For instance, if you need a mortgage to complete the purchase, it could take up to 30 days to process the loan and close the sale. However, if you're preapproved for a mortgage, you might be able to close in as quickly as two weeks from the date your offer is accepted.

Some buyers have the ability to pay all cash for a home. They have money in the bank and don't need a mortgage. In this case, you can close as soon as you've approved certain inspections. These "due diligence" inspections should include a complete review of the title record to the property, in addition to physical inspections of the property

As a buyer, there are advantages to being able to offer a quick closing, particularly if you are in a multiple offer competition. With several offers to choose from, sellers often go with the one with the highest price, the quickest close and the least number of contingencies.

From the seller's standpoint, the appeal of a quick close is that you don't have to wait long to turn your equity into cash. Longer closings can be problematic. The buyer could lose his job, or be transferred unexpectedly. Or a seemingly happy couple could decide to separate. There's nothing like the security of a done deal with money in the bank.

Recently a seller negotiated a long closing to give herself enough time to pack and move. Two months into the transaction, and after all contingencies were removed, the buyer backed out and bought another house. In this case, the buyer had initially wanted to close quickly; it was the seller's choice to delay the closing.

HOUSE HUNTING TIP: Some sellers shy away from closing quickly because they feel rushed. But, you don't necessarily need to move out of your home at closing. Like the closing date, the date you deliver possession of the property to the buyer is also negotiable.

It's possible to buy time and avoid a long closing by negotiating a rent back after closing. This allows you to rent back the home you've just sold for a period of time after the closing. The rental fee is negotiable, but it is often equal to the buyer's carrying costs (principle, interest, taxes and insurance) prorated on a per diem basis.

This rent often exceeds the amount you were paying to own your home. However, the point of the rent back is not to save you money. It's to give you the security of knowing your sale has gone through. You will have the proceeds from the sale, which can start earning money invested elsewhere. And, you will be relieved of your home ownership expenses. These factors partially offset the cost of renting back.

Buyers who need to sell one home in order to buy another can make good use of a sale and rent back arrangement. If you're trying to buy in a tight market where contingent sale offers aren't a viable option, a quick close with a rent back on the home you're selling might eliminate the need for an interim move elsewhere.

THE CLOSING: Some lenders have limitations on how long sellers can rent back after closing. The buyers should check with their lender or mortgage broker before finalizing  the negotiations.

Dian Hymer is author of "House Hunting, The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide," Chronicle Books.

Copyright 2005 Dian Hymer