Very well then, let's continue
This is vital while you're in attorney review
@NewB. Basically attorney review is the period in which you and your attorney look over a closing contract (usually a standardized 40-50 page document that outlines the process and timeline for which certain things like to be done). The standard amount of time that it takes to close on a house is about 60-90 days. 45 days is possible, but a window of 30 days is practically unheard of. Stop and think about things if the sellers are rushing you to close. There's a reason if they want to close in 45 days or less.
Basically, during attorney review, if you don't like that they want to close in 45 days, you can amend the contract and request 60 or 75 days or so and basically your attorney reaches out to the seller's attorney as a counter. Usually this process goes back and forth for a week or so between the counters and counters to the counters. During this time, as Nav was saying, make sure there's an out clause of sorts in your contract to assure that you can walk away without any kind of penalty subject to the results of a home inspection. Not sure what the statutes are in Michigan, but here in New Jersey, having an oil tank either on the property or buried in the ground of your property is illegal and can costs thousands of dollars to have removed, not to mention a logistical nightmare. Also a good chance that the soil on the property is contaminated if an oil tank has been buried there for years. Walk away if they find something like that. An inspector may charge an extra fee to do an oil tank sweep of the property, pay that fee. It can save you thousands and huge headaches down the road.
It takes at least 30 days for any competent bank to approve a loan for you, even if your down payment is quite sizeable. Now is a great time to buy, as interest rates on mortgages are a point lower now than they were even a year and a half ago when my wife and I got our loan. We're even considering re-financing the rates are so low. Make sure that all of your monetary assets are liquid (not tied up in stocks, bonds, or CD's). The bank won't like that and they basically give you the equivalent of an anal probing when reviewing your loan application.
Buying a house was two of the toughest months of my life, but once closing happens and you get the keys to your new place, it's all worth it.
