Welcome to Phoenix!
The time period will depend. On a regular sale the seller usually responds within 24 hours (depending on how your agent structures the offer). After that a cash closing could take 1 or 2 weeks. A financed closing will take somewheber between 30 and 60 days, depending on the type of financing.
Foreclosures will typically take anywhere between 3 days and a week to respond, sometimes more. Cash closings will take between 2 weeks and a month depending on the bank.
Short sales might take somewhere between 2 and 6 months just for a response and many never even close.
Hope this helps and please let me know if you need more detailed information.
Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
Lets assume you are buying a bank owned home. You will probably be competing with multiple offers. Assume yours was selected the first time submitted, you will be looking at 1 to 3 days for the acceptance. You do run the risk of having the seller come back with the "highest & best' from the top competing buyers. This could delay everything for a week - a few days to get the notice out and then for them to come back in and re-analyze the offers, before picking the best overall offer - your cash should count for a lot...just not necessarily a big discount.
Once an offer is accepted and the home under contract most cash real estate transactions will take 15 days to close escrow. Then, you may have some clean-up (paint, carpet, etc) before you actually move-in...figure another week if you work hard.
You must consider whether or not you will purchase a home that is a Short Sale home. It would be from 30 to 90 days to receive acceptance from the lender involved.
Feel free to contact us; Jacqueline@PhantomRealty.com or by telephone at 623-580-1580 Ext. 101. Great local web sites are OnlineatAnthem.com, http://www.clubcorp.com/club/scripts/section/section.asp?NS= (the previous one is for the Country Club), and our web site is http://www.PhantomRealty.com
Depending on circumstances, and each home presents its own unique situation, I'd give myself 30 - 60 days. To search for homes, please visit my website - it's free with no log-in required and it gets you right into the realtor multiple listing service.
AZ's REBATE Realtor
- How quickly seller responds (1-5 days)
- How quickly you complete inspections (normally you have upto 10 days, but can go quicker), if you want any repairs - this can take some time to negotiate or complete.
- How long HOA takes to get you documents if home is in a HOA area
- How quickly Title Company can complete their Title Search
Personally, I recommend that you start looking at the market early to find the house you really want - the inventory changes quickly and I think you'd be better off shopping early and possibly even purchasing a little early to get the right home versus getting yourself forced into a short timeframe to find "something".
If you'd like a free customized web search set-up for your which is directly linked to MLS and updated as soon as an agent offers a property - I'd be happy to set one up for you. It's a nice way to read the market and get an idea of what a good deal is!
West USA Realty Revelation
Cash sales can close quickly, especially if the home is vacant. But if it's occupied, the seller may not be able to move quickly. Each home is unique in how quickly a closing can occur.
AZ's REBATE REALTORÂ®
Thirty days is a conservative period to work with depending upon any inspections you may want to complete. Additional delays could be associated with distressed sales involving banks. Don't forget to factor in the time necessary to locate the property that suits your purchase criteria.
Realtor, CRS, ABR, GRI
Phoenician Properties Realty
(602) 460-9085: Cell