Jolie Muss,  in Upper West Side, New...

How long does it take to go from an accepted offer to a closing in your locality? Do you have to use a lawyer?

Asked by Jolie Muss, Upper West Side, New York, NY Tue Oct 11, 2011

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allan erps,A…, Agent, Pearl River, NY
Sat Oct 15, 2011
Suburbs of New York here, between Accepted Offer, Inspection, fully executed contacts my observation and experience has been 60-90+ days and Attorneys are required.
1 vote
Krista Harri…, Agent, Bristol, CT
Mon Oct 17, 2011
Average is 30 - 60 days, depending on the bank and contingencies, etc. Lawyers are not required but almost all transactions will have lawyers involved anyways.
1 vote
Susie Shorts…, Agent, Boston, MA
Sun Oct 16, 2011
Hi Jolie!
Under the current market conditions closing usually takes place within 6-8 weeks of an accepted offer. If there is no mortgage contingency, it can be quicker. I aways recommend to my client's that they hire an attorney. You are not required to, however, I think it is prudent to obtain counsel. Feel free to contact me if you have other questions!
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1 vote
Tom and Joan…, Agent, Boston, MA
Sun Oct 16, 2011

In the greater Boston area we can close in 21 days to 90 days. We do recommend using a lawyer for the purchase and sale, but not mandatory.
1 vote
Karen Nelson, Agent, Mammoth Lakes, CA
Sat Oct 15, 2011
In California we use an escrow officer to facilitate our transactions in conjunction with the real estate agent. I am located in a ski resort and have witnessed cash transactions close within 3-5 days and most loans closing in 30-45 days. I actually just had a short sale close within a thirty day time frame...amazing!
1 vote
Linda S. Cef…, Agent, Franklin, WI
Sat Oct 15, 2011
No lawyer here either, and I've only had two clients that wanted their attorney to review and I encouraged them to do so and I actually got a job offer from one of the attorneys after that. The one exception to that might be on an estate where there are multiple heirs to the estate - very rare though.

The time frame is just about the same as others have already stated.
1 vote
Victoria Fri…, Agent, Stanchfield, MN
Sat Oct 15, 2011
if it is a local lender, less than 30 days..if it is Wells Fargo at least 60! average 45
1 vote
Phyllis McAr…, Agent, San mateo, CA
Fri Oct 14, 2011
Cash offer closed in 4 days this year, REO offer closed in less than a month, regular sales typically 35 days.
no Lawyers just us.
1 vote
Joan Lorberb…, Agent, Boca Raton, FL
Wed Oct 12, 2011
We're not like NYC in several respects:
1. An attorney is not needed to prepare a contract.
2. We are not to be called or referred to as brokers unless we have a broker's license.
3. Closings can happen much faster here - - we need to allow 30 days for condo approval and sometimes HOA's require approval (may happen before then and sometimes can be longer but that's the general time frame.) We have very few restrictive co-ops which can muck up the sale. Fastest I've experienced was 15 days contract signing to closing.

Although lawyers are not needed to draw up real estate contracts in Florida I do suggest that my client's retain one to review a contract or to add a clause that requires legal verbiage. Some clients do and some don't. I'd say it mostly depends on the price of the property. Residential real estate attorneys I've worked with work together with the other side to get the transaction done; there's no confrontational agenda and no grandstanding like you may experience with NYC lawyers. Usually a maximum of 3 days for attorney review.

Broker Associate, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 22496
1 vote
Scott Hulen, , 64068
Wed Oct 12, 2011
No to the lawyer. Cash deal as little as 48 hours, the standard FHA deal 30-45 days.
1 vote
Brooke Hengst, Agent, Centennial, CO
Wed Oct 12, 2011
In Colorado we do not have to use lawyers to write up our contracts, we do this as Realtors.

A typical close these days is 30-45 days.

Brooke Hengst
REALTOR, CDPE, The Elite Team
Your Castle Real Estate
(720) 988-5952
1 vote
Phil Rotondo, Agent, Melbourne, FL
Wed Oct 12, 2011
Not long; and no...........................
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1 vote
Dan Tabit, Agent, Issaquah, WA
Tue Oct 11, 2011
If it's a cash transaction we can close in less than 2 weeks, if it's financed it can take 30 to 45 days depending on the lender involved. We use Escrow companies to handle the closing process. They are licensed limited practice officers often overseen by an attorney.
As an agent ( we are called brokers now in WA) we are able to use our MLS provided standard form contracts which are typically 9 to 20 pages depending on the necessary addenda for the individual transaction.
1 vote
Chris Bonner, Agent, Portland, OR
Tue Oct 11, 2011
Here in Portland Oregon, we can close as quickly as a week or so if it is a cash transaction and the title company is able to issue a title insurance policy in a timely manner. Property transactions that involve the buyer obtaining financing usually take 30-45 days. If there are complications such as the property being a short sale, or bank owned with title issues, it can take months and months.
1 vote
Johnny Huang,…, Agent, Walnut Creek, CA
Tue Oct 11, 2011
REOs can count on 30-45 days depending on financing. Short sale if the term sheets are accepted, about the same timeframe. If accepted but no term sheet, who knows!!
1 vote
Jolie Muss, , Upper West Side, New York, NY
Sun Oct 23, 2011
Not sure how I'm going to choose a best answer on this one! Thanks for all your answers so far- I'm giving you all a thumbs up! :) I'm waiting till I hear from all 50 states anyway..
(oh now that I think about it please send me your referrals from buyers- as an independent broker I have a lot of leeway) BTW If you like any of my questions or answers please give them thumbs up!
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