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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!
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.
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.
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.
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.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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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.
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.
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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) 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.
