Can anyone help me with this question?
10 Replies
Andrew Leighton
from El Paso, Texas
posted over 3 years ago
So I am new here and I’m about to start my real estate investing venture. I am placing an all cash offer to a foreclosed VA home and my real estate agent just asked me what date I wanted to close. I live in Texas I’m not sure if that has anything to do with it. But anyhow I’m not sure how much time I should put from offer acceptance to closing date. Is quicker better or should I give a couple weeks delay?
Ryan Monier
Rental Property Investor from Covington, LA
replied over 3 years ago
In my experience when dealing with VA properties the fact of your offer being all cash and how quick your willing to close do not matter. All that matters is what they will net on the property.
I recently made an offer on a VA property in Louisiana that had active termites. They countered my offer $500 below list price and were not willing to have the termites treated.
I hope this helps!
Andrew Leighton
from El Paso, Texas
replied over 3 years ago
Thanks, but what I am wondering is how long should a all cash offer take to close? Or how long a title company would take to get the job done.
I don’t want to lose the offer because the title company takes a week and I said the closing would happen in 2-3 days?
Wayne Brooks
Real Estate Professional from West Palm Beach, Florida
replied over 3 years ago
That is a question for your agent....they are local, should recommend a title co, and should know local timelines.
Jason D.
Rental Property Investor from St. Petersburg, Fl
replied over 3 years ago
Andrew Leighton
from El Paso, Texas
replied over 3 years ago
Unfortunately my agent is as new to the game as I am. So we’re both unsure. But anyhow I submitted my offer with a 10 day from acceptance closing.
Fred Heller
Real Estate Agent/Property Management from Houston, Texas
replied over 3 years ago
I think you're worrying about nothing. A traditional cash sale can usually be closed in 7-10 days, depending on how busy your market is. If anything, it will be the VA that will slow the closing process down. The VA is not going to reject or accept your offer based on the anticipated closing date.
Andrew Leighton
from El Paso, Texas
replied over 3 years ago
@roger I am doing a cash deal, no lender involved
Jeff V.
Investor from Deridder, Louisiana
replied over 3 years ago
Personally I like to set closing 45 days out but if title and due diligence comes back good and allet parties are rdy to proceed you can move up the date. If you hit snags in due diligence or title blemishes need to be remedied you will have some flexibility.
Jeff V