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Rainmaker
874,743
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Well Brittany, it can depend upon the type of transaction, the area of the country and even the economy (Like when interest rates dropped to 15% and it took VA appraisers 90 just to show up for the appraisal because they were so far backlogged. That being said, I typically see 30 to 45 days.  Many buyers like to close in the last week of the month so that they can pay lower prorates.  Hope that helps.

Nov 03, 2020 03:54 PM
Ambassador
1,894,129
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

Contract execution is the process whereby the signing parties perform the duties mentioned in the contractual agreement. So it's not the "signing" of the contract by both parties... that's called "ratification".

Execution (performing all the functions of the contract... for example turning over all the money, closing and taking possession) can take weeks to months.

Nov 03, 2020 06:05 PM
Rainmaker
920,078
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Could be as little of 5 days for a cash purchase and as long of 90 days+ for distressed or estate sales with remote parties.
In my business a cash sale (80% of my transactions) average 3 weeks.

 

Nov 04, 2020 06:19 AM
Rainmaker
1,776,492
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

There is no 'typical' timeline but 'time is of the essence'. If you are a buyer you'd better get the contract to the seller ASAP. 

Nov 04, 2020 05:38 AM
Rainmaker
1,056,098
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

First...we must agree on what "execute" means. The definition below was taken off on the internet:

Definition of Execute

Noun

1.    To complete, and give effect or validity to, a legal document, decree, law, or judicial sentence.

2.    Fulfilling legal requirements of a contract or other instrument by signing or sealing.



So...you can see that, once a contract is written, it can take only a short time to "execute" the contract.

Yet, I do not think what you wrote is really what you want to ask.

If you are asking how long it take to complete a real estate transaction, that is not a question that can be precisely answered.

Some transactions, as in a cash purchase, can move to close in days.

Others, due to inspections, negotiations, financing, escrow processing and other possible delays can easily take 30 days or, in some cases, much longer.

Many contracts are written with a close of approximate 30 days in mind and work out satisfactorily.

Nov 03, 2020 06:22 PM
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4,630,174
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

30-45 days, Contract to Close.

Nov 03, 2020 06:20 PM
Rainmaker
7,135,245
Roy Kelley
Retired - Gaithersburg, MD

Execution is when the contract is signed. It only takes a few minutes.

Nov 03, 2020 05:15 PM
Ambassador
3,176,035
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

For me personally in my business, 30 days or less from contract acceptance to close of escrow. 

Nov 04, 2020 07:33 AM
Rainmaker
3,394,228
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

By execution you men stly with igning it making it accepted? Then i do it instantly with e signing. If you mean how long does it take to close it can be 30 - 45 days depending on the type of mortgage

Nov 04, 2020 04:49 AM
Rainmaker
4,638,522
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Alan May has this one covered!

Nov 04, 2020 04:00 AM
Rainmaker
2,701,365
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The rule follows a 30-45 day time frame however knowing about it and why is more important than how long it takes

Nov 03, 2020 06:30 PM
Rainer
359,967
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

1. offer day one, Buyer has current ID and money in checking ready to go.

2. EXECUTION is when contract is signed by both parties- accepted on day two or three but this is the real day one. Buyer completes Statement of Information for title to check the ins and outs, calls insurance agent to get fire hazard quote or flood or HO6 if needed

3. inspections day two. Buyer moves earnest money to escrow or attorney

4. order appraisal day three (buyer has to wait is the law for a conventional loan unless lender pays it upfront) is ordered after buyer signed the Loan Estimate in 3 days, lender has HOA information in hand which buyer paid for to HOA, CPL letter and closing information, flood cert, and date down of all paperwork

5. Day four prelim should be in to review, buyer provides proof earnest money flowed out of account to lender, gets last updated conditions to lender such as recent paystub, recent bank statement if needed, 

5. Day six inspection is back- agent may need to ask for $ ??? or work, appraiser gets into subject- about half the conventional appraisals are not requiring interior inspections due to COVID or waivers. Insurance agent has quote back to lender

6. Day seven listing agent gets back as to what seller will or won't repair

7. Day eight appraisal should be back for review. Does it come in at value? Is there another negotiation?

8. day nine move ahead or cancel - day nine can be pushed as day ten

9. Day ten buyer is packing and ready, loan is locked, Closing Disclosure goes to buyers and is signed. Buyer has chosen vesting, insurance, accepted every detail, seller is packed.

10. Day eleven 

11. Day twelve loan documents go to escrow/attorney and are send to notary  buyer can sign on 12 or 13 day

12. Day 13 documents back to lender for review, ready for wire funding, buyer wires their final funds to escrow/attorney, lender needs proof funds flowed there, checks all signatures

13. Day 14 closing in California we are not table funding, maybe you are a state that does then it is bingo done that day, in California if a Friday maybe not done until Monday

Weekends count in the daily count but escrows/title/fire insurance/county recorder and other services are closed on weekends

Nov 04, 2020 01:47 PM
Ambassador
2,820,252
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
St. George Utah Area Residential Sales Agent

It depends on many factors...motivation...cash...mortgage...seller financing...appraisal timeline...there is no typical timeline for closing.

Nov 04, 2020 01:29 PM