How long will a house closing take in Phoenix/Anthem, AZ for a preapproved buyer?

Asked by Sandra Ducat, Findlay, OH Sat May 28, 2011

We entered into the buying agreement on May 25 and requested possession for June 28.

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14
Kristine Cha…, Agent, Peoria, AZ
Fri Jun 10, 2011
Hello Sandra! From a fellow Ohio"ian" to another! Your closing time is relative to what type of transaction you are entering. Average short sale transactions can take 3-6 or even more months to close successfully. A foreclosure or lender owned home can take 30-45 days. Your timeframe above could be realistic in a "normal" market, but with the guidelines with underwriting and procedures one must follow on the seller's side, these timeframes have to be increased. I always like to write my contracts with a bit of a longer close date, but word it as ON or BEFORE a certain date.
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Gerard Carney, Agent, Spring Hill, FL
Wed Jun 8, 2011
Your timeline should be a realistic one, and the Closing date does mean that is the day all properties and monies will change hands provide the contract requirements were met!
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Carmen Brode…, Agent, Scottsdale, AZ
Thu Jun 2, 2011
There are a lot of lenders that can close in 30 days. You just have to stay on them and make sure that everybody is doing their part to keep the process going. If they request something then get it to them right away.
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Jason Webb, Agent, Glendale, AZ
Sun May 29, 2011
Hi Sandra,

May 25th to June 28th is a reasonable time frame for a normal transaction if there is no hurdles such as a short sale.

So much depends on the details of the transaction. Talk to your lender and real estate agent. They are the ones that should be answering this question. Your lender can tell you time frames for processing the loan. To make sure it goes smoothly, stay in touch with your lender and get all requested documents and information promptly to your lender. Your agent should be working with the seller / listing agent to make sure everything is proceeding on the seller side.
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Carol A Norr…, Agent, Phoenix, AZ
Sat May 28, 2011
Full cash buyer for a owner occupied home will usually allow 30 daysw for the prior owner to get moved. However, if there are no glitchyes you could close and record in as few as 5 days. Conversely, short sales will take considerably longer depending on the mortgage holder! Your agent can give you some other good guidelines.
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Doug McVinua, Agent, Gilbert, AZ
Sat May 28, 2011
Sandra

Somewhere between 10 days and 2 years depending on the file. 10 days is a fully approved buyer with no HOA or a good HOA to 2 years if its a really bad Short Sale you wrote on. Most close in 30 -45 days on average with good agents, buyer, seller, lender, title, HOA etc.

I have a cash buyer that has been trying to close on a HUD property for 60 days and HUD is still not ready to close. Closed one yesterday in 25 days.

To many variables for anyone to really give you a qualified answer. Best source is your own agent.

In Arizona closing is typically defined as recording of the documents, not sure about Ohio?
Web Reference:  http://www.McVinua.com
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Brenda & Ron…, Agent, Mesa, AZ
Sat May 28, 2011
Your lender should not have a problem getting your loan done by your close of escrow on June 28. It does differ per lender and it does make a difference depending upon your type of loan and if you have difficulties. Make sure you get everything to your lender quickly. It does not matter where the home is located
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Roswell Moore…, Mortgage Broker Or Lender, Scottsdale, AZ
Sat May 28, 2011
Hi Sandra,

The key words you used are "Pre-Approved Buyer." If you are pre-approved with us, it usually takes 10 to 15 days. If not pre-approved, we are at 23 to 30 days. Keep in mind that there are usually varibles as described below that can have an effect on the length of time to close.

Please feel free to contact me directly if you need any further help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA (w/a 580 score), 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
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Carlos Ramir…, Agent, Mesa, AZ
Sat May 28, 2011
Impossible to know. Assuming you are referring at the entire transaction, and not just loan processing, it can be anywhere from 3 weeks to several months. A regular sale, or even some foreclosures, with no HOA delays can take as little as 2 weeks. Other foreclosures with HOA can take over 45 days. Short sales can take many months, some of them over a year.

Carlos J. Ramírez, PC, ABR, CNE
RealtorCarlos@gmail.com
Associate Broker/Realtor, HomeSmart –
Certified Negotiation Expert (CNE)
http://www.SmartAZRealty.com
--------------------------------------------------------------------------------------------------------
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Jon Hegreness, Agent, Scottsdale, AZ
Sat May 28, 2011
The answers below are good answers, but I think they may have missed your note that Possession is to be June 28th. I am not sure which contract you used and if your COE date is your Possession date, but lets make a couple of assumptions. Assumption 1. You are purchasing a resale property. Assumption 2. You used the Arizona Association of Realtors standard documents. Assumption 3. You did not change the COE date and Possession date to be different dates. Assumption 4. You are getting financing (Preapproved Buyer). After these assumptions it will be expected of you as a buyer to be ready to close escrow ON the close of escrow date. In Arizona we most often choose a date on the contract that is definitive. I know is some states dates are set, but not considered absolute. In Arizona our dates are considered absolute. Make sure your lender understands that they have to wire funds in time for the deed transfer to record on the close of escrow date. My assumption from your question is that regardless of how long it might take, you will be expect to perform by June 28th. I would also assume you are asking this question because you do not have an agent/broker representing you in the purchase. You might want to get some legal assistance or at a minimum communicate very closely with the title company and lender about dates and expectations.
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Jeff Lee, Agent, Phoenix, AZ
Sat May 28, 2011
A great loan officer and all parties working together on a financed sale can be done in under 30 days but I sure wouldn't take that to the bank! As correctly stated by the two Trulia answer's below, 2-3 weeks can be done and there is a lot of "it depends". Not stated in the answer's below is what a "pre-approved" Buyer really is. In some loan officers minds, it means the file is ready for underwriter approval pending an accepted contract, close date and satisfactory appraisal. In other loan officers minds, it may be far less. I've been a Realtor for 18 years and have been BLESSED that I have been working with the same LO the entire time.
But generally speaking, a 30 day escrow should not be an issue.
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Greg Paielli, Other Pro, Phoenix, AZ
Sat May 28, 2011
Hi Sandra
Yes like the last anwser it typically will take 30 to 45 days depending on the lender and transaction Good luck
Greg
Web Reference:  http://www.paiellirealty.com
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Todd Bookspan, Mortgage Broker Or Lender, Phoenix, AZ
Sat May 28, 2011
Sandra,

That will depend on your lender. A typcial transaction closes in 30 days. Some lenders (like us) can close in half that time. The key will be knowing the situation - short sale versus bank owned versus traditional sale. Each will have different requirements at the end that may impact the closing date. The key will be to discuss is with your "team." The Realtors will communicate with the title company and your lender to meet the scheduled close of escrow. If you run into problems, there are plenty of great members of the Trulia community who would be happy to help!

Best of luck,
Todd Bookspan, MBA
602-820-8477
Web Reference:  http://www.BookspanTeam.com
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Tony Valdez, , Avondale, AZ
Sat May 28, 2011
Sandra,

A good solid file coupled with the loan officers due diligence ... 21 days. VA loans can a little longer.

Tony Valdez
Waterstone Mortgage
602-684-0866
avaldez@waterstonemortgage.com
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