Investors United School of Real Estate Investing
Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Good Ideas
Free Marketing Kit


Graphic Designer



How To Advertise Here

Sponsors
More Good Ideas!
Content Marketing For Realtors


Branded Content Marketing for Realtors




Build your brand on a Real Estate Site



Facebook
Sponsors
New Reply
Topic Options
Rate This Topic
#313315 - 11/10/09 10:11 PM Is 45 days the shortest time period from contract to closing?
BusinessJohn Offline
Member

Registered: 11/05/09
Posts: 65
Loc: Atlanta, GA
I have a house that will be finished this week and available for sale. I'm marketing this to the traditional homeowner who needs a mortgage.

Assuming I get a good offer from a buyer this weekend, what is the shortest period of time that we can go to closing when the contract is ratified? How quickly can a buyer get their mortgage to go to closing?
_________________________
John Marion
The Agent Who Buys Houses

Top Reply Quote Quick Reply Quick Quote
#313318 - 11/10/09 10:25 PM Re: Is 45 days the shortest time period from contract to closing? [Re: BusinessJohn]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 6338
Loc: Vermont's North-East Kingdom
I have had Portfolio Conventional 80/20 LTV Loans Close in less than 3 weeks with a Local Bank.

If the Down Payment is less than 20%, the clock moves slower.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top Reply Quote Quick Reply Quick Quote
#313380 - 11/11/09 06:14 AM Re: Is 45 days the shortest time period from contract to closing? [Re: Vermont]
BusinessJohn Offline
Member

Registered: 11/05/09
Posts: 65
Loc: Atlanta, GA
Ok thanks. That makes sense.
_________________________
John Marion
The Agent Who Buys Houses

Top Reply Quote Quick Reply Quick Quote
#315220 - 11/25/09 08:34 PM Re: Is 45 days the shortest time period from contract to closing? [Re: BusinessJohn]
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
7 days is the shortest amount of time per federal law. (MDIA Mortgage Disclosure Improvement Act)

It is still possible to close within that time frame although highly unlikely.

I would say 15-30 days for a bank and 30 to 45 days for a broker. However, most seem to be taking longer than that. I have an underwriter in my office so I usually am under 30 days still.

FHA 203k or USDA 45-60

Top Reply Quote Quick Reply Quick Quote
#330560 - 03/10/10 08:21 PM Re: Is 45 days the shortest time period from contract to closing? [Re: Greg Phillips]
plsmlll Offline
Junior Member

Registered: 02/15/10
Posts: 5
Loc: Crossville,TN
Lenders only appear to be "dragging their feet" when you are waiting to close. There are many RESPA-required hoops for them to jump through.

If you don't "have an Uncle in the business" at your lender, be happy if you close within 30 days of your accepted offer. 45 days is a lot more usual. It is not at all uncommon for a lender's loan commitment to expire because they cannot set a prompt closing date.

Try to help the bank's closer out by running routine errands for him/her, like going to the title company and/or the surveyor and/or the (groan...) FHA or VA. Don't attempt to rush the appraiser - the more you push, the slower he'll get!!

Top Reply Quote Quick Reply Quick Quote
#331596 - 03/18/10 06:43 PM Re: Is 45 days the shortest time period from contract to closing? [Re: plsmlll]
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
Waiting longer and longer it seems. GFE 2010 nightmares.

Top Reply Quote Quick Reply Quick Quote





Quick Reply:
HTML is disabled
UBBCode is enabled




Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Sponsors

Newest Members
hijklm214273, ChrisChilds, jnefrdmns01, Tractor, Nottellin
26386 Registered Users
Who's Online
3 registered (PA Roadkill, Realtor Hope, bluebird), 73 Guests and 6 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
lucky 67
David Hunter 45
Vermont 44
RAH 35
HChomat 33
BrianMI 32
ibsellin 32
75Corvette 21
RonnieEmz 18
Jennifer Kelly 14
Analog Man 13
gitmonee 13
Las Vegas Realty 13
OahuAgent 12
Lakeshore Lad 12
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 11691961
No new orders today 10117799
Stupid MLS comments. 2119944
What do you know about Froy Candelario, top agent in USA 705620
Stupid QC comments and BPO requirements. 671196
New HUD Listing Brokers---Any Update? 631147
Is there religious content in Buffini class? 501152
EML 459215
Let's talk about our cars 399321
Pay it Forward - BPO/REO Tips & Tricks I & II 397242
Most common items found at an REO 343874
Evalonline 300064
Land America 285040
REOTRANS 275505
Name that Flick. Great movie Lines. 271257
Mainstreet 261846
asset val seminar in colorado 252650
FARVV 177361
HOMONYMS - There, Their, and They're 166587
assist 2 sell or 1 percent realty? 154405
Featured Member
Registered:
Posts: 1

How To Advertise Here


This site presented by RNC Internet Services