Sunday, October 20, 2019 / by Shayla Morford
Here is a quick "average" snapshot of the standard home purchase. Remember, if you are asking me to sell your historic 13th Century Stone Castle Mansion on 500 acres, you might have to be slightly more patient for that "Ready, Able and Willing Buyer" to come along.
Typically there are two stages in the home selling process: Getting the home ready for prospective buyers to come through and once one of those buyers submit an offer you are willing to accept, the clock starts again.
Depending on how someone will be compensating you for their purchase, Cash or Financing, will set the pace. The "Great White Buffalo" of cash transactions has been rumored to close in a few business days. Cash buyers may skip a few steps a traditional mortgage lender wont allow. Conventional financing averages 30 days, while FHA or VA may be 45 days. I ALWAYS communicate with the lenders often to accommodate for their needs and expectations for all parties in the transaction.
The standard inspection time-frame a buyer has to approve or disapprove of a property after the signed around contract starts immediately and lasts 10 days, unless otherwise agreed upon. Next, the buyer is granted opportunity to request repairs or modifications, or accepting the home in as-is condition, before the lender is cued to order the appraisal of the home. An appraisal is a third parties opinion of the value of the home so the mortgage lender isn't placing themselves in a lose/lose situation.
Between these two major markers of accomplishment in the "standard" transaction, a 25-45 day close can be expected, from contract to keys. The main Wildcard is how quickly your agent is able to pair you with the right buyer.
Call me today to see what strategies and solutions I have to make your bank account blossom as fast as possible!!