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Expect close dates to take 45 days or longer. This may be reduced after an initial learning period of 6 months to 1 year and may be different depending on the buyer’s lender. For example, some lenders may initially be closer to 60 days for close dates.
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Your buyer will have timelines that their lender must comply with. Delay to make application, provide their lender with an intent to proceed, or inability to access email may all delay your transaction.
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All terms of your sale should be finalized within 10 days of your close date. Failure to finalize the terms of your transaction within 10 days may delay your close date. This includes changes to sales price, credits to your buyer for their closing costs, or providing them with a home warranty.
This information is courtesy of Brian Page with Guild Mortgage, (503) 439-9191.
