Home Buying in 90505>Question Details

Brian Oliva, Home Buyer in Harbor City, CA

When buying a Home there is a 30 day escrow. Is this the same for all kinds of homes including mobile homes?

Asked by Brian Oliva, Harbor City, CA Fri Dec 24, 2010

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8
Dear Brian,
No, not necessarily. I have seen very short (20 day) escrows. With mobile homes they are often fast because they are less expensive then other types of property. You are free to negotiate the length of time in escrow.
0 votes Thank Flag Link Sat Apr 9, 2011
The length of escrow is negotiable. It depends on the buyer and seller needs and on the financing.
0 votes Thank Flag Link Sat Dec 25, 2010
Hi Brian:

These days banks and mortgage lender providers are taking longer than before to close a deal. This is because of stricter guidelines and additional processes involved. Condominiums take even longer to close because the lender will require a copy of the CC & R, bylaws, vacancy and occupancy rates and HOA insurance policy. And as Deborah pointed out, FHA deals also take longer to close because of additional FHA requirements. You should check with your lender and get an estimate of the time it would take them to close and then add another week to 10 days to that estimate. Discuss this with your Realtor to decide on the escrow period before he writes up an offer. Many foreclosure properties require an addendum from the bank (owning the title to the property) to be signed by the buyer. The addendum typically calls out a per diem penalty of $50-$100 for each day you are unable to close past the required closing date.

Therefore, you only sign up for an escrow period which you and the lender feel comfortable.

Salim Patel

Ca DRE License # 01241927
The Real Estate Group
3480 Torrance Blvd., Suite 100
Torrance, Ca 90503
(310) 528-4271 Cell
email: salim@investinsouthbay.com
http://www.investinsouthbay.com
0 votes Thank Flag Link Fri Dec 24, 2010
Hello Brian!

The required time frame to close escrow is always set by mutual agreement between buyer and seller and mobile homes are no different. If a buyer is paying cash for a home, one can assume that a transaction can close withing 10-15 days after escrow is open. If there are specific loan requirements to purchase the home, a lender will usually help the buyer determine how much time will be needed to process the loan which typically takes place within a 30-45 day escrow period. As long as the sale isn't subject to any third party approvals or contigent upon any other requirements you can expect that it's everyone best interest to close within a reasonable time frame.

Best Wishes & Good Luck!

Katrina Roth, Realtor
Keller Williams VIP Properties
25124 Springfield Court, Suite 100
Valencia, CA 91355
Direct (661) 208-1855
Fax (661) 291-1463
KatrinaRoth@kw.com
http://SouthernCaliforniaPre-ForeclosureSpecialist
DRE#01863296

*Serving All Of Your Real Estate Needs Throughout California...
0 votes Thank Flag Link Fri Dec 24, 2010
Hi Brian. Scott and Lynn have given you good answers. Every escrow varies to some degree. If the offer has an FHA loan involved, that generally takes longer than a conventional loan process. If the offer is all-cash, that can often be closed in 7-21 days, if title is clear & there are no surprises. I hope this is helpful to you. Happy Holidays!
Web Reference: http://deborahlondon.com
0 votes Thank Flag Link Fri Dec 24, 2010
No, everything is not the same. You can negotiate the time of escrow with any type of home, as long as the sellwer agrees and the closing attorney can work within that period of time, it can be ok. A loan for a mobile home in a park say is different than a mortgage for a house.

A buyer broker can easily assist you as well as your loan offcier can assist you with approximet times and costs.

Please see my blog with tips and advice on getting a mortgage in todays market
0 votes Thank Flag Link Fri Dec 24, 2010
GREAT QUESTION:

Escrow can vary based on executed sales agreement, if cash purchase, or lender involved HOWEVER the standard is approx. 30 -60 days.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Dec 24, 2010
GREAT QUESTION:

Escrow can vary based on executed sales agreement, if cash purchase, or lender involved HOWEVER the standard is approx. 30 -60 days.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Dec 24, 2010
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