From contract to closing? Mine was 4 days and took place in May of 2007.
A four day closing! Yep, that's right, my Sellers and I negotiated a deal on a Monday and closed it Friday afternoon. Not only that but it was a 100% financing deal on a $230,000 property and a mail away to the Seller!
Is that fast or what? The contract was fully signed late Monday and sent to the Title Company on Tuesday morning. Appraisal and survey were done Tuesday afternoon. Final mortgage approval was on Thursday and Seller docs were Emailed to them on Thursday afternoon. They signed and had them notarized and placed back in UPS by 6:30 for a Friday delivery. The Buyers signed at 4:00 pm on Friday and we were closed. How's that for a job well done?
This was no Fickle Fantasy. It was a real deal. The Sellers were pleased, the Buyer was excited, the Title company, Lender and the REALTORS® came together like a finely tuned machine. It was poetry in motion.
In contrast, next week I'll be closing (hopefully) on a Bank of America Short Sale that has been under contract with the Buyer since September. This is my 5th Buyer for this particular property!!! Things sure have changed over the last few years. So what was your fastest closing?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
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Back in 2004 when we closed on our personal house the entire thing went from contract to close in just under 2 weeks. I haven't seen anything happen that fast professionally.
Bryant - Not four days, that is for sure! Want to compete on the longest one to closing, instead?
5 Days back in 1988. Buyers agent brought the all cash offer on Monday and closed on Friday. He walked from a FSBO deal and bought mine. Funny thing is I had been trying to get the FSBO's listing.
I've had two that equal your fastest, but they were both cash deals. One from Sunday to Thursday and one from Tuesday to Friday just last month, in fact I blogged about it and called it a "Fairy Tale". My fastest closing with bank financing involved was 13 days and while I remember the house and the month (It closed on June 12th) and I remember the buyers (48th brigade general commander- at the time) I will have to pull out some photos at my office to know exactly what year. If I had to guess I'd say 2002, but only because in my mind I feel it was post 9-11. But BB, I'm gonna look it up tomorrow.
BB...
We have a BOA short sale that started in August and has yet to close. Soon, I hope.
We were on listing tour, at the sixth house the listing agent said "this is my biggest problem." I got him in my car when we reached the next house we told our broker "we're going to solve a prolbem."
He wrote an O & A as I dictated and drove. We called the seller offer accepted! This was before fax. I called the local paper they sent the O & A and a deed on the AP line.
The sellers went to their paper's office signed both in front of a notary. When AP sent it back our paper notarized it too. It took me an hour to convince the county Recorder to accept it! Saw the house at 9:30 owned it at 3pm the same day!
Six months later a friend was complaing the sale of his personal duplex fell thru and he needed the money by noon! I filled out the paper work we went down stairs to our closing department and had it notarized. 15 minutes! I didn't even see it for a week.
It pays to know what you're doing, carry a check book and be in a state where agents have authority.
Fastest for a client 2 days, fastest brokered mortgage $1,500,000 3.5 days!
Bill
BB - Whew, that's amazing. My very best is about 13 days with a loan.
The more interesting question is - what is the longest closing from a signed contract?
Jeff
8 days in Dec 2005 and that was a financed offer just months after I received my licence. That was back when lenders would finance a ham sandwich though :)
I am closing one Friday that would have beat that as the buyer deposited the cash before the end of due diligence (three days after contract execution) but my seller drug her feet a little because a daily rentback is involved and she is trying to save $60 a day :) About 14 days so this is nice in THIS environment!
Here in New York, the minimum is 60 days, sometimes 90 even in a cash deal. We are an attorney state and Realtors will never be able to ratify contracts. Attorneys do that.
You have me beat. I did a 6 day closing in April and thought that was pretty good. Could have been 5 days, but it was a mail-away.
5 days...the first lender dropped the ball at our walk through. The buyer fell on the floor crying, we had tried to get them to change for months. We flipped it and the lender reassigned the appraisal to the new lender.
That was 2 years ago.
That's pretty amazing for a financed deal to get closed that fast. I did close a cash deal a few weeks ago that went 3 days from contract to closing (actually it was a contract assignment on a private lender's REO).
The longest I have seen was one of my agents who had a short sale that took 8 months to get the approval from Bank of America on a 1st and 2nd mortgage short sale. Sold to an investor. I couldn't imagine any owner occupant buyer hanging in that long.
That's fast, all right! Clearly not a short sale! Mine was two weeks. Russian violinist and his wife. They didn't speak great English and just did what they were told. They were just wonderful clients.
My fastest closing was an all cash deal that closed in 3 days. I put the sign out, was still at the property taking pictures when someone drove up and said they wanted to see it, they put an offer in on Wednesday and on Friday they closed. (Also 2007)
Hey Broker Bryant - My fast closing was less then a week. I'm doing good! And staying busy! We move into a log home. Its has a fireplace. I love it!
Ok I may be beating my 4 day deal. My agent just gave me a cash deal on one of my listings. The seller has agreed and we are trying to close on Wednesday. That would be less than 3 business days. Does that count?
Bryant, until I saw your last comment, I thought that Todd had you beat. It sounds like he'll be in good company with you, then, if this recent deal goes as planned. I'd love to have a closing that fast. With time, perhaps it will.
Were any inspections performed (or other due diligence) on these fast (exceptionally) closings?
Love the picture! You both have a fantastic sense of humor!!!!!!! pippa