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How Long Does it Take?

How Long Does it Take to Buy a House in the Montpelier/Barre Area?

Counting Down the Days

From the time an offer is accepted, how long does it take for the transaction to complete? Most of the time when people ask that they're using a lender and getting a mortgage. If you're buying a house in the Montpelier or Barre area, it's helpful to know how long it's going to take.

If that's the case, then you can expect 6-8 weeks of "escrow" in the Montpelier real estate market. It seems like a long time, and it might be different in other parts of the country, but, well, we're in this part of the country.

Initially, it can take time to work through a home inspection and other contingencies. There are some water tests that take two weeks to get results. Those tests are determined by the lender (and the type of loan), so it's important that when you're trying to figure the time frame you've talked openly with your Realtor about what kind of loan/financing you're using.

After the inspection contingencies, the biggest chunk of time is in the loan underwriting. It can take 2-3 weeks just to get the appraisal completed and the report to the bank.

When that's all done, then you should be able to get a finance commitment letter--which is typically the last contingency.  There's got to be some time between the issuance of the commitment letter and the actual closing too.

So...add it all up, and you're looking at 6-8 weeks. I've seen closings happen in as little as four weeks, but that was something of a miracle. I seem to remember hearing choirs of angels...

--Ray Mikus

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