How long does it really take to close an escrow?

By
Real Estate Agent with Sotheby's International Realty

People ask all the time "how is business?" Lately I have told them how busy I am; with multiple homes in escrow as well as plenty of listings.

Am I busy closing deals or am I busy spinning my wheels?

This week I have pondered this questions time and time again. Unless you have cash it might feel like you are spinning your wheels.

One of my escrows that should have closed last month is moving at such a snails pace and I want to scream.

What I realized is that I have not explained to my current clients (buyers but especially sellers) how the lending climate is effecting every deal. Buyers with even the best credit scores, great jobs and money in the bank are being scrutinized with a fine tooth comb.

Some examples of this are:

  • If unusual deposits have been made into an accounts there must be a paper tail showing where is came from.
  • If you are moving to a new area the bank wants you to show that your income will be the same or more than it currently is.

So what? some might ask...the banks should have done this years ago and we would not be in this mess.

What this really means is time. More time to get a full commitment and more time to fund a loan equalling an escrow closing.

Gone are the days of a 30 day escrow!!

 

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Tina Carpenter

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