Once I Get An Offer On My Home, When Will I Close?

That's a great question and depending on whether you are selling as a traditional seller or as a short sale will make a big difference.

For Example:

Traditional Seller Time Frame:

Buyer and buyer's agent presents an offer to seller's agent
Seller accepts buyer's offer
Contract is considered executed
Now the time frames noted on the contract start ticking...
Typically the buyer has 5-15 days to have a licensed home inspector perform home and termite inspections.
Following the inspections the buyer's lender (if the buyer is financing the property) will order the appraisal.
If the appraisal is returned at a satisfactory value the buyer and seller will move towards the closing date, typically aware between 30-45 days from the executed contract date.

Short Sale Seller Time Frame:

Buyer and buyer's agent presents an offer to seller's agent

Seller accepts buyer's offer

Contract is considered executed

Sellers financial information along with the contract, disclosures and addenda will be sent to the seller's bank for review. 

Review can take aware from 1 month - 6 months

All things going well the seller's short sale application is approved

Following the approval the time frames on the contract for inspections, etc. start ticking

As above:

Typically the buyer has 5-15 days to have a licensed home inspector perform home and termite inspections.

Following the inspections the buyer's lender (if the buyer is financing the property) will order the appraisal.

If the appraisal is returned at a satisfactory value the buyer and seller will move towards the closing date, typically aware between 30-45 days from the short sale approval date.

Have questions about selling your home or buying a short sale? Call me 321-443-7257, send me an e-mail or check out www.TheAistropTeam.com.