How Fast Can I Close With An Investor In Utica?
Hey guys Cameron Stewart here with Fast Cash Home Buyers and I get the question a lot how fast can I close on my house if I sell to an investor so today we’re going to be talking about that.
Hey folks thanks for joining me once again Cameron Stewart here with Fast Cash Home Buyers we’re talking about how fast you can close on your home if you were to sell to an investor like me in Utica. As we know there’s a lot of regulation that still pertains to real estate as well so generally speaking it takes longer to close in the state of New York than most other states. However i can tell you that your simple answer is 30 to 45 days on average. We have closed on two properties in 30 days or less last year and it is a rarity to do so that quickly, but it is possible for sure.
There are some things that impact how quickly we can close and we’re going to go over those today. So the first thing that is most impactful to the length of the closing process is your abstract. Every time a property is sold in the state of New York a title company, a registered title company, has to do what’s called an abstract of title. What that does is it goes back in time, depending on the county. Depends on how long they go back, for some counties, 40 years sometimes 45, 60 years. Every county is a little different but what they’ll do is they’ll go back in time and review the chain of custody of that home to make sure that there are no liens or encumbrances on that house, and that the correct person has the correct authority to sell that home to another person.
That takes the longest process especially if you don’t have a current abstract of title. If you have one currently then it’s simply an update. Even if it wasn’t updated or hasn’t been updated since let’s say 1980, updating an existing abstract is way quicker, easier, and a lot cheaper than rebuilding an entirely new abstract. So that is the number one thing that takes the longest in a closing process. If you’re building a brand new one, i’ve seen it take as long as four to six weeks just for the abstract of title to be built. Updating generally takes two weeks okay, but the abstract is the number one most time consuming thing.
Secondly are there any liens on the home? And what i mean by that is are there any unpaid water bills, taxes, mechanics liens, anything that is considered debt on the home and must be taken care of when the home sells. Generally speaking they’re not too much of a problem but sometimes something pops up and you have to make sure that you take care of that payment and pay that lien off prior to closing. It’s just another step which could take another day or two but generally not that big of a deal.
Another very common thing that holds up closing time, is there another person that owns the property with you? Unfortunately, siblings don’t tend to get along very well. I’m not an only child. I have a sister, and we love each other, we don’t get along that that well sometimes, right. We’re siblings, we’re always always at each other. So with that said, when it comes time to selling a house as you could imagine with two, three, i’ve seen houses with sometimes five owners, it takes a little time to get everyone to sign and everyone on the same page mainly. So if there’s joint ownership in a property that can take a little bit of time so these are some of the things that take the most time during closing.
Once again we can close in as little as 30 days from the date of of property being under contract to the date the seller has paid. It is a little rare, but if you have your abstract if it’s cut and dry everything’s good to go then we can get close that quickly. Once again my name is Cameron Stewart with Fast Cash Home Buyers. If you’re interested in having me come out and take a look at your home to see what I’d be interested in paying cash for it please give me a call directly 315-351-2772 you can log on to www.fastcashhomesny.com and get a hold of me there as well thanks so much and i look forward to speaking to you guys soon!