Foreclosure in La Quinta>Question Details

Sail2bfree, Home Owner in La Quinta, CA

If an offer is accepted how long until escrow closes?

Asked by Sail2bfree, La Quinta, CA Wed Apr 20, 2011

What are the general guidelines on how long the process takes if you are qualified to purchase a property in La Quinta, Ca that is a foreclosed parcel under $100,000? Also, what are the income
criteria necessary to facilitate the purchase.

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By the nature of your questions I can see that you need two things;

Contact the Lending Arm of your choice: BofA, Wells Fargo, etc... Then again many Buyers feel more comfortable with a Mortgage Banker or Broker like Ivy Scott of Franklin Loan Center (760) 399-6654. AA referral from someone you respect to a professional they respect is worth it's weight in gold. It is absolutely essential to ensure a successful and timely contract acceptance by being pre-qualified with a letter evidencing same available to your Real Estate Agent or Realtor; and

You need a Great Realtor who can assist you with the intricacies of a contract and answer all your questions. If you are not working with anyone at this time, I ask that you check my recommendations here in Trulia and consider being the next success story in my history.
0 votes Thank Flag Link Mon Aug 19, 2013
Every deal is different usually you must have asked when you put the offer in 30 or 45 days after acceptance ,it depends is the property short sale ,foreclosed ,each situation varies.
HENA MARTIN BROKER .760-251-2868
0 votes Thank Flag Link Sun Jan 27, 2013
The advice from Laura and Elizabeth is sound. Talk with a trusted lender. They will look at your credit scores, income, work history, debt, savings, and assets then advise you on a loan product fitting for your goals. The cost of this advice is zero up to the cost of pulling a credit report. So there is no reason not to do it and it will empower you to make a sound decision.

Once you have your loan qualification in hand you can write an offer. If it is a traditional sale and there is nothing unusual in your financing you could close in 30 to 45 days as agreed to by both buyer and seller. If it is a short sale, rehab loan, or other non-traditional sales the timing will vary.

You should interview and select a buyer agent who will be your advocate. Your agent will review the loan products you are offered, discuss the properties you are interested in, and take you through the entire process. Your agent is paid through the seller. So there is no reason not to select one agent to help you.

Have an amazing day and good luck.
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0 votes Thank Flag Link Wed Apr 20, 2011
Hello Sail,
All of the terms of the "Residential Purchase Agreement" are negotiable. With that being said, most of the banks have specifics that they will look for. The rule of thumb is: the shorter the escrow, cash purchase, and less or no contingencies tends to be a stronger offer. Keep in mind, even though you may state you will close escrow in 15 days, the bank may not be able to turn the paperwork over fast enough. But they would still consider that to be a stronger offer than someone with a longer time frame.
If you are financing the purchase, there are steps that will need to be taken for the approval, and this will entail certain guidelines to qualify. Including, but not limited to: credit score, income to debt ratio, cash reserves, employment history, etc.
Let me know if you need help qualifying, finding, and purchasing your new home.
Thanks again,
Web Reference:
0 votes Thank Flag Link Wed Apr 20, 2011
You need to speak with a qualified lender. If you are purchasing with a loan typically it is 30 to 45 days. Anything longer than that will require a longer rate lock extension which costs more money. Depending on your loan and your lender will determine the length of escrow needed. Make sure you Realtor and your lender are on the same page of what you need.
0 votes Thank Flag Link Wed Apr 20, 2011
I recommend you contact Walter Neil at Franklin Loan Center for information on the income criteria and lending questions. His number is 760-779-8137. If you are interested in purchasing a property in La Quinta Cove, I have two listings that I would be glad to show you. Neither are bank owned or REO properties and the purchase would be very straightforward.
0 votes Thank Flag Link Wed Apr 20, 2011
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