We sold our house in NY last year which took 2.5 months to close and am about to close on a parcel of land that when all is said and done it will be 3 months.
When we bought a condo in FL it was about 40 days and was floored that when we put in the offer the offer was an actual contract presented by the realtor where in NY the binder is the offer pending a contract by the attorneys which seems to drag out the process.
So I'm just curious, what state are you in and about how long does a closing take?
Posts: 2544 | Location: usa | Registered: Sep 28, 2002
In my part of Michigan, about 30-35 days to close; not talking about shorts or some forclosures. Also a buyer who has straight employment history, not independent contractor or new on the job.
Posts: 2809 | Location: Michigan and sw Florida | Registered: May 16, 2007
Too many variables to consider to give an "average" time here in Idaho. Some of them: are the Buyers going to need financing and, if so, how far along are THEY with that process? Is the title completely clear or are there encumbrances on it - earlier mortgage, liens, easement questions, etc.?
For example, a cash purchase of bare land owned free and clear by the sellers could probably clear closing in 7-10 days if everyone works at it - meaning an attorney (if one is involved), title company and the parties themselves, of course.
If financing is involved, could be as little as 30 days if the Buyers have their financing lined up already and there are no issues with the property.
Could be 60 days, if there are issues with the property or Buyers are starting from scratch with financing or inspection reveals remedial work that must be completed.
Could be even longer if more than one of these issues is present so it's just not possible to give a generic answer - every sale is unique and so is the time it takes to close one.
For a straight sell (with buyer's financing all ready), a month is pretty common here, and I've seen it more quickly if the banks and all parties are comfortable. I've also seen it be more if required by one of the parties (maybe the seller needs 45 days to get out)... For short sales - well, I just don't know about that yet, but hope to have some insight in the Florida market.................soon, I hope ,I hope, I hope..........
Idaho is correct it doesn't seem to be a market to market pending time period, but indeed variables.
Type of financing, employment history, title issues, allowable time periods for home inspections and repair issues negotiations are just a few of the variables.
Co-Op agents, buyers lenders, and title company processing expediency also plays a major role.
It helps to be known as a bit of an over bearing Realtor to keep the teamwork in check.
