Cash vs. Financed Deals
Is 21 days enough time to buy a home?
If two of those days are a holiday (Dec. 24 -25) AND the Buyer needs a mortgage . . . almost certainly not.
That’s because, with a financed deal, it takes at least 10-12 business days just to secure a mortgage.
In turn, the lender will typically not order an appraisal — required by underwriting — until the deal is past Inspection.
At least in Minnesota, that’s now usually 10 calendar days.
Calendar Days vs. Business Days; Timetable Shortcuts
Of course, that first requires consummating the Purchase Agreement (Offer, Counter-offer, etc.)
In my experience, even the most expeditious negotiation can still take 1-2 days.
Summing everything up, even if everything goes super-smoothly, a financed deal would likely take at least 3 weeks to close now, starting from scratch.
By contrast, if the Buyer is paying cash AND the Inspection goes smoothly AND the Buyer and Seller’s respective title companies have their acts together AND there are no major title issues . . . 21 calendar days should be enough time.
Barely . . .
