Home Buying in Bend>Question Details

Michelle, Home Buyer in Bend, OR

What is the approx. time frame from begining to close on a home that has no issues like short sale etc.?

Asked by Michelle, Bend, OR Thu Feb 28, 2008

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Hi Michelle,

My summer home is at Crosswater in Sunriver, just south of you...to answer your question, my escrows usually take 30 days give or take. That's average unless something comes up with repairs, etc...but I've never had anything go over 40 days.

Sheri Dettman
1 vote Thank Flag Link Thu Feb 28, 2008
If you are preapproved with a lender, have good credit, 20% down and a willing and able seller, a deal should take from 30-45 days from start to finish in our area.
0 votes Thank Flag Link Fri Jun 20, 2008
Hello Michelle,
The typical time frame is usually around 30-45 days from accepted offer to close. I have closed some deals in 2 weeks, but typically about 30-45 days. Are you working with an agent? If not and you need help searching then please let me know and I would be happy to help you with your search, and email you listings that match your search criteria. Please let me know.
Thank you,
Selena McNeill, Broker
Century 21 Gold Country Realty
Bend, OR
(541) 390-0595
0 votes Thank Flag Link Thu Apr 24, 2008
I have seen it done in 3 weeks, but it was stressful. A quick closing is 30 days. Typical is 45 days. We see 60 day closings. Closings beyond 60 days start to become long.
0 votes Thank Flag Link Tue Mar 18, 2008
Deborah Madey, Real Estate Pro in Brick, NJ
30 days with a pre-approval in place and appraiser on the spot.

Some underwriters are presently 'snowed' such that underwriting may be 3 weeks...so if entering a contract plan for no more than 60 days....



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0 votes Thank Flag Link Tue Mar 18, 2008

I should add to my answer below that I've been fortunate not to have been involved in any short sales which the other answers are addressing. I've done bank owned properties and relocation properties but even those were completed in 5 weeks or less. Short sales just seem to be a huge pain for everyone involved mainly because the banks are so overwhelmed they can't keep up.

0 votes Thank Flag Link Sat Mar 15, 2008
Here in Oregon we tend to do 30 day closes. Lenders like WAMU are overwhelmed with refinances right now so if you go through them it might be 45 days.
0 votes Thank Flag Link Sat Mar 15, 2008
7-30 days...7 business days that is if EVERYBODY flogs the deal like a rented mule. more conventional deals with inspections, appraisals, loan reviews (a new and COMMON delay), and such take 30 days. the recent practice of buyers getting their financing lined up early has pretty much killed the 45 day escrow that had been customary back in the old days.
0 votes Thank Flag Link Thu Feb 28, 2008
I just completed three short sales with Countrywide as the lender, and have two more I am working on. They took about 4 months to close. We lost several buyers in between as they just gave up. However, we've closed CASH deals in as little as a week, with the right title person, a bored and work-lacking appraiser, and a loan ready to go. Don't entirely ignore shorts because of the time frame, however. Countrywide appears to be particularly slow at this, as they have lots of offshore lien holders to converse back and forth with. A short through a real bank, I understand, can take a bit less time.
0 votes Thank Flag Link Thu Feb 28, 2008
If your looking at a short sale with no issues time frame is between 6 weeks to 2 months. This is if the bank is willing and so is the seller. Usually most realtor's will have experience with the short sale process to guide you through to make it as easy as possible. But there are and can be some hurtles if you are not careful. Know what you are doing before jumping in to the arena so to speak. If you know a good realtor talk with them about the pro's and con's of a short sale. If done correctly you can make a very good return on your money when buying.
0 votes Thank Flag Link Thu Feb 28, 2008
Thirty days is an average time frame on a "regular" sale. Several other factors will also affect the timeline.

First, is it a cash sale or is the buyer using some type of financing. Cash sales can often be closed in one-to-two weeks - depending upon items in the contract.

Second, is the property vacant or is it occupied? Sometimes a month is required because the seller - or a tenant - needs to vacate first.

Third, what issues arise upon having a professional home inspection performed? If the property is in excellent condition there will be fewer problems to resolve - hence, usually quicker to remedy.

Fourth, are there any problems with title? Liens, judgments, etc. If there are, sometimes it takes longer than 30 days to resolve the problems.

For most sales, thirty days is standard.

Good luck!
0 votes Thank Flag Link Thu Feb 28, 2008
Average tim is 4 weeks, however you can push up to two weeks. Short sales take a bit longer because they need approval from the banks which can sometimes take longer to get. If you are looking into buying short sale you need to be aggresive in getting it closed. In Oregon if you buy short sale the seller can continue to accept offers after yours has been accepted! Short sales are much different from a regular sales. The banks are interested in gettign the most they can and have special rules written into the contract.

Farah de verteuil
Real Estate Sales Specialist
0 votes Thank Flag Link Thu Feb 28, 2008
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