How fast is fast when it comes to a Real Estate closing?

How fast can a Real Estate closing take place? The simple answer on a cash sale is 7 days. Our quickest is 3 days. However, most closing involve an owner occupied seller and a buyer, getting a mortgage who will be moving into a home. The easy answer would then be 30 days for a conventional mortgage and 45 days for FHA.

There is one big variable however when talking about owner occupied sales. How quick can the seller move? Let me tell you about a recent set of offers on a new Manchester NH area Listing. The seller, an older couple living there 30 years, was ready to move into a 1 story newer home with no to little maintenance ." They chose me to list with. We set the price based on comps, I assisted with tips to ready their home for sale. Using my aggressive marketing we had 9 showings the 1st day. 

It did not take long for offers to come in. With 8 offers, 2 rose to the top of the list when they were all presented to the seller. One a cash offer, contingent on only a home inspection but lower in price than offer 2.

The second offer was higher in price, the buyer included not just a pre qual but a pre approval letter. Also with a home inspection contingency but a 30 day closing.

Weighing the difference in offers the seller really liked getting a higher sale price but liked cash too. First was a call to the 2nd buyers loan officer to over this pre approval. The LO let us know they are a very clean buyer, super credit score, no debt and the only thing they would need to give commitment was the appraisal which they could order as soon as getting a signed contract.

With all the info on both offers, the seller asked to counter to cash buyer at the price the 2nd buyer offered and a 33 day closing as they need time to move. Buyer #1 balked, said no way, they are cash, they can close in 7 days, that means they get a discount. 

I looked at the seller, the seller looked at me, then Mr. Seller game me a big thumbs down. 

We contacted buyer #2, their price was good, could they close on 33 days which put it on a Monday as they could then have that weekend to move when the sellers kids are off work. That was fine they said, when the buyer burst out, they would waive the inspection contingency as the home was in mint condition. They were cautioned about their right for an insection and they said, no we do not need it. We made the changes, sent it over via Dot Loop and had them e sign the contract which the seller signed on the spot.

The moral of the story is a quick closing is great on a vacant home or when a seller can move that quick. In this case they could not. Cash is king, however cash or check is all the same in a real estate closing where the offer price as a great difference in amounts. When told that another offer was accepted, buyer #1 freaked out and said they would raise their price. Too late buyer #1, you were given first chance and acted like a fool. The seller in the next 2 weeks referred 2 other friends that will be selling their home. They were so happy i took the time to get them the best offer and terms, they told the world. 

I leave you with my now infamous saying that: The choice of who a person hires as their agent sure does matter. The BEST way to go about any home sale or purchase, is to know you, the consumer should not just choose any agent.  

All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. By using a philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process, I can help you find your dream home or sell your property. Your agent can stand behind you and assist with obstacles such as this.