Home Buying in Miami>Question Details

Tm, Home Buyer in Mill Valley, CA

How long does it take to close on a house or condo purchased in Miami, Coral Gables or on Miami Beach -- purchased with cash? Thank you.

Asked by Tm, Mill Valley, CA Sat Oct 6, 2012

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23
Hi,
For clients who like to buy fast, I always suggest to avoid short sales and look for clean properties. With no complications and a good title company ( not very common in Miami) a sale can be closed in 20 calendar days. It could be even less but in Miami efficient service scarce.

Jose Guzman
http://www.MiamiApartmentsAndHomes.com
3 votes Thank Flag Link Tue Oct 9, 2012
If buying cash, once the title work is done you might close immediateley. So it will vary from 7 days to 30 days. If financing, there is not true answer for your question. No one knows.
1 vote Thank Flag Link Tue Oct 9, 2012
Depending on what you purchased, it could take up to 30 - 60 days. If a Condo State law gives the assn up to 20-business days to do their Condo Approval processes. If a Foreclosure, title clearing is known to take an average of 60-days to close even a cash deal. If you're buying a short sale, cash doesn't speed anything up necesarily it only makes a more "sure thing" for the lender who still has to approve the debt settlement with their mortgagor & investor, which could take upwards of 90 - 180 days or more depending on the lender, investor, servicer and seller/seller's agent. A Traditional Sale or Builder purchase of an inventory home can be 30-days or so because all the other issues above generally are non-existent. Condos still have that 20-business day period to approve or deny the buyer. Now IF you want to take title on a Quit Claim Deed and "AS-IS" maybe 10-days to do your due diligence and close. I'm just curious though, why the question and why your "hurry" to close"?
1 vote Thank Flag Link Sun Oct 7, 2012
Dear Tim,

It all depends if the property you are buying is a short sale, a REO or a regular sale and if it is subject to any type of association approval. Also you need to consider the time the inspection of the property will take and all the paperwork with the title company.
Normally if there are no problems, and is a regular sale (no short sale or REO) and there is no need of any type of approval from association, you can close in 10 days once you find the property and your offer is accepted and the contract signed.
If you need assistance in finding the property, please let me know. You can reach me at 786-406-0503 or at Fortune International Realty 305-460-6749 direct.
Wishing you the best of luck and welcome to Miami, you will love it here!!
Vivian de Marchena
Realtor Associate
Fortune International Realty
2401 S Douglas Rd
Miami, Fl. 33145
Cell: 786-406-0503
Ph: 305-460-6749
vivian@marchena-mena.com
0 votes Thank Flag Link Mon Oct 8, 2012
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Mortgage Broker responds:

How fast do you want to close? If you are an attention to detail and good record keeper, as little as 18 BDs.

With values going back up, rates in the upper 2% range for qualifed borrowers and closing costs paid for them, now is a good time to buy.

see loan programs: http://www.pro-option.com
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0 votes Thank Flag Link Sun Oct 7, 2012
Good Morning Tim,

I think you can gather from the responses you have received so far that there are some factors that may come into play and can determine the length of time it can take to close on a purchase. As you have indicated you would be purchasing as a cash transaction, the closing would not take more than about two week, so long as the title is clear and there are no unforseen title issues. Additionally, if you are looking to purchase a property that is within a condo or homeowner's assocation, depending on the association that can add time to your expected closing date as some associations to take somewhere between 1-3 weeks to approve buyers' applications. Another thing to consider is whether the property you are purchasing is occupied and the agreement you may have per the contract for the occupant. These are all factors that can factor in to the length of time to close. With the assistance of your Realtor he/she will be able to provide you with more detailed timeframes depending on the circumstances on a particular property. Good luck with your purchase search. If you have any addtional questions please feel free to contact me.

Lila Lopez
RE/MAX Advance Realty
homesbylila@yahoo.com
305-772-2521
0 votes Thank Flag Link Sun Oct 7, 2012
Hi TM,

It all really depends what type of sale it is. If its a traditional sale, it can close within 10 days if it's a cash deal. If its a foreclosure or short sale, it can take a while.

If you send me the property you have in mind, I can check it out for you.

