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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.
Les & Sarah Oswald
Best of luck with your studies.
Who is the lender?
Depends on the type of financing, and a few other factors.
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.
In some cases it can be less than 30 and others 45-60 days. It depends if everything falls perfectly into place or not.
Closer to 60+ in our area, although we usually try for 45.
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.
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.
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.
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.
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.
45 days in Oklahoma City. I think initially the RESPA-TILA changes with make 30 day closings difficult. We will adjust of course.
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.
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.
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.
Our area it is 7 days for cash, 21 days max for loan....FHA is 30 days. Free rent back for 1 month (typ).
Yes, typical contract is written for 30 days In reality, only about 50% of deals I've done have closed in that time frame!
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.
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
All cash you could get it done in that time frame.
A loan on a primary residence start looking a 60+ days.