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Rainmaker
1,213,053
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

It was 30 days, unless all cash then 7-10 is typical here. But come 10/03/15, get ready for 45-90 days folks. TILA & CFPB goes into effect.

Oct 01, 2015 02:19 AM
Rainmaker
1,866,755
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Best of luck with your studies.

Jan 08, 2020 04:45 PM
Rainmaker
778,495
The Woodland Team of Texas
The Woodland Companies - Austin, TX
Land Specialists

Who is the lender?

Mar 26, 2019 08:00 PM
Ambassador
5,357,178
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Depends on the type of financing, and a few other factors.

Sep 29, 2018 07:27 PM
Rainmaker
527,095
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

TRID turned out to be just a minor annoyance, adding a few days to the closing process. On the other hand, it almost entirely eliminated last-minute surprises on the settlement statement.

Nov 25, 2017 01:10 PM
Ambassador
3,986,660
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

In some cases it can be less than 30 and others 45-60 days. It depends if everything falls perfectly into place or not.

Aug 24, 2016 12:59 PM
Rainmaker
1,385,024
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Closer to 60+ in our area, although we usually try for 45.

Oct 01, 2015 08:51 PM
Rainmaker
639,862
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

Our norm for the past decade or so has been 30 days to close and 17 days to remove all contingencies.  This might be changing with the new TRID but I hope not.  Longer escrow periods and longer contingency periods lead to more cancelled contracts.  That's not good for any of us.

Oct 01, 2015 02:36 PM
Rainmaker
1,683,350
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Depending on the type of loan I put up to 45 days.  Sometimes USDA is backed up, so you need more time to close. Other times the can do their part in just a few days.  There are other reasons, such as the Buyers or sellers moving availablitiy.  If both are good with 45 days, then we don't have to deal with extentions.

Oct 01, 2015 11:08 AM
Rainmaker
4,882,385
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

In Denver it is 30-45 days, cash in 7-10 days.   The lenders I have talked to (and work with) say, they still can accomplish the 30 days, but probably will push it out just in case in the beginning.

Oct 01, 2015 07:48 AM
Rainmaker
119,342
Gilbert Real Estate Experts: Colby & Michele Myers
Darcam Real Estate & Investments, LLC. - Gilbert, AZ

I think 45 days will be pretty norm once everyone gets used to the new guidelines.  However, it could be close to 60 days on average, 45 days may be a miracle.  No one really knows until TRID is rolled out.  

Oct 01, 2015 06:46 AM
Rainmaker
1,514,105
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It used to be, but with new-coming TRID, I will expect it to be 40-45 days. If the lender can do faster and all parties agry, we always can close faster.

Oct 01, 2015 05:30 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

45 days in Oklahoma City. I think initially the RESPA-TILA changes with make 30 day closings difficult. We will adjust of course.

Oct 01, 2015 05:22 AM
Rainmaker
864,358
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

All cash is typically 7 to 14 days.

A straight forward conventional loan is typically 30 days. With the new Triad, I would say  contracts should be 45 to 60 days to be on the safe side for all parties involved.

Oct 01, 2015 03:21 AM
Rainmaker
1,397,958
Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Here a cash offer could be done in thirty and others generally take forty-five to sixty. I do not foresee any major extensions after 10/3 unless there is a problem with title.

Oct 01, 2015 02:26 AM
Rainmaker
3,069,934
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

jacquelene rivers Time to execute a real estate purchase contract - as long as it takes the Seller and the Buyer to sign it.  5 minutes?  How long for close of escrow.  Varies.  Cash is faster. VA loans can be longer than conventional.  Buyer and Seller define the closing date in the contract.

Oct 01, 2015 12:53 AM
Rainmaker
1,149,009
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Our area it is 7 days for cash, 21 days max for loan....FHA is 30 days. Free rent back for 1 month (typ).

 

 

 

Oct 01, 2015 12:49 AM
Rainmaker
390,939
Cindy Davis
SD Home Source Realty - San Diego, CA

Yes, typical contract is written for 30 days In reality, only about 50% of deals I've done have closed in that time frame!

Oct 01, 2015 12:44 AM
Rainmaker
882,261
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Jacquelene, I'm tempted to not answer your question by stating there is no such thing as a typical transaction. Every one of them has 'something.'

As you know all real estate issues that are actionable are local.

For instance, if the local market is low cap and mostly FHA backed purchases the time-line is significantly different that those communities of high cap non-conforming purchases.

In the Tampa Bay area of Florida:

An FHA backed closing should project to about 47 days. 

Conventional to around 31 days.

Cash 14 days.

Short sale 160 days

Foreclosures 30 days.

Aggregating all the closings I would suggest 45 as the best projection.

However, the new rules imposed on financed real estate sales imposed this month could have a dramatic influence on time to close.

It's brand new, we don't know.

Sep 30, 2015 11:41 PM
Rainmaker
572,981
Jeffrey Jones
AZ Home Seekers - San Tan Valley, AZ
AZ Home Seekers, azhomeseekers.com

most of our cash deals go 10-14 days. Loans in the 30-45 range usually time towards the end of the month to avoid prepaid interest

Sep 30, 2015 11:35 PM
Rainmaker
787,181
Bob Force (REALTOR®)
Weichert Realtors - Aspen Hill - Mount Airy, MD
The FORCE in Maryland Real Estate

All cash you could get it done in that time frame.

A loan on a primary residence start looking a 60+ days.

Sep 30, 2015 11:33 PM