Can we close in 90 days when our lease is up?

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Q: I’m answering questions that I often get from my buyers in the process of looking for a home. So this question is: can we close in 90 days when our lease is up?

A: Most likely not. Especially if the home is vacant or in multiple offers. Sellers are probably making a payment on an empty house and they will look more favorably on buyers who can close quickly. Most lenders need about 30 days to close a loan asking for more than 30 days to close on a vacant home will make you less attractive to a seller. Some sellers may ask for 45 days especially if they are still living in the home and have not found a new home. But not usually more. I would recommend talking to your leasing office to find out if you can get out of your lease early, just in case you find a house you love. Sometimes they will allow subletting. And they also might be open to breaking the lease early to be able to get a new tenant in during better rental times. Generally speaking closings are around 30 days, maybe a little less, maybe a little more. It’ll depend on the situation of the seller and if you’re in competition. That will be the determining factor of whether we should offer a longer closing period or shorter. Of course we’ll ask the seller their preference and because it’s the seller’s market and they’re the ones in the driver’s seat, we will probably lean to their preference. But again it’s probably going to be closer to 30 days. Unless they’re still living in the home and then they may ask for a closer to 45 days. But I’ll help you through that when that time comes, but overall you can plan for about a 30-day closing. From contract to closing.

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