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Are all real estate sales taking longer to close or is it just a misguided perception?

I am sitting here wondering if its just my perception or if its happening to other realtors It seems like loans are taking longer. Its taking several weeks longer than it was before to get to the closing table. I was just thinking if anyone else out there was experiencing the same kind of time lines? If anyone is experiencing the same problems if you please respond to this blog and let me know that its not just me that feels this way. Hope to hear from my fellow realtors and fellow active rainers. In advance thank you to all that respond.

Steven San Filippo

Power Brokers Real Estate Inc.

5237 Summerlin Commons Suite 205

Fort Myers, FL. 33907

239 898-0199

Posted by Steven San Filippo on 06/09/2009 07:12 PM

Comments (5)

Closing Time Lines in the ActiveRain Channel

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5 Comments on Are all real estate sales taking longer to close or is it just a misguided perception?

JUN

I got an offer on my personal house today. The financing addendum said 21 days and I countered back at 14, and the Chase guy almost threw a fit saying he needed 45-60 days. I was like, NO you don't, you just think you do. After the conversation, he said he could make the dates and close July 3... we'll see!

It seems to me that the appraisals are taking longer to come back which is delaying settlements.

8 closings last month and all 8 were delayed....and 2 fall outs. Appraisals were at best back in 9 days and the worst was 22 days. It will get better, but the new appraisal system will have to go through its growing pains. I just sold 3 houses this week and all 3 put closing dates this month. I laughed with my sellers. There is no way they are going to close this month. 45 days is safe number to use for the next month or so until we all see proof otherwise.

They are taking longer. We are writing 45 day closings now when just 3 months ago we could have done it in 3 weeks. Good to be aware so you don't write a contract that can't be fulfilled.

JUL

Im glad to see that Im not alone. Then it isnt a misguided perception that closings are taking longer than normal. Thanks to everyone that responded.

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