how long does it take to close on a condo if u have been pre qualified?

Question

signed all mortgage papers already

Answer 1

We've done it as fast as 2 weeks, but the lender has to be on the ball. Which they usually aren't. But if you stay on them and there are no surprises, 2 weeks is very possible. But I'd still expect a month.

Answer 2

No, you haven't signed all the mortgage papers. You're going to see sixty to a hundred more pages of documents at Closing.

How long it takes depends on a lot of other people.

Someone has to do a title search, someone has to write a title commitment, someone has to contact the current mortgage holder and arrange a payoff, someone has to draw up the deed, someone has to print out that hundred pages of documents, someone has to arrange a time that's good for everyone who will be at Closing. Condos can be easier or harder, depending on how responsive the POA is at getting a Resale Certificate and the insurance docs out.

I've done it from zero to filed in two days, usually it takes about 4 weeks, give or take a week.

edit: This is one of the reasons to have your own attorney. The fact is that everyone involved in a real estate transaction thinks they are in charge; Buyer, Seller, Lender, Realtor, all of them think that everyone else has to jump when they whistle. None of them actually work for you. An attorney does, though. If you really want the honest truth of why it takes so long to close, ask your attorney. If you don't have one, the reason it takes so long is because you don't.

Answer 3

An average condo purchase can take anywhere from 3-5 weeks. The delays usually occur because the mortgage officer is slow or doesn't know what their doing. Make sure to hire a professional. How do you find a local professional, ask friends and look through the local newspaper to find agents who are top producers in your area. Good agents always work with good mortage brokers.

Answer 4

Can't speak for another company but you may want to employ to mortgage professionals. this way if you get to closing with one and the #'s change or if one doesn't handle there business correctly you have more than one option. The speed of the loan has alot to do with the processor on the file. My processors don't let files set on there desks. One broker may take 4 weeks or more. My purchase loans normally take about 2 weeks. Many times I don't even need an appraisal so this can speed up the loan process by a week. Let me know if I can help. I am glad to compete for business.

Best Regards,

Anthony
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Answer 5

Not long at all but depends on what you and seller agreed to and also who is drawing up the papers; sometimes title companies need a push. Get the real estate agent to lean on them or you can call them because you are paying.

Answer 6

It Can be fast if everything goes smooth I say about four weeks