how long does it take to buy the prop if you don't need a mortgage loan?

Asked by phd20, Chicago, IL Mon Jan 21, 2013

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This question was asked from this property: http://www.trulia.com/foreclosure/3090170812--E-Erie-St-2004…

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14
Randall Lanc…, Agent, Chicago, IL
Mon Mar 11, 2013
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0 votes
JIM Michaels, Agent, Chicago, IL
Thu Jan 24, 2013
email me at jmichaels@remax.net on this one and I can share you what I have
0 votes
Ivan Sagel, Agent, Chicago, IL
Tue Jan 22, 2013
On a cash deal, you can usually close within about two weeks after you have an executed contract. Listings on Trulia as a foreclosure or pre-foreclosure are not actually available for sale. The information is pulled from public record with the county. If you are in the market to buy or sell real estate, then contact a Realtor.

Best of luck,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes
Joe Schiller, Agent, Chicago, IL
Tue Jan 22, 2013
2 weeks if the owner can sell it
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Manuel Brown, Agent, Chicago, IL
Tue Jan 22, 2013
Ah I see you are looking at a property listed in by RealtyTrac that may not yet be on the market. Even with a cash purchase expect 15 to 30 business days.

Best of luck,
0 votes
Luke Wojcik, Agent, Chicago, IL
Tue Jan 22, 2013
i have done it in a week when everything in a week(contract to close) on a regular transaction however we already had title ordered.
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Jose Hernand…, Agent, Chicago, IL
Tue Jan 22, 2013
If you're asking specifically about the property on the link, that property has not been foreclosed yet. The property is in the process of foreclosure and during that time the owner has a few options.

Cash purchase can close as soon as 14 days, it all depends on the seller and how fast they can get title.
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Philip Sencer, Agent, Chicago, IL
Tue Jan 22, 2013
Chek with your attorney since it is up to him/her to do the work required, but usually about 10-14 days is possible.
0 votes
John Gall, Agent, Chicago, IL
Mon Jan 21, 2013
From personal experience, I have closed on the sale of a home on a cash purchase in 8 days (6 business days) from contract to closing. The transaction happened out of necessity on the Buyer's end or we likely would have extended it out a bit longer. Granted, we were working with experienced attorneys who knew how to facilitate title, water certifications, etc... in a time efficient manner. I was surprised it came together, but we knew it was possible. This was a traditional resale and not an REO.

Now, if you are dealing with a bank REO, the red tape and motivation on their end would likely not allow for such a quick transaction.
0 votes
Sounds Familiar!
Flag Tue Jan 22, 2013
Matt Laricy, Agent, Chicago, IL
Mon Jan 21, 2013
2.5 weeks to get title back.
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Bill J Delig…, Agent, Naperville, IL
Mon Jan 21, 2013
The delay with CASH deals is often on the seller's side. As long as the seller has ordered the Title and Water Certs, then they should be able to close within a few weeks. Ask them how long they will take.
0 votes
Erika Carter, Agent, Orland Park, IL
Mon Jan 21, 2013
Hi there! With Cash deals, they can close no less than 14 days, but it can vary depending on who owns the property.
0 votes
Matthew R. A…, , Chicago, IL
Mon Jan 21, 2013
Often times a cash deal can close in as little as 10 days. During this time period you'll want to be sure to have an attorney review and home inspection. Also be sure to review the title as well to ensure that no unexpected expenses are attached to the property.
0 votes
BJ Tregoning, Agent, Chicago, IL
Mon Jan 21, 2013
15-30 days. Depends a lot on the bank who owns the property.
0 votes
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