How soon do you want to close escrow?

By
Real Estate Broker/Owner with MBA Broker Consultants CalBRE Broker #00983670

Most buyers prefer to close within a month or so, and a typical escrow closing period is 30 days.  However, for buyers who are getting a government loan such as FHA, VA, or USDA, they can expect a slightly longer escrow, which may be 60 days or more.  If you are buying a short sale, the escrow period is usually 3 to 6 months.  If you have a complex loan, are buying an REO, or there are other delays, always plan an extra few weeks just in case.

Sometimes the sellers do not want to move out until the school year is over, so their children can change schools during summer break.  Therefore, it’s common for a seller to request the escrow closing date be timed to coincide with the end of the school year.  Or perhaps they are relocating to another state and want for their new home there to close escrow simultaneous with this sale.

Read more in our book, "Buy Your First Home", http://tinyurl.com/dy2wjx4.

Posted by

Regina P. Brown
Broker, Realtor®, M.B.A., e-Pro, GREEN
California DRE # 00983670
www.CalCoastCountry.com

                

Text copyright © 2011-2018 R.P. Brown, All Rights Reserved

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Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I sell mostly second homes so the school thing is not much of an issue here. But oh yes we write longer close times for those government loans.  Our FHA and VA appraisals are taking FOREVER.

Oct 08, 2016 11:49 AM #1
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Regina P. Brown - it is conventional to close in 30-45 days - though not all sellers want it that way. I do see disclosures about that in listing sheets sometimes.

Oct 08, 2016 02:34 PM #2
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Robert Vegas Bob Swetz
Las Vegas, NV

Hello Regina

I like your title and post, featured to the group:

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Oct 09, 2016 10:04 AM #3
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Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 480-966-9353 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Great title, Regina. I always ask the Buyer that question when preparing the offer, and we discuss the options, pros and cons of closing on a certain date. When the Seller has an FHA loan for example, they will like an offer with a close of escrow on the day before the last day, or the last day of the month, better than on the second or third of the month.

Oct 10, 2016 09:53 AM #4
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Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

Robert Vegas Bob Swetz thank you so much for the feature. 

Tammy Lankford, Praful Thakkar, and Steffy Hristova - thank you my AR friends for visiting and leaving your interesting comments.

Oct 13, 2016 09:05 PM #5
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Robert Vegas Bob Swetz
Las Vegas, NV

Your very welcome Regina ...

Oct 14, 2016 03:12 PM #6
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Regina P. Brown

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