[airics]

probably a stupid question, but what is the quickest a house can "close"?

[olecapt]

Originally Posted by airics

probably a stupid question, but what is the quickest a house can "close"?

You can close a cash deal in two or three days. Might even do one if you set up for it. Only real limitation is the title stuff. That can be done in a day if the Title company wants to.

I have seen things done in a day or two when a 1031 was running out.

[airics]

what about with a preapproval for financing

[olecapt]

Originally Posted by airics

what about with a preapproval for financing

You might do a week or so. Banks are not responsive to that sort of thing. Could do it but most likely won't. Probably takes a real three or four business days.

[bumpercar]

Home sales are rising in some U.S. metropolitan areas where lenders have slashed prices on foreclosed properties.

Generally, home sales remain weak. The National Association of Realtors reported last week that sales of previously occupied homes in April were down about 18% from the already depressed year-earlier level.

But sales are up sharply in some of the areas hit hardest by foreclosures and falling prices. They include: Las Vegas; Sacramento, Calif.; Fort Myers, Fla.; and inner-city Detroit.

[Terri B]

To bumpercar;all

Here is the link to the wsj article


Moneyweb - Wall Street Journal - Home sales rise in hard-hit areas

Hope these stats are accurate

[bumpercar]

Realtors, DOJ Reach Settlement

[dude66]

Originally Posted by bumpercar

But sales are up sharply in some of the areas hit hardest by foreclosures and falling prices. They include: Las Vegas; Sacramento, Calif.; Fort Myers, Fla.; and inner-city Detroit.

Except sellers are taking quite the hair-cut:

May 28, 2008

Falling US house prices curb consumer spending
"Over the year, Las Vegas homes have lost 25.9 per cent of their value."


Falling US house prices curb consumer spending - Times Online

[Coop01]

This person obviously does not like Realtors
"The monopolistic hold big real estate agents have had on information — on access to use multiple listings services — has been blown open at last thanks to the Justice Department’s antitrust settlement with the National Association of Realtors..The only reason — only reason — that Realtors could hold onto their high commission for such little value and work is that they kept information away from the marketplace, making it inefficient...."

Realtors, Prepare to Lose Your 6 Percent - Seeking Alpha

[bumpercar]

and unfortunately they've become very good at it. This isn't the first time they've tangoed with the Justice Department. I'm sure they'll continue to find ways to illegally hinder competition. Realtors extract ungodly sums of value from the marketplace and the marketplace suffers dearly because of it.

Originally Posted by Coop01

This person obviously does not like Realtors
"The monopolistic hold big real estate agents have had on information — on access to use multiple listings services — has been blown open at last thanks to the Justice Department’s antitrust settlement with the National Association of Realtors..The only reason — only reason — that Realtors could hold onto their high commission for such little value and work is that they kept information away from the marketplace, making it inefficient...."

Realtors, Prepare to Lose Your 6 Percent - Seeking Alpha