Typical Closing Time (sales, contracts, loan, lenders)

[Mstrlucky74]

From when you go into contract to closing whats the typcial amount of time? thanks

[2bindenver]

30-45 days with a new loan.

[Silverfall]

My lenders are saying 45 days right now since everyone is working from home and things aren't super efficient.

[Mstrlucky74]

Thanks ..would imagine short sales are longer?

[Brandon Hoffman]

Originally Posted by Mstrlucky74

Thanks ..would imagine short sales are longer?

6-12 months.

[bande1102]

I'm dc metro area and it is still 30 days.

[twingles]

Originally Posted by Mstrlucky74

From when you go into contract to closing whats the typcial amount of time? thanks

Aren't you on Long Island? This is why people are supposed to say their market . On LI expect at least 2 months and likely 3.

[the_potion_darling]

I recently sold and pushed to close in 19 days given the virus economics. It was tight, but we did it.

[simplechamp]

We went under contract 3/18, got clear to close 4/8 and would have been able to schedule closing for 4/15, 28 days contract to close. Unfortunately the sellers are pushing it to last date of contract 5/1. Only thing we can figure is to avoid paying 2 weeks occupancy.



We were definitely surprised how quick we got through underwriting. Were expecting some delays due to COVID-19. Loan officer said they were slammed with refis right now but new sales took priority due to time constraints on purchase contracts.