Average length of time to close

[DTB]

Hello Illini friends, what is the current average time from sale to closing in our neck of the woods? I'm trying to nail down a timeline for some fancy juggling. Thanks

 

[glenn walker]

Hello Illini friends, what is the current average time from sale to closing in our neck of the woods? I'm trying to nail down a timeline for some fancy juggling. Thanks

Better talk to a loan officer -in my are 30 days if everything is perfect but if purchasing a home it better be vacant as if the seller gets stuck I have seen 45 to 60 days easy.

 

[DTB]

Thanks, I'm trying to avoid a fast close on a sale because the next purchase needs a lengthy closing time as they remodel their next property before moving.

I'm too good looking to be homeless.

 

[glenn walker]

Thanks, I'm trying to avoid a fast close on a sale because the next purchase needs a lengthy closing time as they remodel their next property before moving.

I'm too good looking to be homeless.

I have known people who got stuck in motels for 3 to 4 months. I had that happen to a cousin in Colorado last year closed escrow on his home and suddenly the home he was buying got damaged in a big wind and snow storm. His wife left him and moved in with relatives and he then lived in a dead Hooker Motel at $2,000 a month for a very long time.

 

[Joe Flacco]

Lenders can close in 21 days right now. Only hold up is probably the appraisal if financing.

 

[BRCJR]

Lenders can close in 21 days right now. Only hold up is probably the appraisal if financing.

I am hearing, from lenders I work with, the attorney's are the hold up right now.

 

[Joe Flacco]

I am hearing, from lenders I work with, the attorney's are the hold up right now.

Oh yeah? How many days to close are you seeing?

 

[BRCJR]

Oh yeah? How many days to close are you seeing?

Different areas we cover, NC, TN, and VA are primary. 30-45 days has been typical and it is not appraisal related the majority of the time.

Closing attorney's, currently, are the clog in the pipeline in most of our cases..

 

[DTB]

I have known people who got stuck in motels for 3 to 4 months

Yikes, good thing I'm not people.

 

[andrew81]

What I see on most contracts is a closing date of 30 to 45 days.

In my market there is an in-house lender in Iowa that uses an in-house non-licenced appraiser and advertises closing in 7 to 14 days.