything in on time, only a 3-day window...then you are bumped 10-14 days back.

This is going to be a nightmare.

 

[JackReacher]

About five years ago, our timeline was about the same. Agreed to everything on Memorial Day weekend. Closed and moved in early Sept.

Good luck!

 

[Baron Scicluna]

I still have nightmares about our closing. It took the two months, but it was stressful as hell, and I'm still convinced we got ****ed over on the final closing costs.

I actually got into a yelling match over the phone with the lawyer.

OUR lawyer.

 

[spikechiquet]

Thanks. We actually moved into the house at the start of July and have been renting from the sellers (they already have moved to Florida).
It's nice to be in the house, but it has sucked to not work on it yet since in case **** fell through we weren't paying to fix other people's stuff.
Well, finally got the call. Closing at 3 p.m. today.

 

[Vombatus]

Good luck spike!

After 3 PM, you and the Mrs. can finally set up that combo home brew / meth lab!

 

[cjericho]

Thanks. We actually moved into the house at the start of July and have been renting from the sellers (they already have moved to Florida).
It's nice to be in the house, but it has sucked to not work on it yet since in case **** fell through we weren't paying to fix other people's stuff.
Well, finally got the call. Closing at 3 p.m. today.

Did you get a home inspection?

 

[spikechiquet]

Yeah, of course. But since we have moved in the garbage disposal started to act up...not worth fixing until it's "ours", stuff like that. Superficial stuff.