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2017-08-23 22:25:29
4 Tips to Close Quickly on a Home Purchase

There is any number of reasons that real estate consumers seek a quick close – to start a new job in a new city to the need to beat a lease’s expiration.

Today, the nationwide average closing time on a home purchase is 48 days, according to Ellie Mae’s Origination Insight Report (this number fluctuates monthly). If you need to close quicker than that, pay heed to the following tips.

1. Pay cash for the home

When you pay cash for a home you become the Bank President.  This helps streamline the process of and reduces the 'red tape' requirements. 

Although some cash buyers hire their own appraiser to determine if the home is truly worth what they’ve agreed to pay for it, since there isn’t a lender involved, the appraisal – tends to slow down the process with a up to 10 day turnaround time -- isn’t mandatory. 

A “clean” cash purchase – one with few contract contingencies – can close in as few as seven to 10 days.

2. If you need a loan, see a lender before house hunting

If you are like 95% of Buyers and will be using a loan to purchase the home, get the approval process out of the way before looking at homes. Since the loan process takes up the most time in a typical purchase, the further you are into the loan process, the quicker you can close.

For a quick close, ask for a full loan approval instead of a pre-approval. This way, if the underwriter asks for additional supporting documents you can take your time supplying them, without worrying about holding up the transaction.

3. Don’t purchase a distressed property

If you’re looking for a quick close you need to keep the fewer the people involved the quicker it will go. 

Distressed homes – foreclosures and short sales – are notoriously slow in closing. This is mainly because of the additional people that are involved in the transaction. From the lender’s facilitator to its loss mitigation department – with a lender as the seller, every aspect of the transaction takes longer.

4. Submit a 'clean offer'

A 'clean offer' is an offer that is complete, correct with terms the Seller wants to sign without sending a counter offer.  Negotiations can take up to a week to reach an agreement on terms.

You, the Realtor and their team of professional can work together to make a quick close possible. Everyone needs to respond to requests for information or decisions in a timely manner.  

Speak with your agent about other aspects of the contract that can be tweaked to get a quick close.

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