Home Buying in 60625>Question Details

severino22, Home Buyer in 60625

What is realistic closing time for a Chicago condo?

Asked by severino22, 60625 Sat Sep 1, 2012

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13
Depends on whether you are buying with CASH (as fast as seller is ready) or a LOAN (30-45 days) . Also, if the building has any issues that will become apparent via the condo questionnaire then the sellers may be the reason fro the delay.
1 vote Thank Flag Link Tue Sep 4, 2012
It depends on the type of financing, but more importantly it depends on the seller. They may need to find another home, which could delay the process.
0 votes Thank Flag Link Fri Sep 7, 2012
30-120 days pending your attorney
0 votes Thank Flag Link Thu Sep 6, 2012
If you are buying conventional, the process usually take 30-45 Days. If your buying an F.H.A. approved condo. It take 45-60 Days. Let me know If i can help. Gerald Brown Brown Realty 773-239-9400
0 votes Thank Flag Link Sun Sep 2, 2012
Not sure why so many people feel compelled to say the same thing.
0 votes Thank Flag Link Sun Sep 2, 2012
Realistically you should give your lender 35 to 45 days, though a perfect deal could be done in around 21...
0 votes Thank Flag Link Sat Sep 1, 2012
Depends on bank.... My mortgage banker can close in 3 weeks. But thats with no complications/problems. I agree average is 30 to 45 days.
0 votes Thank Flag Link Sat Sep 1, 2012
30days for a loan 2-3 weeks if you go cash.
0 votes Thank Flag Link Sat Sep 1, 2012
If you need to get a loan then it usually takes 30-40 days to get the loan and you can close a few days after that. It's the same for a house/2 flat. Whatever it takes the lender to do their work. On a cash deal it can be 10-14 days if the condo association gets you all the paperwork on time.
0 votes Thank Flag Link Sat Sep 1, 2012
In theory it should be 30 - 45 days but there are so many variables such as how responsive the property manager is to requests, what issues come up, how picky the lender is, how fast YOU respond to documentation requests. A really complicated deal can stretch to 3 months (not typical).
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Sat Sep 1, 2012
And these are minimum time frames. Issues related to the Association, inspection, appraisal or borrower's lender can all add days or weeks to the process.
0 votes Thank Flag Link Sat Sep 1, 2012
I agree with Lynn, You are looking at a 30 to 45 day turn around if you are using a lender. Some major lenders have longer waiting times due to their structure. If you are using cash and it is not a distressed sale then you can close within a week. Good luck!!
0 votes Thank Flag Link Sat Sep 1, 2012
If you're financing and it's a non-distressed sale, usuallly 30-45 days.
0 votes Thank Flag Link Sat Sep 1, 2012
FHA 5 weeks
conventional 4 weeks
Short sale- 4 weeks to a year
Flag Sat Feb 1, 2014
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