4,768,346
Current "standard" in the California Residential Purchase Agreement:
3 days for loan application
21 days to remove loan contingency
17 days to remove appraisal contingency
In reality(if a buyer wants to be considered "serious"):
Loan pre-approval letter and proof of funds accompany the offer
The number of days for both loan/appraisal contingency is greatly reduced or eliminated a majority of the time in our current sellers' market. Location and market conditions make a difference
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Nina Hollander, Broker
Charlotte, NC
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Ron and Alexandra Seigel
Carpinteria, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Fred Griffin Florida R...
Tallahassee, FL
2,230,538
Parked and reading.
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Nina Hollander, Broker
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Anthony Acosta - ALLAT...
Atlanta, GA
3,439,809
I echo what Michael Jacobs said. No need to type it all out again
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Nina Hollander, Broker
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
424,683
Borrower 1 day for application ( they should already have turned in every piece of homework BEFORE making the offer and an Underwriter should have looked at the file BEFORE making the offer) 7 days for Conditional Approval. 10 Days for Final Approval no conditions other than: notarized signatures, proof of wire cleared bank, and the creek 'don't rise. California Coastal is aggressively competitive, need buyer who is on their honor not napping and lender who can deliver every time - or seller waits for all cash deal
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Candice A. Donofrio
Fort Mohave, AZ
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Michael Jacobs
Pasadena, CA
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Fred Griffin Florida R...
Tallahassee, FL
1,107,428
The AZ PQ form filled out by lender and signed by buyer needs to ACCOMPANY the offer. Then, the LSU (loan status update) needs to be provided within 10 days of RPC Contract execution. The full approval without conditions ? 3 days prior to COE.
I think ALL conditions need to be cleared during Buyer's Inspection Period if at all possible. Appraisal can hose that, however. They take a couple of weeks, and our boilerplate IP is 10 days. Also, title has been slower with prelims, although they usually can get them to us within a week.
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Tony and Suzanne Marri...
Scottsdale, AZ
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Fred Griffin Florida R...
Tallahassee, FL
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Candice A. Donofrio
Fort Mohave, AZ
3,416,959
It depends on the type of loan and when my buyer, i ask the lian officer how much time they need. It can be 30 days for convention and 45 for va or fha. Closing in 35 to 50 days
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Gene Mundt, IL/WI Mort...
New Lenox, IL
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Fred Griffin Florida R...
Tallahassee, FL
3,074,716
Candice A. Donofrio nailed this one!
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Fred Griffin Florida R...
Tallahassee, FL
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Candice A. Donofrio
Fort Mohave, AZ
3,988,144
Our forms say within 5 days and that is plenty of time to get an appointment and get it done.
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Nina Hollander, Broker
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
1,755,692
As Michael Jacobs wrote
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
67,369
Our form does not have allowed days for either. I like 3 days for Application and 30 for their financing to be approved and 21 days for appraisal to be complete.
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Nina Hollander, Broker
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
3,986,473
ON our contracts when my seller gets the offer we require the interest rate to be locked 5 days after the PA is signed.
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Nina Hollander, Broker
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
8,199,828
Thanks for sharing your form. I prefer to have approval before submitting a contract.
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Candice A. Donofrio
Fort Mohave, AZ
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Fred Griffin Florida R...
Tallahassee, FL
6,035,427
1-3 days for loan application, and around 3 days for loan objection.
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Fred Griffin Florida R...
Tallahassee, FL
98,873
On a personal note, it took us nearly two months to get final approval on a straight-up easy-peasey refinance this summer. Started the process the end of July and finally closed yesterday.
So I'd be leary of putting in less than 60 days (and they said it could take up to 90. 90!) for approval if the client weren't pre-approved. Right now in our market, though, I'm pretty sure an offer wouldn't be easily accepted if someone weren't already approved.
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Fred Griffin Florida R...
Tallahassee, FL
4,434,277
I fill it out so buyers will remember what they agreed to do.
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Fred Griffin Florida R...
Tallahassee, FL
602,081
We want a preapproval letter with the earnest money within 24 hours of acceptance. Loan contingency removed 14 days after acceptance.
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Fred Griffin Florida R...
Tallahassee, FL
1,654,792
I do not present or present offers that are not PAed and with POF. The PA should be attached.
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Fred Griffin Florida R...
Tallahassee, FL
4,322,295
Fred Griffin - we have 7-10 days for a home inspection as well as a completed loan application. About 3 weeks to remove mortgage contingency - or 2 weeks prior to close, whichever is later.
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Fred Griffin Florida R...
Tallahassee, FL
5,355,720
Our contracts are not dependent on financing contingency. We have a due diligence contract where the time frame is negotiated for all aspects of due diligence--inspections, appraisals, etc. These days I'm seeing 21-25 day due diligence periods. The majority of my contracts are closed within 30-35 days.
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Fred Griffin Florida R...
Tallahassee, FL
6,733,071
On mine I give them two weeks to secure financing, and the offer is not accepted without a preapproval.
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Fred Griffin Florida R...
Tallahassee, FL
5,774,106
Fred,
Michael Jacobs has the answer for CA
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Fred Griffin Florida R...
Tallahassee, FL
1,011,838
Same as yours Fred Griffin lol
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Fred Griffin Florida R...
Tallahassee, FL
1,713,581
5 days is in our contract but of course true approval doesn't come until final underwriting. It is more to make sure you started the process.
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Fred Griffin Florida R...
Tallahassee, FL
472,264
2 weeks from ratified contract for commitment letter and 5 days to make application.
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Fred Griffin Florida R...
Tallahassee, FL
1,543,434
21 days for loan contingencies. I try to shorten it when I can.
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Fred Griffin Florida R...
Tallahassee, FL
5,151,970
We have no requirement regarding submission of load app. We have a negotiated number of days go get credit approval, loan approval can go all the way to closing day.
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Fred Griffin Florida R...
Tallahassee, FL
5,585,039
225,576
I always prefer 45 days, but 30 days is ok. The mortgage application, if you use 5 days, then add that to the 30-45 day mortgage times.
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Fred Griffin Florida R...
Tallahassee, FL
192,039
It's fill in the blank in TX too. We have two sections one is for buyer approval and the other is for property approval. In an ideal world, I want my buyer 100% approved for a given loan prior to writing an offer so I can put in a 0 in that blank. However, if the lender had not fully verified my client's financials, I ask them how long they need to do so, and that number of days is entered (it's never more than 14).
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Fred Griffin Florida R...
Tallahassee, FL
5,526,092
I think today 45 days to get financing is appropriate and making application within 5 days is OK!
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Fred Griffin Florida R...
Tallahassee, FL