Home Buying in Oakland>Question Details

John M. Stev…, Real Estate Pro in Walnut Creek, CA

Does a 45 day escrow almost always spell a dead deal?

Asked by John M. Stevens, Walnut Creek, CA Tue Dec 6, 2011

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No more than a 10-day escrow.
If it's meant to close it'll close.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Wed Dec 7, 2011
No. It all depends on the buyer and seller needs.

Oggi Kashi
Broker Associate, Paragon Real Estate Group
All data from sources deemed reliable but subject to error and omission, and not warranted. CA DRE 01844627
Web Reference: http://www.oggikashi.com
1 vote Thank Flag Link Tue Dec 6, 2011
In our area of Nevada it's almost necessary because man of the Government Loans Require at least that long to close with Appraisal Regulations and Underwriting. I'd not be afraid of an escrow that long.

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410
775-781-5472
0 votes Thank Flag Link Wed Sep 12, 2012
If you want to make your offer look stronger than I would recommend a shorter escrow. If the property has no other offers on the table than I think a 45 day close is fine. If the seller does not like it they could counter you to shorten it. But if you are the only offer than the seller might be more willing to accept a longer escrow period.
0 votes Thank Flag Link Mon Sep 10, 2012
I would need more information before I could answer the question. Do you mean in the offer phase? Or was an extension required? Are you a buyer or a seller?

It really depends on what aspects of the transaction are cause and effect.

Assuming you are the buyer:
If in the offer phase, then it depends on the sellers' motivation, and whether there is competition or not. If there is competition, and you offer 45 days, your offer price and your down payment or the appraisal guarantee probably have to be much higher If you are in a contract, and have to extend, it still can be affected by whether the seller will grant the extension. If there is no back up offer, they may...but if it was competitive, and there is a It also affects the interest rate, and ability to qualify for the loan. If you locked your interest rate for longer than the escrow takes, then the loan won't be affected. But if your rate lock expires, and you can no longer perform on the loan...then this could be a big, big issue.

It's important to stay ahead of these issues, and a good agent will help you do that.
0 votes Thank Flag Link Fri Jan 20, 2012
It depends on the market you are buying in. For example, in Cupertino and West San Jose with Cupertino Schools, there are few good homes on the market and hardly any short sales or foreclosure homes, so a quick close of escrow may give you as a buyer the competitive edge in a bidding war situation.

However, if the seller is looking to buy another home or can't move until their next home is ready, a buyer who can be flexiable with their timeline or accomodate a 45-day escrow could have the advantage.

Ask your agent to verify the seller's situation and preferences as well as current buying trends in your specific neighborhood.
0 votes Thank Flag Link Tue Jan 17, 2012
I agree with Pacita ,,, Go For It

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410
775-781-5472
0 votes Thank Flag Link Fri Jan 13, 2012
Are you writing an offer on a short sale? If so, 45 days is what is says is on the short sale addendum as the standard waiting time for short sale approval.

If you're writing an offer on a regular sale but are getting an FHA loan, 45 days is also acceptable

If you're writing an offer on an REO, then the bank pretty much dictates what it wants, 30-45 days is still within their parameters.

Write the offer....then negotiate.
0 votes Thank Flag Link Mon Jan 9, 2012
Since you're an agent, John, I am not "getting" your question.....................houses can close in 30 days, or 45, or 60 or 90.............am I missing something here, or pehaps your question need more clarification??

Why would a 45 day escrow "spell a dead deal"??

As Oggi said - it depends on the needs of the buyer and seller.
0 votes Thank Flag Link Tue Dec 6, 2011
No, that's often the time frame of a short sale. Not everyone is in a rush! If you are a buyer and need that long then don't try and compete with the lowest priced foreclosures with multi-offers that will all be under 30 day escrows. You need an agent to find the perfect fit for you!
0 votes Thank Flag Link Tue Dec 6, 2011
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