How do I minimize the amount of days it takes me to close?

6 Replies

Quick question BP!

When I'm offering on a property, what are the things that need to be in order so that I can give the incentive to the seller that I'll close extremely fast? I see in everything I watch, read, listen to, etc that offering lets say.. 10 days, a week, even several days to close is a massive technique to gaining the seller's interest in accepting your offer. Lots of BP Podcast guests actually brag a bit on their ability to close quickly. In order to be able to use this incentive to my advantage, what do I need to have in place before, during, and after offering on a property? 

Thanks!

The only thing you need is cash in the bank to purchase the property. If you pay cash, you only have to wait as long as it takes for the title company to process the paperwork. If you plan to finance, that will delay the process considerably.
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reduce inspection period and you can do a 30 day close w/ bank financing... probably even (little) faster if you wanted.

Pay cash and you can probably close in about a week

@Hunter Harms If you’re financing, there’s only so much you can control. What you can do is remove things like the inspection contingency in ___ days. Have you inspector, ready to go, and you’ll still probably pay a premium. You can tell your lender you’ll pay more to get the appraisal done in 7 days. They can’t pick the appraiser but they can put it out in the blind bid (I’m probably using incorrect terminology). And the biggest thing you can do is have 100% of all of your personal financial information ready. If they want the 2017 tax return also have 2016s ready. If they want balanced in accounts, have statements ready, all of that “stuff” than an underwriter might ask for. They always ask for something (however small) and it can feel like an 11th hour scramble to find that 2015 Roth IRA statement. 🤷🏻‍♂️

Cash, if you don't want a title search, I imagine you can close as fast as the podcasters are bragging about. In my experience, title seems to take a minimum of a week-1.5 weeks. Sometimes longer if there are other unforeseens (town or city providing documents could take longer). I have closed in 2 weeks, but most drag on for a month, no matter what I do.

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