Realtor e-mailed Loan Officer this morning (and copied me) asking him how soon he can close me because the house is now vacant and they have the keys. The closing day on the contract is August 13. The Loan Officer e-mailed back and told the Realtor that he is ordering the appraisal today and that we will more than likely be closing first week in August. First week in August is like NEXT WEEK! Can they turn things around that fast or is my Loan Officer just being way too optomistic?
Yes, if it's a Conventional loan. In fact it is poosible to close even faster!
I'm not sure about FHA, but for VA loans, the closing time is often determined by the mandatory appraisal process and therefore it's my understanding that VA deals average about 45 days to close. I was told the secret to a 30 day VA close is to order the appraisal immediately and make sure you have a VA lender that knows what they are doing.
Best wishes on your close!
My loan officer called me after I posted this and said that it should take 5 to 7 days to get the appraisal back, then he'll submit my entire file back into underwriting and then it should be about 48 hours after that to get any answers. He said he feels confident that we can close by August 10. I am not sure if he's just really optimistic or what, but he's been doing this for 10 years and he seems great, so we'll see what happens!
If your LO is on top of things and has your file all ready to go, once he gets the appraisal, it can go to the UW - that could take as few as 24-48 hours - then it goes to the title company, and if the deed is at title and titles are clear and good to go (which you should know by now anyway) then absolutely. The title company just needs to get the papers.
Word of wisdom: Don't schedule closing on a Friday, because then you will have to wait til Monday to get the keys after funding - ask for table funding if that is the case if you can!
I put in an offer on 7/26/11 and had the keys by 8/19/11.
Lillisum - it IS possible. From ratified contract to closing for us was 2 weeks. But we had all docs submited with our loan app and were in underwriting the same day. We had a few wierd hang ups with our loan but quickly cleared those. The appraisal was the last delay becuase the listing agent no showed for the appt, then wouldn't respond to phone calls or emails from the appraiser for a week, and things had to be rescheduled.
So yes, it IS possible! Hopefully that happens for you!!!
I'd say it can be done that fast. The hold ups might be the appraisal... if the home appraises low, or if there are any problems based on the FHA appraiser. The other thing that can take a long time, as we ALL know...is underwriting. They may/may not come back with conditions. It's hard to tell what could/might happen, but realistically yes it COULD happen that fast...especially if everything goes smoothly with appraisal and U/W. Congrats and good luck!