Special offer

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Rainmaker
1,310,972
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

First...we must agree on what "execute" means. The definition below was taken off on the internet:

Definition of Execute

Noun

1.    To complete, and give effect or validity to, a legal document, decree, law, or judicial sentence.

2.    Fulfilling legal requirements of a contract or other instrument by signing or sealing.



So...you can see that, once a contract is written, it can take only a short time to "execute" the contract.

Yet, I do not think what you wrote is really what you want to ask.

If you are asking how long it take to complete a real estate transaction, that is not a question that can be precisely answered.

Some transactions, as in a cash purchase, can move to close in days.

Others, due to inspections, negotiations, financing, escrow processing and other possible delays can easily take 30 days or, in some cases, much longer.

Many contracts are written with a close of approximately 30 days in mind and work out satisfactorily.

Feb 06, 2023 10:10 AM
Ambassador
1,290,200
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

It will certainly vary depending on the type of transaction, cash or mortgage. Cash deals are faster within two weeks or less. Mortgages will take longer from 30 to 60 days, depending on the type of loan. 

Feb 06, 2023 09:42 AM
Ambassador
3,125,255
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

No typical timelines. Have closed one in less than a week after acceptance, cash offer with zero contingencies, 30 days for buyers getting a mortgage and gone as long as 60 days, which worked well for both parties. 

Feb 06, 2023 09:38 AM
Rainmaker
679,404
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

My answer is dependent upon a few things:

The terms of the agreed upon Offer to Purchase

The type of loan the buyer is getting

The Lender the buyer is using

In our area the average days to close are:

CASH buyers - 5-21 days

Conventional - 30-45 days

FHA -45+ days

Feb 06, 2023 03:39 PM
Rainmaker
4,160,025
John Pusa
Glendale, CA

Hello Martin Tige it is depends on the real contract.

Feb 06, 2023 01:44 PM
Rainer
417,071
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Borrower has written preapproval from reputable lender.

Borrower know exactly what they can do.

Day one: They find the property, go walk through, maybe return at night to check the neighborhood for a drive-by. 

Buyer agent advises as to dollar amount to offer. Buyer agent calls listing gets their email and requirements. Hopefully they know each other and have some rapport. 

Buyer agent types up the purchase contract, maybe some back and forth about the boxes. Buyer agent emails the offer. Calls to verify the time time for an answer.

Buyer agent chats with lender, insurance agent, inspector... 

Day two listing agent responds with signed agreement 

well maybe a couple counteroffers happen

no two deals are the same.

Then inspection, appraisal, title, insurance, wires, notary and other people involved. 

Generally 24 days total.

Feb 06, 2023 11:16 AM
Rainmaker
584,491
Shayne Stone
HomeSmart - Fulshear, TX
"Your Rock Solid Choice Realtor" RETIRED

That would depend on my Client's Best Interest, and/or Lender's Requirements to answer!

Feb 06, 2023 09:59 AM
Rainmaker
851,242
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

The contract to closing time line in our market is typically 45 - 60 days.  It CAN be done more quickly if the right team is put together. 

Feb 06, 2023 09:25 AM
Ambassador
5,228,997
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

7 to 60 days, depending upon the 'deal' and whether or not it's cash or mortgage.

Feb 06, 2023 05:34 PM
Rainmaker
1,464,861
Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
HomeSmart Stars - Addison, TX
Real Service. Real Results. Real Estate

There is no "typical" timeline. And your question is unclear. Are you asking about days-on-market before an offer is accepted? Or are you asking about from execution of the contract to closing and funding?

Feb 06, 2023 04:31 PM
Rainmaker
1,052,056
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

HA! 
IF by 'execution' and we've had discussions on how different parts of the country/world define it . . . in my area, a contract is 'fully executed' when all parties have signed the complete document and all addenda.
Many other areas say 'execution' is when all the terms of the Contract are fulfilled and the transaction is recorded and closed.

SOOOOO . . . I could answer that a contract here (AZ) has been fully executed within minutes, thanks to the beauty of electronic signing.

BUT I've had transactions that took up to a couple of years to close! 

What's typical? Residential = 60 days give/take, depending on how it's paid for.

Commercial = could be forever. LOL We've had 6 month due diligence periods. I just closed one in October that was signed in January! Needed State approvals to go the distance . . .

