A – It depends on if it will be financed or paid in cash.
For financed, we’re looking at an average of 45 days. It can be done on 30, but everything has to be right on target to make things go smoothly and to get it done that quickly. 60 days is on the outside. Most lenders should be able to sort out any problem about closing in 30 days.
For financing, it’s a minimum of 30 days and a maximum of 60 days. If it goes beyond 60 days, loans have locks and it starts to make it a little bit of a challenge.
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On the other side of the coin, I have cash buyers, who may want to close quickly. Most of the time, I may have a contract for 18 days and it’s a great negotiating tool. If the buyer doesn’t want to close that quick, they’ll usually let us know. They will back off and give me more time. It’s very doable and can be done in 18 days. But again, we have to deal with sending documents through the mail or through FedExl. Which can take a little more time. It’s been done it in as little as 12 days, but everything needs to be on target. Weekends can come into place, and we need to be aware of that.
But as a general rule for cash closing I would recommend 18 to 30 days, unless there are circumstances when buyers prefer to have it longer. and finance closings, 45 to 60 days. It usually works well and can get done in a span of just 40 days.
Any questions about cash and financed closing, give me a call. We’ll help you find that perfect piece of Maui real estate.