Home Buying in 28273>Question Details

Linda Jeffer…, Renter in Charlotte, NC

How long does it usually take purchase a home with a all cash offer?

Asked by Linda Jefferson, Charlotte, NC Sun Sep 29, 2013

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Cash purchases can be done very quickly. Here in my area they can be closed in a week.
0 votes Thank Flag Link Mon Sep 30, 2013
Good morning, Linda:
We have represented buyers making all cash property purchases from private parties that settled and closed in four business days INCLUDING title search, termite and home inspections, and survey. But it takes a lot of planning and coordination and people have to adjust their schedules, so if you don't have a requirement to rush, giving everyone a couple weeks is generally better. If you are purchasing a government or bank owned property, they may have requirements that the settlement statement be delivered for their review 48 hours or as long as 5 business days before closing. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Mon Sep 30, 2013
Linda,

An all cash offer can close on a house in the Charlotte area realistically in approximately 10 days form contract. There are certain things that need to be done even though you are paying cash. One is the attorney would have to do a title search for you to ensure that all liens are satisfied or will be satisfied at closing and to see if there are any additional liens on the property that the seller may not be aware of. This process usually takes about seven days.

Generally anything else attached to the closing can be done in that time period as well....

Dave diCecco
Realtor/Broker
Helen Adams Realty
Cell: 704-519-7895
ddicecco@helenadamsrealty.com
http://www.davedicecco.com
0 votes Thank Flag Link Mon Sep 30, 2013
In theory you could close in 7-10 days. However it also depends on the sellers. If their living in the home they may not either want to move so quickly or be able to move as quickly.

There's also the question of whether you're buying "As-is" or if you want time to get inspections done and even though it's not required you may want to get an appraisal done for yourself to make sure the property is worth what you're paying. If you do want an appraisal done, do not allow them to see your purchase contract and do not tell them what you're paying insist that they do the appraisal "Blind" (which is how I believe all appraisal should be done) so that you get a really fair assessment of the property's value.
0 votes Thank Flag Link Mon Sep 30, 2013
It "usually" takes 10-14 days. If there are loans on the property, it MAY take a stupid amount of time to get payoff statements. So even if you're thinking, "Let's close tomorrow," there are factors outside of everybody's control.
0 votes Thank Flag Link Sun Sep 29, 2013
I've done a lot of cash purchases over the past 18 months. In general it depends on your relationships with other partners you'll use in the process. By partners I mean, inspectors, attorney, etc. Are you doing inspections? If so, how quickly can you get them there to do their jobs? You'll still need title work done so again, how quickly will your attorney get to work and complete it? Pending the results of the inspections and title work, there also could be items to address. I have a strong repeatable network around me that help get things done very quickly. If you don't then it will likely take more time. Regardless you can also run into issues that need to be solved before you finalize the deal. Also, there are some sellers that will simply slow the process. I make offers planning to pay cash and close in 2 weeks, but there have been many times where the seller can't meet that fast of a timeline. i.e. they accept your offer, but it takes them a long time to actually return a signed contract back to you (happens with some foreclosures). Generally your attorney isn't going to start title work until they have a valid contract in hand.
0 votes Thank Flag Link Sun Sep 29, 2013
Financed transactions normally require 30-45 days to close. This is by in large because of the many steps involved in the lending process. Cash deals can close much more quickly and in some cases, where conditions are perfect, require only several days.

It will take several days to arrange for inspections, wiring cash, doing a title search, changing utilities etc.
0 votes Thank Flag Link Sun Sep 29, 2013
It's fairly quick. But don't rush the process. It's important to do your due diligence and you won't have a mortgage company overseeing the process.

Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.

I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent. Follow the link below.

Best of luck!
0 votes Thank Flag Link Sun Sep 29, 2013
As quickly as you can get your inspections done, title search complete, and transfer liquid cash to the escrow agent for closing.

Contact me directly if you'd like help with searching/negotioating/offering!

John Siddons
john.siddons@prucarolinas.com
0 votes Thank Flag Link Sun Sep 29, 2013
It should take no more than 2 weeks. The attorney needs time for the title search and you need some time for inspections.
0 votes Thank Flag Link Sun Sep 29, 2013
All cash offers can close very quickly. The only time constraint is any due diligence you choose to do. For example, you may have to wait a few days to get your inspections done, and then there are.repair negotiations to consider (as long as it is not a foreclosure). You will also want a survey and the closing attorney will need to do rush title work. All this being said, you. Old get everything done and close in two weeks.

Best success!

Kathleen Turner
The Kathleen Turner Realty Group
Keller Williams Realty
http://www.BuyAHomeInCharlotte.com

KathleenTurnerRealty@gmail.com
0 votes Thank Flag Link Sun Sep 29, 2013
Hi Linda,

With an all cash offer it shouldn't take very long at all. A couple weeks if that. You'd want to get an inspection done on the home and negotiate any repair work that needed to be addressed. Make sure you get home owners insurance as well. Are you going to get an appraisal done or survey? Line up an attorney to handle the closing. It would probably be determined by how quick the seller can vacate the property.

Best of luck!

Tracy Clay
Wilkinson & Associates
tracyclayhomes@gmail.com
0 votes Thank Flag Link Sun Sep 29, 2013
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