Most buyers prefer to close within a month or so, and a typical escrow closing period is 30 days. However, for buyers who are getting a government loan such as FHA, VA, or USDA, they can expect a slightly longer escrow, which may be 60 days or more. If you are buying a short sale, the escrow period is usually 3 to 6 months. If you have a complex loan, are buying an REO, or there are other delays, always plan an extra few weeks just in case.
Sometimes the sellers do not want to move out until the school year is over, so their children can change schools during summer break. Therefore, it’s common for a seller to request the escrow closing date be timed to coincide with the end of the school year. Or perhaps they are relocating to another state and want for their new home there to close escrow simultaneous with this sale.
Read more in our book, "Buy Your First Home", http://tinyurl.com/dy2wjx4.
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