What Does The Closing Process Look Like?

What Does The Closing Process Look Like In Utica? | Fast Cash Home Buyers

What Does The Closing Process Look Like?

Hey folks, Cameron Stewart with Fast Cash Home Buyers here. What does the closing process look like and how long will it take? That is a question I get all the time ,so today we’re going to talk about that!

Thanks for joining me! So what does the closing process look like and how long does it take when selling your home to an investor? O’ll start off by saying that me personally, we’re not going to get a contract in place in writing until we are fully ready to go ahead okay. I’m not interested in wasting anyone’s time. The clients that I deal with, the customers I deal with, they understand that I respect the fact that they need to sell their house. Generally, it’s not a want… it’s a need to sell their house, and if I’m not the person for them, I don’t want to stand in the way. What i’m not interested in doing is locking up a contract okay. What I would like to do is make sure that we have all of our I’s dotted and all of our T’s crossed before we put something in contract. Because as soon as we put a property in contract we are going to go full steam ahead and get through the process as quickly as possible.

So with that said, 30 to 60 days is a good rule of thumb. We’ve closed two properties at 30 days or under in the last year at Fast Cash Home Buyers. It’s not the normal; we try our hardest to do all that…but 30 to 60 days. Now traditional real estate you’re looking at you know 60 days plus, as well as the time it takes for you to put your house on the market and accept an offer okay. So we do work generally speaking in half the time. We can reduce the closing costs by half than closing with a traditional real estate.

A lot of that depends on one thing in particular, which is your abstract of title. Okay so in the state of New York you have title companies. They’re generally located at the county buildings most of the time and what they do is every time a property is sold they go through the entire history and chain of ownership to make sure that the title is clear to transfer ownership of that property. It’s kind of a long tedious process, but there’s one thing that that makes a big difference and that’s whether or not you still have your abstractive title. When you still have your abstract of title all you need to do is a simple update. Even if you bought your home in 1980, updating an existing abstract is a lot easier than building up an entire new abstract.

You’re looking at possibly a week or two for updating. You might be looking at a month for drawing up an entire new abstract and that’s one of the reasons that could cause it to go from 30 days to 60 days. However, don’t be afraid if you don’t have your abstract. I’ve gotten abstracts turned around brand new, built up from nothing, in the matter of a week or two. It’s costly of course, more costly to build a new abstract than update one okay. 99% of the time I’m paying for the abstract to be updated anyway, so that shouldn’t be a worry.

Now let’s talk about who would be involved if I were to purchase your home. So obviously you, myself, generally two attorneys… Very rarely we can close on a property with just one attorney in the State of New York. Almost always they want to see two attorneys, and it protects your interest, but we’ll figure that out. The attorney cost is going to be on me anyway. So you, myself, an attorney, whatever the abstract company is updating the abstract or building a new one, which the attorney communicates with and we have great relationships with a few abstract companies in the area. Other than that no one okay. So four total entities and the communication goes through me. I’ll make sure that everything is communicated to you. I’ll make sure that we have a conversation about what you need prior to putting the property under contract which is once again another reason why we do not put a property under contract until we have our I’s dotted and T’s crossed. We want to avoid these problems during the closing process and we want to close on the property as quickly as possible.

So what do you need pretty simple two things the abstract if you have one and a phone number if you don’t have the abstract we’ll build one for you. A phone number so I can keep you updated on everything. The goal is to close on the property as quickly as possible and get you your money. So that wraps it up on what the closing process looks like and how long the closing process generally takes. If you guys have any other questions please give me a call 315-351-2772. You can drop me a line there and as always I look forward to speaking soon!

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