The closing timeframe (the time from when an offer is accepted until the title transfers to the new buyer and they receive their keys) can vary quite a bit. The typical timeframe to close escrow in the Phoenix area generally 30ish days, sometimes as long as 60 days.
The variation can come into play depending on whether there’s a loan involved or not. In a cash scenario I’ve seen closings as quick as a couple of days with no HOA or 10-14 days with an HOA. Receiving the HOA disclosures and documents can take up to 10 days so they’re generally the biggest hold up in a cash scenario. Additionally, the buyer still has their inspection period as well.
Financed properties can be done as quickly as 3 weeks if the lender is on top of things and the buyer has started their actual approval process. VA financing can take the longest in my experience as the VA appraisal seems to take the longest to get back.
In Arizona, our contract calls for a specific date that the close of escrow will fall on. This is helpful so that everyone knows what date to expect. If you work with one of The Phoenix Real Estate Guy agents we’ll have had a conversation with your lender before writing the offer so we know what they’re comfortable with. We also want to work with you to help you determine the best timing for your situation. Will you be out of town at all? Are you in a lease and you need to be closed sooner or later? Do you want to close on a Friday? Do you prefer the end of the month or is a little overlap from one place to the next preferred? We can work with you and your Loan Officer (here’s an awesome one) to help put together the best timeline for your close of escrow.
Thinking of buying (or selling) a home? We can help! Call Shar at 480.560.7255 or email [email protected]