I am new to the homebuying process.

Asked by Jc, Arizona Tue Mar 11, 2008

What does it mean when a seller says"COE in 10 days"? Is this a good or bad thing for a buyer?

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Dan Peacock, Agent, Phoenix, AZ
Tue Mar 11, 2008
Great answer, CJ. I have another wrinkle to add.

JC: The Seller may be saying that he/she is ABLE to sell the property in as little as 10 days should a Buyer desire a quick close. In the Phoenix area, a typical "escrow period" (time between the contract acceptance and actual sale) is about 30 days. Is the property occupied or vacant? If it's vacant, the Seller may be trying to stress an advantage over occupied listings. If it's occupied, since we have tons of vacant inventory readily available, the Seller may be saying that he/she will get out quickly after a contract is in place.
Web Reference:  http://www.danpeacock.com
3 votes
CJ Brasiel, Agent, San Jose, CA
Tue Mar 11, 2008

COE means close of escrow. That is the term used for completion of the contract, money and keys transferred to the appropriate parties. From the information you have provided in the post, the "10 days" could mean they want a short COE (normal is about 30 days). It could also mean when possession of the home will occur. In other words they want to stay in the house 10 days after COE . This could trigger a "rent back" clause from the buyer. In other words, "Yes, seller, you may stay in the property 10 days after COE but you will owe me a daily rent of x."

If the seller wants to close 10 days after an offer is accepted, that may be a challenge for most buyers. Check with your lender to see how quickly they could pull the paperwork together. In the past, when the market was a seller's market, many lenders could close in 14 days. Now with all the changes in underwriting as a result of the sub-prime issues, I do not believe that is the standard.

Also, in California, the standard time for completing inspections is 7-14 days. If the seller is pushing the time line, you need to be sure you can complete the inspections necessary to feel comfortable with releasing the physical contingency as well.

Good luck,
Web Reference:  http://www.TalkToCJ.com
2 votes
Jerry Murphy, Agent, Anthem, AZ
Tue Mar 18, 2008
Hi J.C.,

You would have to know the motivation behind that statement to know whether it is truly good or bad. That being said you are not beholden to a 10 day close if you entered into contract on such a home. You as the buyer can determine when you want to close. It is a negotiating point just as much as price is.

If you need any other information on Arizona real estate please visit our website at:

0 votes
Donald Keys, Agent, Scottsdale, AZ
Tue Mar 18, 2008
Since you are new to the home buying process why don't you take time to read this link:


It should answer many of your questions.
0 votes
Marina Kocian, , Scottsdale, AZ
Thu Mar 13, 2008
Once an Offer is accepted by seller and buyer becomes a contract.
Why would a buyer wants to close in 10 days? Are you a cash buyer.
Inspections needs to take place, Seller Disclosure, etc. This is something you need to look up,
Sometimes during inspections some buyers change their mind.
Many lenders have modify their underwriting guidelines.
Best Wishes
Web Reference:  http://ownyourhomeaz.com
0 votes
James Wehner, Agent, Scottsdale, AZ
Wed Mar 12, 2008
'COE' stands for close of escrow. That is when the seller would like for the transaction to be complete, funds transfered and the title recorder in the buyer's name. Depending on if you need to get conventional financing or not, you may not be able to get all the funds in 10 days to close. If you have the cash, it shouldn't be a problem to get the title work done and close in that time frame.
Web Reference:  http://www.jameswehner.com
0 votes
Steve Belt, , Scottsdale, AZ
Tue Mar 11, 2008
Like CJ says, COE means close of escrow. COE in 10 days doesn't specifically mean anything to me, without a bit more context, other than there is anticipated to be a close of escrow 10 days from now.

I can't imagine any listing that would specifically call out the need for a COE 10 days from the listing date. That's darned near an impossible expectation right now. I've personally done COE's in 10 days from the listing date, but that was back in the ultra frenzy of 2005, with a motivated cash buyer in an ultra hot market, where we wrote a contract the morning the property hit MLS.

These days, if a property gets an offer to close any time within 45 days, that's a good offer.
0 votes
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