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



How To Advertise Here

Sponsors
More Good Ideas!
Branded Content Marketing for Realtors




Content Marketing For Realtors


Build your brand on a Real Estate Site


Facebook
Sponsors
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
#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: 6300
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
#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
#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
#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
#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






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
platon20, verran, kentuckybrown, du an can ho, Jerry T
26259 Registered Users
Who's Online
3 registered (MontereyBroker, gitmonee, bets5150), 125 Guests and 4 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
lucky 79
HChomat 53
RAH 45
BrianMI 44
David Hunter 40
Vermont 38
75Corvette 23
sualk54 23
RonnieEmz 22
poindexter 12
Analog Man 10
gitmonee 10
MOMO 9
miracle 9
ibsellin 9
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 11251392
No new orders today 10023169
Stupid MLS comments. 2088588
What do you know about Froy Candelario, top agent in USA 694342
Stupid QC comments and BPO requirements. 660516
New HUD Listing Brokers---Any Update? 623382
Is there religious content in Buffini class? 495452
EML 459215
Pay it Forward - BPO/REO Tips & Tricks I & II 392802
Let's talk about our cars 392611
Most common items found at an REO 335622
Evalonline 300064
Land America 285039
REOTRANS 272628
Name that Flick. Great movie Lines. 262765
Mainstreet 261846
asset val seminar in colorado 250352
FARVV 177361
HOMONYMS - There, Their, and They're 164047
assist 2 sell or 1 percent realty? 151702
Featured Member
Registered: 06/12/06
Posts: 2304

How To Advertise Here


This site presented by RNC Internet Services