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what is a realistic time frame for a home transaction to be in escrow?

Asked by Voices Member, Sun Jan 30, 2011

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Bernard Gibbons’ answer
I tend to suggest 45 days as a reasonable time frame for anything other than short sales. Lenderd appear to be rather slower than they used to be in committing to funding a transaction in a reasonable time scale.

With a foreclosed / REO propery, expect the seller (bank) to require 30 days or less (!)

Bernard Gibbons

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Bernard Gibbons, J. Rockcliff Realtors
DRE License # 01331583
Phone (925) 997-1585 - bernard@bernardgibbons.com

http://www.BernardGibbons.com
1 vote Thank Flag Link Sun Jan 30, 2011
Richard,

It really depends upon what kind of transaction you are talking about:

Regular sales including a loan can usually be closed in 30 days or less.
FHA loans take a little longer
FHA loans on a project that hasn't been approved take a LOT longer.
REO sales when listed through the MLS are usually the same as regular sales.
The length of trustee sales depends upon whether court confirmation is required or not.
Short sales can take as little as 30 days, but usually take MUCH longer. The worst I've heard is nine months and counting.

If any negotiations arise during the transaction once in contract that can push out the time to close.

If the title company you are using is particularly backed up for some reason that can lengthen the close. Some lenders are also faster than others. If you have specific needs with regards to timeline, make sure your agent is aware and can deliver.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425


Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
1 vote Thank Flag Link Sun Jan 30, 2011
Well in Contra Costa County (from the Zip) it is taking 30-40 days for a good file without hiccups for a strong borrower for a normal sale.

Now if the file has multiple challenges then the closing time is affected
0 votes Thank Flag Link Sat Feb 5, 2011
Hi Richard,
depends on the seller and the buyer.
Depends on the lender for the buyer as well.
If you see an old style train on the loan it will probably take longer.
In answer to your question,...
on average,... 30 -45 days

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
California Department of Real Estate License # 01312992
0 votes Thank Flag Link Tue Feb 1, 2011
Hi, Richard. Last two answers are fairly spot.
0 votes Thank Flag Link Mon Jan 31, 2011
For a conventional loan or FHA usually about 30 to 60 days
0 votes Thank Flag Link Mon Jan 31, 2011
Usually approx. 30 - 60 days if that does not require a bank approval.

IF foreclosure could be approx. 30 - 120 days

If cash offer could be 15 - 120 days depends on who seller is

Confer your questions to your buyers agent FOR fact much is also governed by the executed sales agreement between buyer and seller

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Jan 31, 2011
In the Louisville area, the norm is 30 days or so. Many cash transactions make it through in 14 days. Helping us is the availability of excellent home inspectors who can sometimes get to a home within 3 days. Of course, having already set up your loan aopproval is critical to reducing the total timeframe. Short sales probably average 4 months or so but we have an excellent law firm that gets that job done effectively and efficiently.
0 votes Thank Flag Link Mon Jan 31, 2011
Richard,

It all depends if you are a cash buyer or are getting a loan and the type of the loan. The break down from agent, Phil Rotondo, is right on the money. There are some instances however where it is negotiated in the contract that the seller can rent back the home for a period of time, or where the seller needs to find another house and would need additional time to stay in the house.
0 votes Thank Flag Link Mon Jan 31, 2011
Richard;
Cash - 15 - 30 Days
Conventional Mortgage - 21 - 30 Day
FHA - VA - 30 -45 Days
Foreclosure - 30 Days
Short Sale - Maybe sometime this year.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Mon Jan 31, 2011
If its not a short sale and you were pre-approved before submitting the offer. 30 days or less.
0 votes Thank Flag Link Sun Jan 30, 2011
If the purchase is a short sale transaction the escrow may go 60 plus days. Each transaction will be different depending on the type. Good Luck
0 votes Thank Flag Link Sun Jan 30, 2011
Hi Richard,

In our area it is anywhere from 21 - 45 days. Depends on the loan type (time for appraisal) and how fast the lender can work.
0 votes Thank Flag Link Sun Jan 30, 2011
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