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[ccassaday]

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@Pinkroses2 wrote:

My parents house sold in 5 days and my brothers and I closed it in 30 days. The people who bought it paid cash! 

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That would be great. I think in this price range there might be a lot of first time buyers so not sure ifwe could expect a all cash offer. My dad just sold his fathers house for cash. It closed in two weeks. But it was a dump and the guy who bought it was going to fix it to be a rental.

[MickD]

30 days.

[ccassaday]

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@Kachina624 wrote:

It normally takes about 30 days but could easily take longer.  Inevitably some issue will arise that must be settled before the process can continue.  It's nerve-wracking for all parties involved.  This is when the realtor earns his/her money. 

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I am praying it won't. We have a time crunch and need to close on our construction loan. If it takes to long could be looking at not being able to start because of the weather and getting the foundation in.

[software]

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@ccassaday wrote:

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@software wrote:

I don't remember but it was 30 days or less.

It was specified in the contract.

The owners were anxious to go and I was ready to complete the deal.

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That is how we will be. We need the quickest close possible. If the buyer had kids I would think they would want to be in before school. I have to also mention to my dad if he hasn't already thought about it that all offers must have pre approval. We will defintly let the buyer know we want a quick close. Hopefully the buyer will want the same.

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Put it in the contract so the buyers know up front, but also include a contingency for any possible unknown.     Their kids, their other family drama is irrelevant.   This is a financial deal.   When someone is in the market to buy, they need to be prepared to buy and close.

I edited my post to add this.   Being "pre-qualiified" doesn't really mean anything.   There's another term, can't remember what it's called where the buyer has already secured the money, just waiting on the house.    Pre qualified to me means they have the financial means to afford a house of a certain price.   But they may not have gone through the process to secure a loan.

And you can certainly say no FHA, for example.

[MickD]

@software has great advice @ccassaday we had pre-approved buyers and 30 day close as we had a contingency offer on our new house....it worked out!  House on the market for a little less than 3 weeks.  30 day close and we were outta there!

[Carmie]

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@ccassaday wrote:

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@Carmie wrote:

Normal closing time is 30 to 60 days.  It depends on the buyers financing.  If you sell FHA or VA it will take longer usually,  than a conventional mortgage.

if the buyers have great credit and at least 20% down and the title search goes really well, 30 days is about right.  Most buyers want to close on the last day of the month because it saves them money in interest.

Cash buyers can close right away after the title search and inspections are completed.

if the sellers have to get the house treated for termites or make repairs, that could cause the  settlement date to be longer.

if the house settlement date on the contract can't be met, an extension will need to be signed by the seller and buyer, or either party can drop out.

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There shouldnt need to be any repairs. My dad is making sure everything is in pristine condition before going on market. I think it might be a good idea to not accept any offers that are fha or va if that can be helped. In this market right now I think most people are prequalified before starting to look.

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Sometimes repairs are required to bring a house up to code, for instance a ground vault plug in the kitchen and bathroom.  You would be surprised how picky some home inspectors are.

[ccassaday]

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@software wrote:

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@ccassaday wrote:

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@software wrote:

I don't remember but it was 30 days or less.

It was specified in the contract.

The owners were anxious to go and I was ready to complete the deal.

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That is how we will be. We need the quickest close possible. If the buyer had kids I would think they would want to be in before school. I have to also mention to my dad if he hasn't already thought about it that all offers must have pre approval. We will defintly let the buyer know we want a quick close. Hopefully the buyer will want the same.

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Put it in the contract so the buyers know up front, but also include a contingency for any possible unknown.     Their kids, their other family drama is irrelevant.   This is a financial deal.   When someone is in the market to buy, they need to be prepared to buy and close.

I edited my post to add this.   Being "pre-qualiified" doesn't really mean anything.   There's another term, can't remember what it's called where the buyer has already secured the money, just waiting on the house.    Pre qualified to me means they have the financial means to afford a house of a certain price.   But they may not have gone through the process to secure a loan.

And you can certainly say no FHA, for example.

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They call it pre approval. That is where they have already submitted all their documents. My dad had told my brother in law he wants it to say immediate poscession. Meaning we can be our as quick as we need to be.

[ccassaday]

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@Carmie wrote:

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@ccassaday wrote:

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@Carmie wrote:

Normal closing time is 30 to 60 days.  It depends on the buyers financing.  If you sell FHA or VA it will take longer usually,  than a conventional mortgage.

if the buyers have great credit and at least 20% down and the title search goes really well, 30 days is about right.  Most buyers want to close on the last day of the month because it saves them money in interest.

Cash buyers can close right away after the title search and inspections are completed.

if the sellers have to get the house treated for termites or make repairs, that could cause the  settlement date to be longer.

if the house settlement date on the contract can't be met, an extension will need to be signed by the seller and buyer, or either party can drop out.

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There shouldnt need to be any repairs. My dad is making sure everything is in pristine condition before going on market. I think it might be a good idea to not accept any offers that are fha or va if that can be helped. In this market right now I think most people are prequalified before starting to look.

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Sometimes repairs are required to bring a house up to code, for instance a ground vault plug in the kitchen and bathroom.  You would be surprised how picky some home inspectors are.

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I agree about that. I told my mom you never know what a inspector will find. We have had our ac and furnace serviced every year. Last time they gave us a certificate. The house has all fresh paint. New flooring in foyer, kitchen, dining room. New sink and toilet in half bath. The carpet that is down is not that old. My dad actually spent the entire day today painting the garage. All we have left now is a bunch of little stuff we should be able to knock out quickly. Our construction loan may be ready as soon as July sixth. I have no idea how long we have to close on it before the rate expires. I assume it is a 45 or 60 day lock. The credit union said they would coordinate the close on that a few days after the close on the current house. The builder is just waiting for us to sell and get the ok that we sold our house so they will get the first draw after the foundation is laid. My dad retires Friday. So this will all start happening fast because he should be able to finish quickly since he is retiring.

[drizzellla]

It took 10 days when we bought our house.

It took 7 days when I sold my parents house. The reason it took so long was the lady handling the title search. That was her first opening to meet with us. 

[ccassaday]

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@drizzellla wrote:

It took 10 days when we bought our house.

It took 7 days when I sold my parents house. The reason it took so long was the lady handling the title search. That was her first opening to meet with us. 

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Wow. Did you have to get a loan. What about a appraisel and inspection.