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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: mishedlo who wrote (26339)12/31/2004 3:48:09 PM
From: TradeliteRead Replies (1) of 306849
 
<<has there been some speedup in the process this year or not?>>

Probably not. If you consider a reliable source for this information to be a real estate agent who has had numerous 30-day settlements and even some which were quicker over the course of 20-some years, then I am a reliable source, and I can tell you the settlement/closing process probably hasn't gotten either faster or slower.

The main things which can drag out a real estate closing to more than 30 days are the particular needs of buyer or seller. Not all sellers can vacate a property in only 30 days, so they write a contract calling for a 60-day settlement, or maybe longer. Not all buyers can complete moving arrangements in only 30 days, so they make offers proposing a somewhat extended settlement.

However, many buyers and sellers do want a 30-day timeframe or even shorter and do get it and have been able to get it for many years.

If the buyer is paying cash, a settlement/closing can be held within a week. All it takes to make a closing happen on most properties is to have title work, appraisal and credit report completed. Plenty of professionals are available to make these things happen quickly.

If the buyer's credit quality is questionable and delays loan approval, or there is some dispute between buyer and seller as to repairs following a home inspection, or some unforeseen problem crops up regarding the seller's title to the property, these types of issues can of course delay settlement for a month or two. If both parties are motivated and qualified to buy/sell, however, the settlement can occur just about any time.
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