Surviving a Two-Week Closing

avatarthumbnail.jpg“How fast can we close?”

There are different answers to that question here in the Phoenix real estate market. From the perspective of the title company, a transaction can be completed in about a week. From a lender, the answer might be three weeks to 30 days. From the standpoint of an agent staring at the AAR Purchase Contract … well …

Cash buyers can close as fast as the title company allows. Still, I usually recommend giving at least a three-week window between offer acceptance and the closing date. This allows for a full 10-day inspection period, plus the five-day windows for the sellers to decide what they are going to fix and for the buyer to decide whether to accept the sellers’ decision on the repairs.

Three weeks also gives the buyer the full five days to review the Sellers Property Disclosure Statement, the title commitment and the CLUE report (the CLUE report details the insurance history of the home for the lesser of five years or the amount of time the seller owned the home.)

Three weeks also gives time for all of the repairs to be completed, so you don’t have a termite treatment and a roofer comingto the house on the closing date hours ahead of an inspector coming for a final walkthrough … not that such a thing happened this morning.

Closings can be accomplished in less than three weeks but unless there’s an incredibly compelling reason to do so, take the 21 days … it moves much faster than you would imagine.

[tags]Phoenix real estate, AAR Purchase Contract[/tags]

About Jonathan

Jonathan Dalton is a 30-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.