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Property Hunting - The Closing Process

#PropertyInvestment #PropertyHunting #FirstTimeHomeBuyer 

Real Estate Closing Procedures explanation

I'm sure you've heard this story before the broker tells you that they can close in three weeks, and you ask them if they have a realistic timeline.

Then you are horrified when they do not, and then you are left asking, how can they tell me that I can close in three weeks if they have no realistic timeline?

For the benefit of you and, this will sound silly; here is my Real Estate Closing Procedures explanation.

If you're ready to close and we're now over 120 days I want you to know that there is no magic time to close. It's not the three weeks it usually takes, nor the 180 days it took at one point.

You know when you're close. I know you're close when you can tell your real estate attorney that he can show the property to prospective buyers, and they will say yes they will take a look at the place and notify their real estate agent to set up a showing, and if they like to take you up on your offer and, they will pay cash because, I mean, they can not afford to wait.

We did a walk-through of the property at the end of the first week. It was our third open house in a row, and we had made a promise to our real estate agent to see at least five properties in a week, and we really, really wanted to close this one out. We saw the house again that afternoon and had to move fast because we were running out of time.

I was so excited and started telling my colleagues the news. "How can they say that? We're about to get a closing statement, and our closing statement is coming out today." My colleague said, "That's not true. If you looked at the same house yesterday, you would see that they closed over the weekend and we were going to close the following day, but we went ahead and made an offer instead because I like the house, and you guys have to go to work tomorrow because we have to close in three weeks. So we're going to give the seller a couple of days to consider our offer.

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