Hi,

I'm glad you find this site helpful....I think it's great to be able to talk in this type of a forum!

Home buying can be a bit like childbirth...might hurt during the process (although it shouldn't) but once you have that new baby-home- you won't remember the process!!!

Let us know once you've closed!!!

K

Thank you all for your inputs. I wish that I would have known this website last couple months. This site is very helpful and has many experienced brokers here.

Hi,

As Bob says...if you get loan docs by Monday...you should be good!

Congratulations on your new home!

K

Yes, an escrow should usually close within 1 to 4 days after signing loan docs.

Good luck with your new home.

Hi Karen,

Thank you for your inputs. The house is REO. The 1st appraisal report gave a $50K less than the purchase price. The 2nd appraisal came out with the same purchase price. Is that possible that we get the house by Friday next week since we expect to sign the loan docs on Monday?

Hi Hien,

I'm concerned by your clarification....are you saying that you are waiting for the approval for the second lender on a short sale? Have you already incurred costs? (such as your own lender appraisal and home inspection)? Normally I would NEVER have allowed you to do that. On short sales, there is no guarantee that the short sale lenders will approve the offer price, and second trust deeds are even harder right now. They often come back and ask for additional money from the buyer or seller to release the lien, this would need to be addressed.

If you have done your lender appraisal and have done your inspections...then there is a chance you can close on time. But your lender needs to order the loan docs asap.....you would need to sign probably by Monday. If you are ready to do this....that's Ok, but DO NOT FUND your loan until you have the short sale approval letter for both the first and second lenders.

I'm very concerned about all this....and I would expect that you are not going to close by the 17th. If you still want the home, I would not be concerned about getting an additional extention....the delay is being caused by the seller's lenders, not yours. Also....I can see no reason for you to lose your deposit, again you did not cause this delay. Closing escrow requires both parties to agree to the distribution of the deposit....so don't agree to give up your deposit. But I think this will all still go through, just might take longer.

Hope this all helps.....

Karen

We've been in escrow for 37 days and the seller has agreed to extend the closing till 17th of this month. We had been waiting for almost 30 days for the second appraisal work came out with the "right" purchase price for the second lender to approve. We have not signed off any loan docs and have not yet agreed on removing any contigencies. Our agents told us that we are on schedule to close next week. Does it take just another 7 business days to do the closing? I don't believe that we can move that fast. Just like some of you wrote, it takes time for the lender to going through our docs. If it is done by next week by the 17th, we would have been on a 45 days escrow.

What's if the escrow is not closed on the 17th (friday) next week? Are we losing the good faith deposit?

The appraisal is only one part of the whole loan package. Depending on how your loan officer and bank work, it can take up to 45 days to close a loan because they need a lot of documents from you, the escrow company, the title company, and the appraisal.

I had one that took over 4 weeks after an appraisal to close because the lender needed more info from my buyer. It had nothing to do with the appraisal at all.

Good luck.

Aaron Zapata
Prudential

Typically, assuming the appraisale was done within 17 days of opening of escrow, and most or all contingenies are removed, you should close withing the 30 days time period, currently lenders are taking 1-2 weeks longer to close.

Mike Patel
714.470.8600
Prudential

There is no "typical" timeline, although usually an escrow would close within 30 days of having an appraisal done.

An appraisal is usually done within a couple of weeks of an offer being accepted, during the formal loan approval process.

Most escrows close in 30-45 days, although shorter or longer can happen, as well.

Hien, there really isn't enough information in your post to answer that question. There is a new requirement that lenders provide you a copy of the appraisal report at least three days before the close of escrow but other than that it all depends upon where the rest of your loan file is in the process. If you've been fully approved subject to just the appraisal you could be closing within 3 days to 2 weeks. If your loan file has not been submitted for approval yet you could be looking at 1-3 WEEKS depending upon what lender you are using.

If you want to provide some more specifics I'd be happy to see if I can add more detail