Welcome to the TooeleHomes4Sale.com Blog

2020-01-01 07:31:33
4 Tips to Close Quickly on a Tooele Home Purchase

Mortgage Closing

Why would anyone need 4 tips to close quickly on a Tooele home purchase? There is any number of reasons that real estate consumers seek a quick close – from the need for speed to start a new job in a new city to the need to beat a lease’s expiration.

Today, the nationwide average closing time on a home purchase is 48 days, according to Ellie Mae’s Origination Insight Report (this number fluctuates monthly). If you need to close quicker than that, pay heed to the following tips.

1. Pay cash for the home

When you pay cash for a home you do away with the loan contingency in the purchase agreement, thereby substantially reducing the time it takes to close on a home.

Although many cash buyers hire their own appraiser to determine if the home is truly worth what they’ve agreed to pay for it, since there isn’t a lender involved, the appraisal – something that tends to slow down the process -- isn’t mandatory.

A “clean” cash purchase – one with few contract contingencies – can close in as few as seven to 10 days.

2. If you need a loan, see a lender before house hunting

If you’ll be using a loan to purchase the home, get the approval process out of the way before even looking at homes. Since the loan process takes up the most time in a typical purchase, the further you are into the loan process, the quicker you can close.

For a quick close, ask for a full loan approval instead of a pre-approval. This way, if the underwriter asks for additional supporting documents you can take your time supplying them, without worrying about holding up the transaction.

3. Don’t purchase a distressed property

If you’re looking for a quick close you need to keep the transaction lean and mean. The fewer people involved, the quicker it will go.

Distressed homes – foreclosures and short sales – are notoriously slow in closing. This is mainly because of the additional people that are involved in the transaction. From the lender’s facilitator to its loss mitigation department – with a lender as the seller, every aspect of the transaction takes longer.

4. Submit a clean purchase agreement

Experienced real estate agents know how to submit an offer that, if accepted by the seller, will advance quickly to closing. This means doing away with anything that is time-consuming.

Ensure that the title report is ordered immediately. Liens or other clouds on the home’s chain of title take time to investigate and remove. If the title report is ordered as soon as the transaction opens you’ll have time to deal with any problems that may come up without slowing the process.

Speak with your agent about other aspects of the contract that can be tweaked to get a quick close. While were talking about agents, and I know I promised only 4 tips to close quickly on a Tooele home purchase, but I'm going to give you a 5th tip. A bonus.

Which is......Pay attention to the agent you pick and listen to their advice. If you do that, then most of these other tips become something an experienced professional can guide you thru.

If you don't have an agent, I'd like to apply for the job. Check out what I've done on my bio, 'about Berna Sloan', then find out what I know by visiting my blog, Berna talks Tooele Real Estate to see some things I've written.

Or, just call me, Berna Sloan 435-840-5029.

 
Blog Archive
2020-02-12 06:27:54
5 Steps That Make Your Tooele UT Home Sell Better

2020-02-07 17:10:53
Are Tooele UT Home Prices Still Increasing

2020-02-07 16:32:28
Outlook For Tooele UT Real Estate 2020

2020-02-06 09:43:52
Building a New Home in Tooele UT

2020-02-06 05:18:08
Are you Ready for a Bigger Place in Tooele County?

2020-02-04 08:13:42
Myths Holding Back Home Buyers in Tooele County Utah

2020-02-03 10:55:05
Why Do We Want a Pre Approval Letter Before We Look At Tooele Houses With You

2020-01-31 09:42:43
4 Things Tooele Agents Do To Sell Houses

2020-01-27 11:43:02
10 Articles About Tooele Real Estate From Berna Sloan

2020-01-23 10:56:03
Why It's Tough To Find The Right Home in Tooele County

2020-01-23 06:20:43
4 Bedroom Walden Hills Home Tooele UT

2020-01-22 12:51:34
4 Bedroom 2 Bath Walden Hills Home Tooele UT 84074

2020-01-18 14:19:03
The New Spring Home Buying Market is Here in Tooele

2020-01-18 05:50:43
3 Things to Know about Buying New Construction in Grantsville Utah

2020-01-17 08:46:22
Are You Ready To Buy That Tooele Home?

2020-01-01 07:31:33
4 Tips to Close Quickly on a Tooele Home Purchase

2019-12-18 07:58:26
Compare October 2019 Housing Stats With Tooele County 2012

2019-12-16 13:56:14
Not Only is Tooele County A Hot Real Estate Market

2019-12-12 04:51:30
More About Real Estate in Tooele Utah by Berna

2019-12-10 14:33:16
Why Use a Local Agent To Buy Your Next Home in Tooele County

2019-12-04 12:37:46
Tooele UT New Home Sales Heating Up

2019-11-25 06:13:55
Writing a Strong Offer in Tooele in This Market

2019-10-22 12:10:05
How to Shop For a House in Tooele County Utah

2019-10-21 11:09:11
Tips about Buying or Selling Tooele County Real Estate

2019-10-09 06:20:28
We Dont Give Investment Advice About Tooele Real Estate

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.