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Tuesday, September 16, 2014

Home Buyers, Seller: Why do you want a quick closing?

The question to both seller and buyer should read "Why would you not want a quick closing?"

What is the typical time frame for a real estate closing in Brevard County, Florida? 

With all the cards falling in place a buyer obtaining a mortgage is usually looking at a 30-45 day time from contract to closing (allowing time for inspections, survey, appraisals, etc.).   This is for a standard sale and not a foreclosure or short sale.   A cash buyer can close in a week to ten days easily if there are no title issues as well as the inspection and appraisal (recommended) are accomplished.

The above criterion is what I would define as a quick closing.

What would interfere with a quick closing?

For a buyer there can be challenges to their time table.  If a buyer is selling a home that has not yet closed it may be necessary to contract and wait until the first home is sold.  This may be necessary for mortgage approval.   Of course many sellers are hesitant to accept such terms.   Buyers may be planning on relocating in a few months but want to go ahead and contract for the new home and wait until closer to that actual move.

For sellers there could be some challenges like tax implications if the home being sold is an investment or perhaps awaiting a new home to be built.  Or its a job relocation or whatever.

Sometimes there are legitimate reasons for delayed closings.

Absent unusual circumstances, buyers and sellers should insist on a quick closing.  The longer one waits to close the transaction the more opportunity for something to kill the deal.

Ready to sell your Melbourne, Florida home?  Call me at 321-693-3850 if I can assist.  Call me for your free price right market assessment.

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