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FIND YOUR DREAM HOME OR APARTMENT
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You forgot the 2nd. most important aspect of a Home Purchase. First, pick a Real-estate Agent you feel good about. Second, do your homework and pick a Home Inspector to look over your prospective purchase. Don't discount the fact that some inspectors work with agents and you should interview them as well as a few you would call. Price is not the best selection for a home inspector, rather talking with them, even meeting them and find out what their qualifications are and do some background on them by asking others. Are they affiliated with a membership group, how long does it take to complete the inspection, what do they cover or look for, details and what type of reporting to they present.
The Real-estate Agent, Inspector, Appraiser and related information are your gateway to better home ownership.
I offered on a wednesday and closed that friday (may 2005). That was my fastest closing.
My most recent was 23 days from offer, 6 from acceptance (August 2012).
Might I suggest this article was written under the premise that the buyer is NOT approved for a mortgage, and the house has no inspection or appraisal. Meaning neither the buyer nor the seller was prepared. And the realtor(s) involved were working solely for their commissions and NOT for the buyer (buyers agent) or seller (sellers agent).
And this is where all the bad realtors give me a thumbs down for telling the truth about them.
I'm not sure where the people writing the article live but most of this is nowhere close to what really happens. In Texas, we seldom go past 30 days to close unless the principals have agreed to a delayed closing. Cash deals can be closed in about a week. Also, if you're buying a house currently occupied, the seller has to have time to find a house and that seller may need time to move. Most people don't put their house on the market, ready to move in a week. So you have a domino effect and at any point in the process, one of those people can have issues. The lenders don't just have 5 clients, they are usually working with many open files so asking them to move you to the front of the line isn't going to happen.Appraisers are chosen by the bank, not the loan officer and from the time the appraisal is done, the lender doesn't get it back for at least a week. The escrow company has to be agreed on by both buyer and seller so you can't just pick one-it's a negotiable item.
The comment from D.McLeod really irritated me; yes, I am a Realtor and I am not clueless and I don't only care about the money. It's my job to make sure this whole process goes as smoothly as possible to the extent that it depends on me but I don't control the lender or the escrow agent. You must have had a bad experience somewhere but I am the kind of Realtor that if things don't go as planned, am on the phone to all these other people to find out why. I've also been known to pay for things myself if it couldn't be worked out. I guess I'm the kind of Realtor you've never had.
1984, my first house, we closed in 8 days.
my second home, made the offer the day after Christmas. Closed January 16th 2010. 21 days.