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Depends on the type of loan Hank, hard money they are fast 5 to 10 days , mortgage brokers 20 to 30. i dislike banks because they always close late or don't close because the did not ask the right questions .
Virginia Kazlouskas (G...
Del Mar, CA
We had one in about 11 days.
Two weeksis the shortest. Longest is 60 days.
5 days was the shortest; average is probably 20-25 days; longest -- must have been so bad I blocked it totally out of my mind!
Within a week. Average 30 days and longest, I don't remember....
haven't tracked it - nothing unusual
I had few very long escrows, but only because the buyer was hopping from one lender to another: looking for better terms, or due low appraisal.
9 days for FHA for REO house and it was done by Wells Fargo lender. He was our last hope. It was with a different lender for about two months and due to many issues with the property, it did not go well.
One week, FHA. The stars were aligned...
7 days and it was an FHA. Usually 21-45 days.
Shortest - even I was surprised Hank Dugie - just 13 days!
Longest - I do not recollect any however, had one for about 70 days or so. Not much though I guess.
15 days for me.
The fastest for me was two weeks. The longest was short sale, and that took over four months.
I believe that the average is between 30-45 days.
I've done them in 5 days with everyone working
I'm seeing about 30 days for the average from the big banks. Though, I've had some drag out. The longest I've had was just shy of three months. The shortest was with a portfolio loan from a local bank at 7 days.
The fastest for me was 7 days. The longest and still working a short sale 1.5 years.
VA loan from today's purchase and sale agreement signed to closing 22 days down the road. You have to be in the right triangle of lawyers, appraisal, bank "loan arrangers" for the hi ho silver, away to the real estate closing. Cash sale of land, same day. Owner financed land sale, same day. See it, like it, buy it now. Almost drive through window quick.
All I can say is I will not work with big banks anymore.
The longest was a rehab. loan. I think it was 74 days and not that fun. The lender was the only one who could do it and it was very slow. Thank god my client was understanding!
When I was in the business 9 days. 9 days and not business days. It was cool!
5 days for me to. It was an emergency. The buyer had $5000 in earnest money that I advised not to put down but they did anyway. Their bank with 6 days to close said they couldn't close on time. The sellers were going to keep their earnest money instead of extend. We switched to a lender that we refer to all the time and did and they closed in 5 days.
We just closed a VA loan in Chula Vista in 12 days! Conventional can be done a little faster but new regulations for waiting periods makes 10 days about the fastest you can do with appraisal and disclosure. Speed is one of our big advantages over big banks!
21 days and 47 days - both for Reverse Mortgage purchases. The 47 days happened because the Seller couldn't locate his Title Abstract, so we lost two weeks.
I can't close one in 21 days at my Bank, but my friend, Cliff, does them in 21 days at his Mortgage Bank. My average is 35 days.
10-days to close is the shortest for me and that was a US citizen with conventional financng. The longest was 62 days with a foreign national which required all buyer documents by the lender be transcribed by a certified specialist from Icelandic to English. The median is about 30-days.
I had one recently that took only a few days. The first bank was dragging it's feet and giving my buyer a hard time so I recommended he contact a mortgage broker I prefer. The loan commitment came in so fast even before the appraisal. Fortunately there were no appraisal issues, lender was cleared to close it went so fast the seller wasn't ready.
Average 15-30 days. Longest 60 + days.
We've closed in 7 days here at Lance & Company. We have seen some 10-14 days too. Average depends on the loan product and terms of the contract.