45 day close is the new 30

By
Real Estate Agent with ADVANTAGE REAL ESTATE, serving Lincoln County 200509394

I received this email from a Newport, Oregon lender I work with. He wants agents he works with to write in a 45 day close on every transaction. He has given me permission to post it because he wants to get the word out to everybody in the hopes that it will make his life less stressful! Here it is:

"As you all know, we continue to get new legislation and new regulations every month. The net result is a longer and more detailed process that results in frustration at every level. I am sending this out to encourage you to set reasonable expectations for your clients. A 45 day close date is now the norm. If problems are encountered it can be longer and shorter time frames are difficult but not impossible. A satisfied customer is our goal and if we set reasonable expectations we will have a better chance to accomplish those goals."

house("Are we there yet?")

I have been writing in at least 48 days just to make sure. More often than not, we close a week earlier, but the lenders are taking much more time to close than ever before and buyers need to be aware of it.

Posted by

Your Coastal Realtor in Oregon

Comments (6)

Cynthia Grimes
Coldwell Banker Realty - Westminster, MD
"With You Every Step Home!"

Barbara, A 45 day close is a lot less stressful!!  I recently had a short sale (the sellers lender) ask for a 14 day commitment from the buyer with all inspections done upfront.....now that is stressful. 

Feb 20, 2012 07:11 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

hmmt, 60 if it's FHA or USDA, no one is in a hurry to do anything but wait.

Feb 20, 2012 07:32 AM
Barbara Le Pine
ADVANTAGE REAL ESTATE, serving Lincoln County - Newport, OR
Your agent for the Central Oregon Coast!

Cynthia, 14 days to get everything done is insanity! Short sales have rules that just keep changing, hang in there!

Feb 20, 2012 07:41 AM
Barbara Le Pine
ADVANTAGE REAL ESTATE, serving Lincoln County - Newport, OR
Your agent for the Central Oregon Coast!

Tammy, I agree, the FHA or USDA can be lengthy. I feel it is best to keep the close at 45 and extend if you have to, if you write in 60 it will be 75! Your "hmmt" made me smile! :) Thanks for stopping by!

Feb 20, 2012 07:45 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Barbara -- the 45 day escrow is the new 30 day for many lenders, I agree.  I think that may be one of the reasons that the percentage of cash sales continues to grow in our market.   

Feb 20, 2012 04:28 PM
Margie Kopp Sorrell
Coldwell Banker Lake Oconee Realty and Lake Country - Greensboro, GA
Lake Oconee Real Estate

45 day close is right on par with what we, as a company, averaged last year at Coldwell on Lake Oconee.

Feb 22, 2012 11:27 PM