From Offer to Closing in 49 Days

With the recent introduction of the RESPA-TILA Know Before You Owe regs, courtesy of the federal government, real estate closings are now averaging 49 days.  As in 7 weeks.  So plan accordingly.

Many realtors write offers with 30 days closings in mind, and then attempt to force everyone to get ‘er done in that timeframe.  They rarely happen in that time, and everyone usually has to adjust and readjust, and readjust some more.

As the housing industry adjusts to the new regs, and gets better with them, the average timeline from accepted offer to closing will likely come down a few days.  Note I said a few days and not a few weeks.  So, when buying and selling, plan accordingly.

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