Home Buying in Gilbert>Question Details

Joules21, Home Buyer in Surprise, AZ

We plan on buying a house in the spring. What is the typical time period between offer, acceptance & move in? We will have cash to pay for the

Asked by Joules21, Surprise, AZ Thu Sep 24, 2009

house.

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Joules,

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 -
http://www.SmartAZRealty.com
1 vote Thank Flag Link Thu Sep 24, 2009
There are still variables.

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.
Web Reference: http://www.johnocchi.com
0 votes Thank Flag Link Tue Dec 8, 2009
When financing is required the time period is approximately 30 - 45 days. When there is no financing involved you just need to have your inspections completed and proceed to closing, about 2 weeks.

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.
0 votes Thank Flag Link Tue Dec 8, 2009
Now would be the right time to start looking! If you are financing count on a minimum of 30 days, if your paying cash you could close in as little as 7 days if everyone cooperates. Anthem is an amazing place, we bought our home here the first day of the grand opening as well as opened our Local Real Estate Brokerage, we also write statistics for a local magazine weekly so we know the inventory incredibly well.
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

Merry Christmas!
Jacqueline
0 votes Thank Flag Link Mon Dec 7, 2009
Joules,
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.
http://www.cr-az.com/page5.html

Scott
AZ's REBATE Realtor
Web Reference: http://www.cr-az.com
0 votes Thank Flag Link Sun Oct 18, 2009
I'd estimate 2-4 weeks. Key factors are:
- 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!

Patty Fisch
West USA Realty Revelation
pattyfisch@westusa.com
0 votes Thank Flag Link Sun Oct 18, 2009
Joules,
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.

Scott
AZ's REBATE REALTOR®
Web Reference: http://www.cr-az.com
0 votes Thank Flag Link Thu Sep 24, 2009
A lot will depend on the circumstances of the home that you choose. A cash closing will accelerate the typical 25-45 day process, but you will still need time for all inspections to be completed (approx 4-7 days when rushed) and allot time to negotiate repair issues and time for the seller to complete repairs (another 5-10 days). Your total anticipated time will be approximately 14 days if there are no major issues. If it is a vacant home with very few or no repair issues, you could close in as quickly as 7-10 days. A vacant home where you decline to do inspections (a major error on your part) could close in as few as 2-3 days. An occupied home will require time for the seller or renters to vacate. If you are dealing with a short sale or foreclosure your time frame will be from 30-120 days, even with an all cash offer.
0 votes Thank Flag Link Thu Sep 24, 2009
Hi Joules21,

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.

Allen Madril
Realtor, CRS, ABR, GRI
Phoenician Properties Realty
(602) 460-9085: Cell
0 votes Thank Flag Link Thu Sep 24, 2009
Typical escrow period for cash transactions is 7-14 days.

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PAUL WELDEN
HomeSmart
602-503-4010
Buyer's Agent Realtor
0 votes Thank Flag Link Thu Sep 24, 2009
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