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February 25th, 2009 4:29 PM by David W. Welch
Everything is beginning to pick up. My internet activity is way up compared to where it was back in the summer. The phone is ringing a lot more than it has in the past two years, and I have several transactions I am either negotiating or have under contract. It is not just me, because sales have shown an improvement over last years sales for each of the last five months or so. February is looking pretty good too with two days left to close this month. There are 808 closed sales so far compared with 951 in February of 2008. I think we should be looking at something closer to 1,100 closed this month by the time everything is counted.
So why did I title this "Slow Down?" Quite simply the foreclosures and short sales have bogged down the process so much from title searches to loan underwriting, everyone is backlogged. If you are paying cash, you can probably close in less than two weeks if you are working on a regular sale. If you are looking to close a cash deal on a foreclosure look at closer to four weeks. I have one that was supposed to close this week, and we are still waiting to have the contract executed by the bank. They have asked for a two week extension. Regardless of how you are financing a short sale expect a three month wait time. If you are obtaining financing, do not believe it if your lender tells you they can close any faster than about 30 days. If you are using FHA financing expect closer to 45 days to get it closed.
David Welch, Real Estate Optimist