Question Details

Angie, Home Buyer in 19018

House Status is Sales Pending... How long does it take to close?

Asked by Angie, 19018 Mon Jan 3, 2011

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Angie there are too many variables to guess. Most properties close within 30-45 days from it going under contract, cash sales will close quicker, conventional loans take about 30 dasy with fha loans taking about 45 days.

If it is a short sale that was just put under agreement it could be 45 days up to 6 months.

If you are the buyer of a property that just went under agreement, check with your loan officer for details and a time frame of your mortgage and check with your buyer agent to review teh closing date and requirements in yoru contract,
2 votes Thank Flag Link Mon Jan 3, 2011
Good Morning Angie;
It will depend on the closing date as set forth in the contract.
For privately owned sales - assume a normal 30-45 days...It could be less if it's a cash deal.
For foreclosures - usually 30 days
For short sales - it should be 30-45 days after the 3rd party lender approves the contract.
Web Reference:
1 vote Thank Flag Link Mon Jan 3, 2011
Hi Angie,

So many things can impact the closing, it's really impossible to say how long it could take. I can tell you that on sales I've been involved with over the past several years, my average offer to close has been 67 days. But more recently, short sales have been driving that number up. Over the past two years, I've been averaging 80 days.

A short sale can be very unpredictable. I hope the sale you're referring to isn't one that type of sale. The banks aren't playing ball very well. I've had short sales get approved within two months, and others that have taken six months. I wish there were a magic answer for that question.

If there is good news to be had, short sales are getting approved. I've only had two sales lost because the bank wouldn't approve it. And as for the days to close, the numbers look better if you're not dealing with short sales. If I take out short sales out of my equation, my past two years looks better with only 55 days offer to close.

I hope that helps you out. Good luck.

Jack Jentzen
Prudential Starck Realtors
(224) 234-5276
0 votes Thank Flag Link Tue Jan 4, 2011
It really depends on the circumstances, if it's a short sale--depends on the lender as there are no set time frames; regular sale, depends on what is stipulated in the contract; cash purchases are the fastest and much will depend on how quickly the related paperwork is completed; bank owned, depends on the lender and reaction time....what is your agent advising....
0 votes Thank Flag Link Mon Jan 3, 2011
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