Plan on least 30-45 days to close a real estate transaction in to day market. If it's a cash purchase 30 days.

Hi Monilove:

The first process is getting pre approved. Depending on how long that take depends a lot on you. Once you supply the lender with the documentation that he requires, pay stubs, bank accounts etc. and if everything comes up favorable with your FICO scores and your debt ration, then your pre approval will be completed and you will know what you qualify for and how much money (down payment and closing costs) you will need in order to purchase a home in that price range. You must have those funds available in order to purchase.

The next time period depends on the price range, type of loan (FHA, Conventional, etc. ) and availability of homes in your price range. Because of the inventory in most area’s including Chino Hills, this can take a very long time. Most of the homes are what is called Short Sales and unfortunately they are anything but short. It could take anywhere for 30 to 120 days to even getting an answer from the bank as to whether or not they are willing to allow the purchase to be accepted. (Even thought you have an acceptance from the seller until the bank approves the amount of money that they are willing to forgive on the dept of that home there is not a true acceptance). If it is an REO then it usually only takes 2-10 days to get an answer from the bank. If it is a standard sale once the seller gives you an accepted offer you have the beginning of a transaction.

Then depending on what you and seller have agreed upon in the transaction usually 30-45 days accounts for the rest of the time period. In this 30-45 days you usually have 5-17 days depending on what you have agreed upon in the contract to verify that the home is what you think it is. You will have a home inspection, an appraisal, you will receive the disclosures and reports, and you will verify that it is where you want to live. During this same time period your lender will be double checking all of the information that you previously provided them and make sure that nothing has changed (FICO scores, employment, funds and debt ration). They will also verify that the home qualifies for the offer that you have made (that is the appraisal). The home will also have to be verified that it will become free and clear of any encumbrances once this transaction is completed and transferred to you.

Since there are so many variables in the purchasing of a home, I hope that this will give you a clearer picture on the process. Let me know if you have any more questions that I can help you with.

Diana 909-945-5763

The amount of time required from approval to escrow can vary from lender to lender and borrower to borrower. Generally speaking, because of the more recent banking mandates we are advising customers to plan on at least 45 days. The process could be slightly longer or shorter depending upon circumstances.

Best wishes,
The Eckler Team

Currently, on average it takes at least 30-45 days to close a real estate transaction, from acceptance date.

Although, I have closed many transactions in the past within 3 weeks or less. It takes project management to ensure everyone in the process do their parts and progress the loan along and forward.

The inspection period takes any where between 5 - 17 days. The bank can only begin your final loan approval when it gets the appraisal report. The appraisal report process takes up to 1.5 weeks...from the appraisal order date to the date where the completed report is submitted to the bank.

The timeline is subjective to information required by the bank for final review and final loan approval. Once final loan approval is provided, then it takes just 2-3 days more for the documents to be finalized, printed (or emailed) to escrow for signing and closing.

The best people to answer your question are your loan officer, your agent and your escrow officer.