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How Long Does a Closing Take?

by The Colorado Springs Group™

Closings we have taken part in have been as short as 20 minutes from beginning to end, and as long as 4 hours. It all depends on who is involved and how organized those people are. Drama can make it take longer.

If the buyer is using financing to buy a home, that's normally going to be the longest part. There is a lot of paperwork to sign, and they have every right to understand that paperwork and read through it as they are signing. If a buyer is paying with cash, it will be much faster as there are only a few signatures needed. 

The lender can play a huge role... if they are organized and on top of things the closing will be smooth. If they are disorganized or do not verify simple things ahead of time it could be 4 hours long. We know which lenders have their ducks in a row, and also those who do not. Even if a buyer chooses to use a less than stellar lender we as Realtors can push to ensure the mistakes are minimal. No one likes drama at a closing table.

Funding the loan is normally done via wire transfer, as are cash deals. Most lenders are good about getting funds to the title company ahead of time, and some will fund immediately after the paperwork is signed. Once again, there are a few lenders who do not always fund until the next day, and that means possession does not transfer until it happens. How much fun do you think it is for both the buyer and seller that night between signing and taking possession?

The title company is also important, and a closer who is good at their job can make 2 hours feel like 30 minutes. You should always feel comfortable and informed, and the closer shouldn't be rude or hasty to get things done.  Regardless of how long it takes, a closing should be a pleasant experience.

2012 August Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results from August. Single Family & Patio Homes

Black Forest: 13 Sales for a total dollar volume of $4,981,694

Briargate: 64 Sales for a total dollar volume of $19,051,189

Central: 72 Sales for a total dollar volume of $13,196,316

East: 56 Sales for a total dollar volume of $9,854,712

Fountain Valley: 132 Sales for a total dollar volume of $25,206,884

Falcon - Peyton: 51 Sales for a total dollar volume of $12,274,710

Marksheffel: 7 Sales for a total dollar volume of $1,585,976

Northeast: 76 Sales for a total dollar volume of $16,891,401

Northwest: 31 Sales for a total dollar volume of $10,143,959

Northgate: 28 Sales for a total dollar volume of $10,217,956

Old Colorado City: 16 Sales for a total dollar volume of $3,262,000

Powers: 94 Sales for a total dollar volume of $19,128,453

Southeast: 41 Sales for a total dollar volume of $5,177,092

Southwest: 48 Sales for a total dollar volume of $14,227,594

Tri-Lakes: 47 Sales for a total dollar volume of $18,321,736

West: 17 Sales for a total dollar volume of $6,483,650

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 8/1/2012 through 8/31/2012.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

 

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The Colorado Springs Group™
6665 Wild Indigo Drive
Colorado Springs CO 80923
(719) 799-3686

Kevin & Jessica
The Colorado Springs Group
6665 Wild Indigo Drive
Colorado Springs, CO 80923
(719) 799-3686