Sincerely,
Alex Cabrera, Broker - President/CEO (CDPE CSSA)
South Coast Realty Inc.
786-380-2383 (Cel)
786-497-3610 (Fax)
(Certified Distressed Property Expert)
(Certified Short Sale Agent)
Alex@SouthCoastFL.com
0 votes Thank Flag Link Sat Oct 6, 2012
If you do provide property location and any other information I can define how long it will take to get to closing. Please contact me.
0 votes Thank Flag Link Sat Oct 6, 2012
Tim;
It could be as quick as a week to 10 days realistically. As long as the realty agent, title company &/or attorney are working in unison. Condo associations could stall things up!
0 votes Thank Flag Link Sat Oct 6, 2012
It all depends on the agreement on the contract, this is something you should discuss with your realtor.
If you're thinking about buying in Florida, buyers do not pay the agent a commission, only the seller does do I would definitely work with one.

Best of luck,

Sophie Bamps
Engel & Voelkers
305 206 8867
sophie.bamps@engelvoelkers.com
0 votes Thank Flag Link Sat Oct 6, 2012
You should ask this question to your realtor.
0 votes Thank Flag Link Sat Oct 6, 2012
Hi great Question If you don't have a realtor I can research it for you Call or text 561-827-6789. Or email me at julier6789@gmail.com thank you Julie Rosenthal broker Property Brokers International
0 votes Thank Flag Link Sat Oct 6, 2012
Hi great Question If you don't have a realtor I can research it for you Call or text 561-827-6789. Or email me at julier6789@gmail.com thank you Julie Rosenthal broker Property Brokers International
0 votes Thank Flag Link Sat Oct 6, 2012
Hi that's a great question If you don't have a realtor helping Please call or email me and I'll research the property for you Julie Rosenthal broker Property Brokers International 561-827-6789 Julier6789@gmail.com
0 votes Thank Flag Link Sat Oct 6, 2012
Hi TM,

It all depends, if it is financing it can take 30-45 days. If you are a cash buyer you can close within 10-14 days. Also if their are any liens on the title then it can take a little longer to close, but if the title is ffree and clear that speeds up everything As long as anyone you are working with has everything in order you can close within a reasonable timeframe. If you need anything else feel free to reach out to me with any other questions.


Thank you,
Tamika Moses
Keller Williams Realty
tmrealtor@yahoo.com
954-404-4646
0 votes Thank Flag Link Sat Oct 6, 2012
Hello Tm,

There are many factors and timelines that the seller and buyer have and if both are willing to work together to close then the closing will go fast. What takes up the most time is the title search. A title company begins a title search of the property to find out who actually holds title to the property and if there are any claims (liens) against the property. They also verify the legal description of the property (address, lot number, parcel number, permitted improvements, etc.). A complete title search takes about 30 days. But a preliminary title report is usually available within a week or two.

Regards,

Ivan
Emerald Enterprises, Inc.
Real Estate DIvision
0 votes Thank Flag Link Sat Oct 6, 2012
Depends if cash or financing. Cash 10 days. Financing dependent on lender.
0 votes Thank Flag Link Sat Oct 6, 2012
Fast close 2 weeks to three,depending on title company an property status if they are Liens
Or judgements,but quick if clear an clean

Anthony Khouri
305 300 8540
0 votes Thank Flag Link Sat Oct 6, 2012
Fast close 2 weeks to three,depending on title company an property status if they are Liens
Or judgements,but quick if clear an clean

Anthony Khouri
305 300 8540
0 votes Thank Flag Link Sat Oct 6, 2012
Fast close 2 weeks to three,depending on title company an property status if they are Liens
Or judgements,but quick if clear an clean

Anthony Khouri
305 300 8540
0 votes Thank Flag Link Sat Oct 6, 2012
Fast close 2 weeks to three,depending on title company an property status if they are Liens
Or judgements,but quick if clear an clean

Anthony Khouri
305 300 8540
0 votes Thank Flag Link Sat Oct 6, 2012
Fast close 2 weeks to three,depending on title company an property status if they are Liens
Or judgements,but quick if clear an clean

Anthony Khouri
305 300 8540
0 votes Thank Flag Link Sat Oct 6, 2012
It will take usually up 30 days. Depend on the property.
0 votes Thank Flag Link Sat Oct 6, 2012
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