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I closed my present house in about 18 days. It would have been about 12-14 except the HOA was slow on the disclosures and I insisted on not closing until I received the disclosure and had my 3 days to read it. -- I'm one of those people that reads every page of every document.
The market was radioactively hot and I skipped the appraisal. All I wanted was an inspection and the inspection came back clean. VoilĂ !
Cash is quick and easy to close. Can close as soon as you have clear title.
People think it takes 30+ days to close a finance deal, but I have a closing tomorrow that was only executed 2 1/2 weeks ago. Buyer ordered inspection immediately along with appraisal, as the appraisal can take the longest. There was no survey from the seller, so title ordered the survey as soon as the title was cleared.
We were supposed to close next week, but the buyer asked to close early and my seller didn't really want to be moving Easter weekend, so 2 1/2 weeks it is, and that's calendar days, not business days.
ok, thanks for the responses. i'm selling a condo i have. there may be cash buyers. all things being equal, i'd like to choose whoever can close the fastest.
I just closed an FHA deal in three weeks with an inspection - the home was in good shape, so no repairs were required. We turned down a couple cash offers, and a 20% down offer because they wanted a discount.
Personally, I wouldn't be peeing my pants hoping for cash vs. financing- homes aren't stocks & it takes a few weeks to close on them as a buyer or a seller. Financing doesn't necessarily take that long if everyone involved jumps through their respective hoops promptly.
I closed in exactly 30 days with my house. I had financing. We could have shaved 10-14 days off, but it benefited both of us to wait at least 4 weeks. I was breaking a lease and their new house wasn't scheduled to close for 5 weeks.
When a broker (from 1972 till I finally retired), I have closed a couple of sales in less than 24 hours. It took that long, as I needed to get the title company search and commitment done before could close. I always had a title commitment in hours, due to the amount of total volume I put through the company. One of those was an owner carry loan, with a large equity. The other was cash.
I have closed numerous sales in a week to 2 weeks. Of course, I was an investment broker, and was not in the regular house market, except buying and selling houses for investors to use as rentals.
Example of a quick close. A home owner came to my office on Friday afternoon, and asked me to buy his home, as it was going to be re-possessed by the V.A. on Monday. I checked the home, and told him what I would pay for it, after going down to his house just a few blocks away and seeing the condition, and did a market comparable price analysis in my had. He was happy to get some cash. I called the the VA for loan balance, and told them to send the papers as I was buying it, which as they knew me and very happy to do knowing their problem was solved as soon as papers could be gotten to me. He had asked for the right to rent the home after closing and the rental rate was agreed on.
While he was in my parking lot moving things from inside his car to the trunk, I called a local doctor client and told him what I would sell the home to him for, and he could assume the loan. Told me he would be at my office just after 5 to sign the paper work. I called the Title Company for a quick commitment. Paperwork arrived in Monday morning from the V.A. They delivered the title commitment to my office right after the mail came. I prepared the closing papers, and we signed everything everything at noon, and the Doctor now owned the home, I filed the deed and everyone was happy. I made a nice little profit from that buy and sell transaction, no commission as I did it as a principal. I had used a $1,000 promissory note as a deposit. None of my money used. If I had not already sold it, I would have closed using my own money, and sold it in the future.
The sellers were regular patients of the Doctor, and they thanked him for coming to their aid and buying the home when they were in trouble. The doctor loved them as tenants (one of numerous ones he had), as they kept the home in absolute perfect condition, paid rent on time, and never called him with problems as the renter took care of problems himself. We had a base rent, and if paid on or before the due date there was a $25 discount.
Hint: Renters hate late payment leases. They are much more favorable to getting a discount for prompt payment to save the discount. Today I would use $50 as the discount for payment on or before the due date. The discount amount is the amount I want the rent to be otherwise. An attorney friend told me about doing it this way, and said would make tenants happy as they could get a discount by paying on time.
They could not keep up their payments as owners and the home was about to be repossessed, but never missed a rent payment, and always took the discount.
I am telling you about these examples, to let you know what is possible, and how little time some sales can be closed. As a cash buyer, the OP can move very quickly if she decides to do this.
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