Quick Close Cash Offers Possible in PA?

Question

I was discussing cash offers with a fellow Pennsylvania investor today and he said that even if you make an all cash offer you still would not be able to close quickly because the title search is required and can take up to 30 days.  If that's true then it would slightly diminish the advantages of making cash offers because a good lender would only need a few more days to process a loan.  So two questions: 1) Are title searches required in PA for all real estate transactions (even cash offers)? and 2) How long do title searches take?  30 days seems way too long to me.

Jonathan Wyse · Answer

Title searches are optional on cash purchases, but strongly suggested (in my opinion)

Closing can happen typically as fast as the title search is done. The cash buyers I work with usually close in 2 weeks on even much sooner (if you have a good relationship with a title company they will work on it quicker). If your title company it taking 30 days, go to a different one.

Steve Babiak · Answer

This is quite true, but what is somewhat ironic and comical is that the bank as seller will find an offer with a short closing time to be a stronger offer than the offer with a longer closing time; then once under agreement the settlement will get extended as needed by bank asking for amendment to the agreement via an addendum.

Mark Fedorov · Answer

.. 30 days may be if you are buying a foreclosure from a bank. Banks can't get out of their own way in order to close faster than 30 days.

David Krulac · Answer

In a rush situation we've had title searches in 1 to 2 business days.  Who ever told you 30 days doesn't know what they are talking about.

Beka Shea · Answer

Soooooo true!

Josh Caldwell · Answer

yeah, you can get the title search done in a day if you have a relationship with the title company, otherwise it can take a week or two.  There are a few title companies that Pittsburgh REIA members tend to flock to, because they are quick, efficient, and reasonable.  Come to one of our meetings and you will meet a couple of them.

Matt A. · Answer

I did a quick all cash close in 48 hours about 8 months ago. In full disclosure I had already searched the property for liens (and knew its history), but the net is yes, its absolutely possible.

Josh Caldwell · Answer

Dallas, feel free to come as my guest.  Just tell the ladies at the front table that I invited you.

to your success.  If you get a deal that needs financed PM me and I will help you .  Assuming that the deal is decent.

Dallas Martin · Answer

Thanks for all the input everyone.  I don't currently have a title company, but now I know what to look for and what to avoid.  It looks like the consensus is a title search shouldn't take more than 2 weeks.

@Josh Caldwell - I've been meaning to check out a Pittsburgh REIA meeting.  Maybe I'll see you at the next one.

David Bokman · Answer

I have closed deals as quick as 2 weeks. Unfortunately there is no way around the title search unless it's done way in advance.  Even if it's 30 days banks take WAY longer and have more restrictions....the loan could get denied vs. a cash deal won't! But if your working with a reputable title company it can be done within 2 weeks or less.

Quick Close Cash Offers Possible in PA?

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