Home Selling in Oak Center>Question Details

Martha3, Home Seller in Oakland, CA

In a dream world, is it possible to offer and complete on a property in 14 days?

Asked by Martha3, Oakland, CA Thu Apr 4, 2013

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I would say that it is possible but you already described it as a “dream world” so you know that it would be challenging.
2 votes Thank Flag Link Thu Apr 4, 2013
With a cash offer may be, with a mortgage loan required it will need more time, even if you present an offer today, if will take usually a few days 3 or 4 to negotiate with the other side the price and all other terms, then a contract usually stipulates a 5 or 7 bus day period for Attorney Approval and Inspections,
and then you have sometimes extensions for discussing and agreeing on the inspection issues if there were any, so let's assume it goes all fast, you are now 2 weeks into it, and now you sign the application
for the loan with the lender, and hopefully all paper work is ready and in the lender's hands, then the
lender will request an appraisal, that will take another 3 to 5 days, and then the dossier will be presented to the underwriter, and depending on that time frame of 10 days to 2 weeks assuming all information and
paperwork is complete.... Add it up....
I think you always have to count on 6 weeks plus or minus depending on lender and completeness of
paperwork presented. Can some be pushed through faster, possible depends very much on the
lender, and a well prepared buyer, and a market competitive purchase price so that the appraisal will appraise out.

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0 votes Thank Flag Link Thu Apr 4, 2013
Hello Martha, no it is not realistic these days as even cash buyers may take a little longer. You have to realize there are a few other companies involved such as title, escrow and then an independent appraiser as well. The appraiser is ordered thru an independent appraisal management company and they have 7-10 days to get the appraisal in. You can pay a little extra sometimes for a rush. Every company is real busy and there are lines for everyone and every step of the process. Escrows that were easy to close within 30 days are taking a little longer and some up to 45 days for various reasons. I have closed some within 14-21 days recently depending on your credit profile is going to be the determining factor and the workload of the banks.

Why are you interested in finding out a 14 day close? Do you have very high fico scores and a lot of down payment? If you have a slam dunk file, you can get thru a little faster in most cases than other files with some issues. It only takes a few dozen questions to qualify you in minutes and go over your options, loan programs, rates and terms.

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0 votes Thank Flag Link Thu Apr 4, 2013
Agree with Pacita. With cash it can be done. Just make sure you work with a Realtor with extensive experience who can make sure you don't sucked into problems that will delay your closing.
0 votes Thank Flag Link Thu Apr 4, 2013
Dear Martha,
It's very hard to get it done in my experience. Even with all cash buyers, it takes time
to complete the mortgage paperwork, and they often cannot do it (though they try and do their best). Twenty Five days is a more workable amount of time.
0 votes Thank Flag Link Thu Apr 4, 2013
Possible to offer, and close escrow in 14 days?

Absolutely. All cash, no contingencies. It's happening now.

Some buyers who are getting loans are finding themselves challenged by cash buyers; but some buyers are smart and submit an actual approval, and not merely a pre-approval letter. That is, they have already applied for the loan, got the commitment, and are merely waiting for an offer to get accepted. Once their offer is accepted, they can close sooner than those who were just pre-approved. Some resource buyers and their mortgage brokers are going this route especially in this competitive seller's market.

Since you are in the Oak Center, presumably you have one of the newer lofts/condos in the area like The Jade.

As such, buyers may not be inclined to order pest inspections (but they may want home inspections).
0 votes Thank Flag Link Thu Apr 4, 2013
Hi Martha,

If someone has an all cash offer, yes. Even with all cash, it is wise for the buyer to have a short contingency period to be sure the property condition is investigated- home inspection, structural pest report, etc. These can be obtained within a few days. The Title Company can issue Title Insurance for the buyer, so there is clear title, within about a week, and if the offer is indeed all cash, it could close in about ten days.

If the buyer has a conventional loan, even with large downpayment, it is difficult to close any of these, in the best of circumstances in 21 days. It normally takes at least 25 days for a transaction to close. It can be done in 21 with some loans..but not with traditional banks, or many mortgage brokers who broker the loan out. It would need to be done with a mortgage broker who is a correspondent or direct lender, with in-house processing, such as Holmgren and Associates, or a good local mortgage company.

Appraisals need to be ordered in a timely manner, and underwriting issues should be addressed up front as much as possible, in order to keep things moving so the deal can close in less than thirty days.

Good luck!
0 votes Thank Flag Link Thu Apr 4, 2013
It would be very difficult to complete the mortgage process from beginning to end in 14 days. To best prepare yourself for a quick close, you should get completely pre approved, subject to the property and appraisal, before making offers. If you are ready and willing, we can provide a 21 day close guaranty certificate that you can submit with your offers.
0 votes Thank Flag Link Thu Apr 4, 2013
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