FSBO real estate question (mortgage, lender, lawyers)

[gemkeeper]

We have always been able to close in 30 days or less, although we haven't always chosen to do so. I think that more and more people are ready to move as soon as possible with job transfers and the like.

As long as the buyer is pre-approved for his loan and the seller has taken care to have his property up to code, it can move pretty quickly.

We have always chosen, as a seller, to have an inspector come in, do a thorough inspection on our homes before we even listed. That way if anything needed our attention that could possibly hold up a speedy settlement, we could have it done before listing.

The only time we had to have something done was for radon remediation in the Pocono Mts. in PA. It is a pretty common problem there as I would imagine it is in parts of TN, as well, with the heavy rock base.

[LilCabinGirl]

Originally Posted by gemkeeper

We have always been able to close in 30 days or less, although we haven't always chosen to do so. I think that more and more people are ready to move as soon as possible with job transfers and the like.

As long as the buyer is pre-approved for his loan and the seller has taken care to have his property up to code, it can move pretty quickly.

We have always chosen, as a seller, to have an inspector come in, do a thorough inspection on our homes before we even listed. That way if anything needed our attention that could possibly hold up a speedy settlement, we could have it done before listing.

Wow, I want to buy a house from you.

[mbmouse]

Be careful. If you need a mortgage I am suggesting you sign a 45 day contract now a days. Underwriting at banks have SLOWED way down in the past few months. Especially if you are locking in a rate, go for 45 day contracts.

[Eat]

We have closed in 30 here, but I don't recommend it, unless you have a real simple contract. There are too many things that need to be accomplished, sometimes serially, and you can get into a time jam if you can't get them done. A quick closing usually benefits the seller and puts the buyer under pressure to sign off on the contingencies. Personally, I like to go with 60 days. Most sellers won't accept more than that.

Before agreeing to any specific time frame, I would check the availability of all the outside professionals that may be needed, such as appraiser, home inspector, and surveyor, as applicable. Also, you should determine how long the loan approval process takes, if there is to be a loan, and how backed up the title company is.

You can always close early, if everything is ready.

[Whataride]

I have to somewhat disagree with the 45 day time frame. If you have all of your ducks in a row, I have been able to close my customers in as few as 10 days. True, some of the bank based lenders are as much as 9 days in underwriting and then take up to 72 hours to review any loan conditions, but some are as little as 4 hours from the time the file is received in underwriting to the time the broker is issued conditions.

The real question you should be asking yourself is if you have everything together, do you have your home inspector lined up(is it in the contract how much time the seller has to repair any items), are you preapproved for the loan, what is your personal timeframe.

Loans are usually not the issue for closing if you have already been preapproved. A true preapproval should generally only take about an hour.

[J&Em]

Interesting discussion since things happen differently in every state. We could have closed in a week from contract signing if we had wanted to when we bought our house in Maryville. We also were told either Title Company or RE attorney could be used, our choice, but that most simple transactions were usually handled through the Title Company. Coming from a state where everything requires a lawyer we went with the RE attorney just to stay with what we are comfortable with. We weren't prepared for such a rapid close so we set the date to 2 weeks out from all inspections and repairs. We closed on exactly that date.

Now we are going through the process in NY and it is certainly different. It has been explained to us that the state is an "on or about" state which means that the closing date used in the contract is sort of a 'shoot for' date but anytime around that date may (or may not) be the closing date!! The best we can hope for is that once all contingencies (mortgage) are worked out we will have a more firm date. Apparently this loose date is so the lawyers, title companies, mortgage brokers/banks all can make the same date at their convenience. So far the moving companies we have contacted seem to be used to this and are offering us fairly flexible time schedules.

Good luck with the plans gngmurphy.

[gngmurphy]

Thanks for the help! We don't want to end up in the mess our friends did.It's scary how much it varies from state to state. I think New Yorkers pay five people to do one job!
We have to get out of our mortgage here before we do anything else!

[Barking Spider]

Gemkeeper,
You are right, there is a fair chance a house will have elevated levels of radon here in East TN. I happen to do radon testing and can almost predict when I will find higher levels from past tests in the area.

As a side note - you really can't rely on high results in one house making the chance of high results in the house next door. I once got a reading of 44 picocuries per liter in a house, and tested a house that was less than 300 feet away, and found levels that were less than 3. Go figure.

Sorry for the thread drift

Back to your normal programming..........

[Mranger]

Originally Posted by LilCabinGirl

Does TN use title companies to buy real estate or attorneys? In NJ we used attorneys (northern NJ anyway) and in Florida we used a title company. How does it work here?

Thanks!

Listen my belief for this is simple and logical. I have used both methods in several different states. For your best protection I would choose a Title Company only if operated by a Real Estate Attorney.

All The Best.....Michael R

[Bob Hamilton]

Wrong! Professional Real Estate agents do know ( ALL THAT STUFF )
That is why we have to carry E&O that is Error & Omission insurance and have continuing Education. We don't like being in court! Back to the question an attorney or a title company can close your home or land. That is why you get offered Title insurance at closing to protect your interest. Title insurance will provide you with an attorney if needed and you will not pay the attorney a penny. Title insurance is very reasonable and you will not need a attorney. Real Estate agents do have knowledge on these matters. Look up Cavet empor because that is where you are without Real estate agents or knowledge.