Trulia Hunti…, Other/Just Looking in Huntington Beach, CA

Is it common for homes to close sooner than the agreed-upon date?

Asked by Trulia Huntington Beach, Huntington Beach, CA Fri Apr 26, 2013

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Paul Conti’s answer
Usually more likely to happen if they're all cash offers or financing with everything streamlined and basically no issues. Oftentimes loan underwriters find something to hold up loan documents in the last week or so of escrow and it's more likely that an escrow will take a few days longer than expected, rather than less days. And that's assuming you don't have problems with appraisal and inspection as well. Great communication between proactive Realtors overseeing the transaction and good loan agents who've done their homework and have made sure the buyer is truly approved is your best bet to minimizing these headaches and making escrow close as soon as possible. The key is to be a problem preventer, not a problem solver!
0 votes Thank Flag Link Sat Apr 27, 2013
If an offer is cash, it can close as soon as all documents have been processed and funds are transferred. An agreed upon closing date is an estimated date of closing. Most often, all parties involved would like to close as quickly as possible, but if there is a loan, its out of everyone control, other than the underwriter of the loan. We know that some loans can take approx 40 days while others can take 30. I haven't had a sale close on the agreed upon date exactly in a very long time, most often they are a few days before or a few days after that date - and in some cases, a few weeks after that date.
0 votes Thank Flag Link Sun Apr 28, 2013
It's not common in this market because lending is very difficult. If you have a good lender it can be done and is not unheard of.
I describe a close of escrow date like a due date of birth. You are given a goal date of when it "should" be born but it could come early but most likely will be late.
0 votes Thank Flag Link Fri Apr 26, 2013
If the closing date is earlier than the original contractual closing date, both seller and buyer must agree to the change. Depending on the efficiency of the lender and escrow company, this can occur but I wouldn't say it's "common."
0 votes Thank Flag Link Fri Apr 26, 2013
With a lender that is 'on it' this can be done!!
Sellers are usually really happy when this occurs!! Agents, too!!
0 votes Thank Flag Link Fri Apr 26, 2013
Buyers and sellers agree to a closing date which is usually determined by the buyer's ability to secure financing and the seller's ability to complete terms of the contract (termite repair, other repairs, etc). If all goes well and both sides agree, the transaction can close early. One potential problem that might still exist is the move out and move in of both parties. If the seller agree to close early but cannot move out be the closing date, they will have to arrange a rent back or make some other arrangements.

John Alesi
CENTURY 21 Award
949-510-2154
John@YourCOHome.com
DRE 01730187
0 votes Thank Flag Link Fri Apr 26, 2013
The short answer is, yes. This must be agreed to by the parties involved, and the purchase agreement may include the words "or sooner." Sometimes escrows close later than contracted, too, usually having to do with buyer financing delays.

Sincerely,

James Melton, Realtor & Mortgage Broker, CA DRE Broker #01222353, NMLS #300133
President, Victory Mortgage & Real Estate Home Loans & Sales Since 1979, NMLS #366399
2901 W. PCH, Suite 200, Newport Beach, CA 92663
cell(714)318-4664, phone(949)939-9676 or (714)374-0022, fax(714)844-9094
web http://jamesmelton.listingbook.com
email jamesm@socal.rr.com
0 votes Thank Flag Link Fri Apr 26, 2013
yes. it is also common for them to close later than agreed upon. Must be agreed to in writing by both parties.
0 votes Thank Flag Link Fri Apr 26, 2013
as long as everyone is in agreement and everything is complete then it is fine to close early.
0 votes Thank Flag Link Fri Apr 26, 2013
Yes it is common but should be by agreement of the parties. Close of escrow is usually defined in the contract but sometimes that will say "30 days or sooner".
0 votes Thank Flag Link Fri Apr 26, 2013
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