This question assumes that the buyer has already been pre-approved.
I've heard it can take 90 days. Is this the average or just a warning that it can take this long in certain circumstances?
2007-03-27 13:59:53 · 5 answers · asked by dullerd 2 in Business & Finance ➔ Renting & Real Estate
A closing can happen almost immediately, in theory. What delays it is two things: (1) the wants of the buyers and sellers and (2) time to schedule other activities, such as inspections, closing agents, etc.
If both the seller and buyer are ready to close immediately, an inspection can usually be scheduled within a week and a settlement agent can arrange everything in about another week.
Can it take 90 days? Sure, but that's when someone (buyer or seller) wants it to take that long. For example, the seller might not have bought another house and needs 90 days to find and settle on one.
2007-03-27 14:09:59 · answer #1 · answered by Jay 7 · 0⤊ 0⤋
I work in the mortgage business so I will answer that according to our side of the transaction. In some cases it can close in the matter of a week. Usually in the contract, the seller will stipulate when the closing is since they are moving out. On most purchase, the usually turn around time is 30-60 days.
2007-03-27 14:13:39 · answer #2 · answered by akindya 1 · 0⤊ 0⤋
typically your agent should ask for a 30 day close- this of course depends that all flies when in escrow., 90 days is out of line- even in this market that's way to long. Every contract has a clause which will specifically tell when the estimated closing will be.
2007-03-27 16:29:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, 90 days is way too long. It is usually three to four weeks, but either side can ask for a longer escrow. As long as both sides agree, they will postpone it. The seller is usually the one who asks for it, so they will have time to pack up and move to a new place.
2007-03-27 14:06:29 · answer #4 · answered by Brian G 6 · 0⤊ 0⤋
we signed our offer on the 17th of march, got counterofferd and then recountered, wich was accepted and then signed the new offer contract on the 19th. our closign is scheduled for april 6th. everyone says that is fast but i think its taking forever ..lol
2007-03-27 16:47:42 · answer #5 · answered by brookieboo 3 · 0⤊ 0⤋