How Fast do You Close when selling your House?

You cleaned the house, hired a great real estate agent and have secured a pre-qualified buyer for your home.  Now how fast do you close when selling your home.  This can depend on what type of buyer you have and what type of financing they are using to make the purchase.

In today's market we commonly have been seeing three different types of buyers using three different types of financing. 

The Investor -  Investors will usually come to the table with a cash or hard money offer.  Generally the investor will want to do a quick close of escrow I have seen between 7-15 days as a common theme.  Often the investor offer is lower than market value but have less contingencies.

Buyers using FHA financing-  An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans. FHA loans require a lower down payment (3.5%) and are very popular among first time home buyers.  Traditionally an FHA will take anywhere from 30-45 days to close.

Buyers using Conventional financing- A conventional loan is any mortgage that is not guaranteed or insured by the federal government.  Conventional Loans require the home buyer to invest at least 5% - 20% of the sales price in cash for the down payment. If the sales price is $100,000 for example, the home buyer must invest at least $5,000 - $20,000.   I have seen conventional loans close anywhere between 20-35 days.

Choosing the right Realtor to sell your home is a huge decision.  Many folks believe all Realtors do the same thing just throw it on the MLS and wait till someone comes along to buy it.   The Realtors that have a lot of success selling homes fast in today’s market have a comprehensive Marketing Plan.  The Marketing Plan here at Thomas Davis Group Realty is one of the most aggressive in the industry.  Our 30 Step Marketing Plan has been proven to work in any market but we have sold more homes in the last four years than we ever have. For a view of our 30 step Marketing plan or to get a no hassle market evaluation of your home give us a call at 480-361-5012.

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About the Author

Husband, Dad, Real Estate Broker and all around good Guy!!  Tom Jovanovski is a partner in Thomas Davis Group Realty a Residential Real Estate Brokerage in Chandler Arizona. He has represented both buyers and sellers with foreclosures, short sales, commercial lease, residential leases and investments.  Outside of work I enjoy spending time with my two kids and beautiful wife Darby. Our family enjoys an active lifestyle with sports being played all the time.

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