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The average transaction is 45 days. Here’s the breakdown of an average 45 day transaction from the date of acceptance:

Day 1

Purchase and sales agreement accepted, preliminary title policy is ordered by listing agent, buyer schedules home inspection date.

Day 10

Inspection complete and any negotiations for repairs are complete. Buyer provides to seller a loan commitment letter from their lender.

Day 11

Appraisal is ordered.

Day 25

Appraisal is complete and received by the lender.

Day 30

Any additional conditions requested by the underwriter are known.

Day 35

Additional underwriting conditions are met.

Day 40

Lender and Title Co. prepare preliminary closing documents, buyer and seller sign when closing documents are ready.

Day 45

Closing – the property and funds transfer between buyer and seller. The deed is recorded. Buyer can pick up keys and move in!

 

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