Hi all-
I was wondering something... I am possibly going to buy a condo. I live in California. Is it possible to close escrow on a condo ANY SOONER then 30 days?
Thanks.
p.s. please no repeat answers.
2006-08-04 08:48:05 · 5 answers · asked by Christina 2 in Business & Finance ➔ Renting & Real Estate
it is up to the former owner of the condo and the lender.
2006-08-04 08:52:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It is possible but highly unlikely to complete all of the necessary paperwork. You have to approve of the conditions, covenants and conditions (CC&R's) which sometimes may take time to get from the title company. The escrow company has to get payoff figures for the existing loan which by Cal. state Law, the mortgage company has up to 21 business days to give to the escrow company. If you are getting a mortgage loan on it, there has to be an appraisal, verification of your credit, employment, loan approval, underwriting approval, document preparation, funding approval, funding and recording. All of these things take time. 45 days is usually a more realistic time to get through a escrow in California. If you were paying all cash it would be easier to close an escrow in less than 30 days and if there were no existing liens on the property that would help hasten an early close. Good luck and select an experienced Realtor to guide you through the process.
2006-08-04 15:59:30 · answer #2 · answered by SunFun 5 · 0⤊ 0⤋
Hi, Escrow is just a nuetral third party. As long as all the necessary documents are submitted and all parties agree, escrow can be closed at anytime.
I am a Realtor/Broker in Southern California and I can service Orange County, Riverside County and San Diego County. If you need help, let me know.
Regards
2006-08-05 02:08:14 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I don't know about California, but I work for a mortgage broker in CT and we can close a loan in 2 weeks if everything is in place. An important factor is having all your paperwork (paystubs, bank statements, etc) in order and up to date. It helps if your credit is good with no judgements, bankruptcies or chargeoffs. Clsoing within 30 days might be no problem. Often, the biggest hold up in with the appraisal.
2006-08-04 15:54:34 · answer #4 · answered by Janet R 2 · 0⤊ 0⤋
if it is written in the contract to close sooner than 30 days. 30 days are given, so that the lender can get you your loan. and also to have a home inspection, termite inspection, and maybe a little bit of time for you to think about it. good luck
2006-08-04 15:54:11 · answer #5 · answered by PunkRockChris 2 · 0⤊ 0⤋