Question On Length Of Time Before Closing
I'm new to the whole Wholesaleing arena...
I've been putting in my contracts that the deal will close in 30-60 days so I have time to find a buyer and they can do their thing. Well, one owner just jumped my you-know-what, saying if he wanted to wait 30-60 days he would have just listed it with a realtor and that he accepted my offer because he was hoping to close by the first (less than 2 weeks away). Yes, he could have and still come out ahead of the offer he accepted from me (70% of fmv). I told him if he was uncomfortable with the deal then I wasn't going to pressure him, of course. So, is 30-60 days not the norm? If not, do you run into problems getting your buyer to close inside the amount of time your seller wants?
In my experience, closing on a single-family residential should take about 3 or 4 weeks. That includes everything from the date the offer was made, to the date of taking possession. Closing in two weeks would generally be difficult. I've had situations where I couldn't get an appraisal in two weeks. I would say he is being unreasonable. Also, if he listed it with a realtor he would have to pay a nice comissions which would be much more than his one month holding costs.
rmdane2000... that's a good point, but in this case, (unless it took months to move) he'd still come out ahead.
cjmazur... The contract I use is the standard TREC (texas real estate commission) sales contract. As for the time, I just put that the close date would be on or before 8/7. Is that what you are asking?
So, when I see those ads that say "cash for your house in 7 days", they don't really mean it? Or, if so, how do they pull that off?
pippa[ Edited by crazyfnmama on Date 06/18/2004 ]
Totally off topic here, but I gotta ask, is Pflugerville, TX a real place???
Quote:
On 2004-06-18 16:30, jam200 wrote:
Totally off topic here, but I gotta ask, is Pflugerville, TX a real place???
ha, ha, ha!!
well, it is about as real as any burbs are!
Hey watch it buddy.
Pflugerville is just minutes from Dell, which is in Round Rock, where I live, which is 15 minutes from Austin. Pflugerville is pretty nice.
Hey cjmazur,
I grew up in San Jose and left about 2 years ago. How is the investing there in Cupertino? Those houses are outrageous prices, are you doing Sub2 or what? I notice there are a lot of investors from California that post here. It must be possible after all to invest there. [ Edited by SeniorC on Date 06/18/2004 ]
I'm not a wholesaler, just a buyer, but I always look to close in 2 weeks or less.
If I was a seller, I would accept 30 days, with proof of funds or financing approval within 7 or the deals off. I wouldn't even consider 60 days.
Fair enough. Thanks, mykle
Closing in 7 days is possible when it's an all-cash deal with no financing entanglements. If you're wholesaling, then you should have buyers waiting the second the ink gets on the contract.
30 days with full possession rights works for me. Get buyers to walk with you the next day... if not the same day you contract with the seller. Even when finacing is involved, it can still be done in 10-14 days.
Why does everyone what to pick on me about Pflugerville??
LOL -- I know, I know. I really is laughable.
Well, I got owner to sign the contract today and had one investor walk through today and another will walk through on Tuesday. Both say they can close by the 6th. I'll keep you posted. First wholesaling deal, so fingers crossed!