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Old 07-06-2011, 06:25 AM
 
Location: Ohio
889 posts, read 1,480,085 times
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Default How soon after an accepted offer, can a deal "close"?

How soon after an accepted offer, can a deal "close"?
We want to get our money from the sale of our home before a scheduled auction so we can bid on the auction home. Thanks for your input!
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Old 07-06-2011, 07:19 AM
 
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It all depends, typically its 30-45days to close. subject to the time getting inspection..and repair has to get done.. appraised.. and then it's up to the buyer and the bank to do the paper work...atleast that's what I'm going through right now. our offer was accepted May-15 i think.. and we just got the appraisal report yesterday.. and now the house in need of repairs before loan can close.. already have couple of extension on closing.
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Old 07-06-2011, 07:40 AM
 
Location: Charlotte, NC dreaming of other places
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Each state has different rules, but I had a 15 day close once in CA. Typical is 30 days, but you have to keep on top of them to get it done faster.
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Old 07-06-2011, 07:57 AM
 
Location: Austin
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I closed one on May 31 in 10 days, and that was with financing, not cash. If everything is in order, things can go quickly. If you're dealing with a mortgage person who twiddles their thumbs, you'll take much longer.
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Old 07-06-2011, 08:31 AM
 
Location: Louisville KY Metro area
4,758 posts, read 7,806,953 times
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Literally, an accepted offer can close in the few moments after acceptance. Generally, due diligence on both the buyer's and seller's parts is advisable. For example: It is best to have a cashier's check, why? Because the buyer could give the seller counterfeit cash (extreme, but just an example).

In today's financial mess, I agree with Falconhead, 10 days is possible, 21 is practical, and 30-45 is normal. Anything longer is headed towards extreme.
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Old 07-06-2011, 09:02 AM
 
Location: Marion, IN
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The fastest I ever closed as a buyer was 8 days. I paid cash. Seller had a hard money lender who wanted the property off the books.

As a seller I have never had a deal close faster than 30 days, and the last one took 45 with FHA financing from the buyer.
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Old 07-06-2011, 09:23 AM
 
Location: Tempe, Arizona
4,511 posts, read 7,095,197 times
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Quote:
Originally Posted by happehart View Post
Each state has different rules, but I had a 15 day close once in CA. Typical is 30 days, but you have to keep on top of them to get it done faster.
While there may be some local procedural impact, it's really a function of cash (faster) versus loan financing (slower), and any other contingencies that need to be resolved.

The closing date is negotiated between the buyer and seller, but should be realistic depending on the factors mentioned.

Last edited by rjrcm; 07-06-2011 at 09:31 AM..
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Old 07-06-2011, 09:51 AM
 
Location: Mountain Ranch, CA The heart of Calaveras County
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My fastest close was 46 hours. (Yes I am claiming a record ) House fell out of escrow and I told my buyer he should put up 2500 earnest money, he said if I'm going to get a cashiers check I'll just get the whole amount! All the prorations had been done, title had been done, just change the name of the buyer on the forms and the deed.

Longest 9 and a half months.
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Old 07-06-2011, 11:05 AM
 
Location: Central Texas
16,162 posts, read 21,801,705 times
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tomocox, I'm guessing you're not really familiar with all the counterfeit cashier's checks scams out there?

They're now beginning to hit the real estate market. We've had warnings against them, and I've actually been contacted by someone that had already hit one of our other agents, but I recognized it right away having been familiar with the other kinds of similar scams for other items in past.

So these days, a counterfeit cashier's check is pretty much as likely as counterfeit cash. Wiring from one bank to another is the safest way to do it.
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Old 07-06-2011, 05:21 PM
 
Location: Lemon Grove, CA, 91945
4,534 posts, read 4,393,488 times
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Quote:
Originally Posted by cityflair View Post
How soon after an accepted offer, can a deal "close"?
We want to get our money from the sale of our home before a scheduled auction so we can bid on the auction home. Thanks for your input!
State laws really play an a role in that as happehart said. Google9 is also correct.

It also depends on the lending institution you are using, the loan officer, how backed up processors are, the TYPE of loan it is, time of year, inspection and any other contractual obligations there may be.

Of course, it all depends on what you agreed to in regards to close date. 30 days, 45 days etc.

Expect that FHA loans to take 45 days. 30 days happen, but just count on 45. In some markets they are literally keeping things afloat and they are NOT easy to compile all the data for. The FHA rules can be tedious depending no how scambled the buyers history is.
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