Land can be the longest of all, if we're waiting on City or County to bless a site plan. Often the due diligence is 6 months with 3 automatic 30 day extensions . . . with land and commercial here, the boilerplated DD is 30 days  . . . residential is 10. 

Nothing is typical, really . . . the fun part of real estate! Unlikely to ever have the same deal twice. 

Feb 06, 2023 03:26 PM
Rainmaker
1,844,171
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Hopefully this is what you asked - 45 days for mort commitment, 60 days total to close. That is in my area of northern IL near Chicago.

Feb 06, 2023 02:02 PM
Rainmaker
2,781,013
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

What drives a timeline? Everyone involved wants it to close for their reasons thus making it not very typical

Feb 06, 2023 11:53 AM
Rainmaker
1,196,912
Peter Mohylsky, Beach Expert
PMI. Destin - Miramar Beach, FL
Call me at 850-517-7098

contract to close has a whole bunch of little time issues that need to be addressed in time.  inspections, repair requests, loan applications are a few that come to mind quickly. 

Feb 06, 2023 09:46 AM
Rainmaker
1,543,225
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

ex·e·cute: carry out or put into effect (a plan, order, or course of action).

The answer to your specific question is:
about 30-45 minutes from drafting it to execution of it aka submission.
Because executing a contract aka ratifying it is nothing more than drafting and all parties signing it...maybe even submitting it.

The leap and kindness most are making here is answering your implied question:
how long will escrow take?

That answer is:
Avg. 21-30 days in CA ...the last 13 years.

 

Feb 06, 2023 08:11 PM
Ambassador
4,691,993
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Like others, I am not quite certain as to what you are saying when you use the word execute.  To me, it entails officially being under contract and in escrow so I believe you are asking for the typical response time to an offer that has been made.  For that, I feel 24 hours is ample and respectful.

Feb 07, 2023 03:47 AM
Rainmaker
5,215,388
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

For brevity sake, I agree with the explanation of John Juarez

Feb 07, 2023 03:41 AM
Rainmaker
2,390,010
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Being this question has been asked before I can tell you Martin Tige that the answer seems to be regional. If you are asking about the time that an offer is accepted till close it's 4 to 6 weeks in my town.

Feb 06, 2023 06:27 PM
Rainmaker
1,196,588
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

There really isn't a carved-in-stone timeline but, typically, from offer to close is 45 - 60 days in a broad sense.

Feb 07, 2023 09:12 AM
Rainmaker
1,555,743
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

If there is a typical, I would say most escrows I've had are 30-45 days.

Feb 07, 2023 09:17 AM
Ambassador
6,392,879
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

The timeline of a transaction is likely to vary greatly depending on the complexity of the transaction and whether it is a cash offer or financed.

Feb 07, 2023 08:45 AM
Rainmaker
900,008
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I think Jerry Newman gave you a good answer.

Feb 07, 2023 06:11 AM
Rainmaker
2,240,886
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

John Juarez helps clarify in his comment. How long to get a contract signed? Consider the seller is not watching the phone and glued to his and her email looking for a docusign P&S agreement. Call them, text them, send smoke signals to let them know it was sent and cattle prod it along. But realize buyers, buyer agents, your seller may be at a west coast funeral, getting a colonoscopy or not so handstand happy to accept a half price offer.

How long does a real estate sale take to complete? As long as it takes, as long as buyer and seller keep extending. How long does an operation take? The longer, the more apt for a flat line on the real estate beeping monitor

Martin Tige ! Can you really fly to listing and closing appointments?

 

Feb 07, 2023 06:01 AM
Rainer
378,367
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

Depends ... 2 seconds to a couple of days.

However I'm not sure that's actually what you mean.

Feb 07, 2023 12:43 PM
Ambassador
3,344,906
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

As you can see from many comments we must first be clear on what is meant by "execution" in your question.  

Once that is clearly defined and understood, it will then depend on other factors.

Feb 09, 2023 09:00 AM
Rainer
337,754
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse Advisor

In NYC, we operate very differently. To "execute" can mean different things- even within the same market. 

To get into contract- the range is wide and varied. Once an offer has been accepted- a deal sheet goes out to both buyer and seller attorney's. The attorney's draft and revise the contract terms- and that process could be a day or it could be 2-3 weeks. The buyer's attorney is also coordinating with the building's managing agent to due diligence- which typically involves a building questionnaire, review of the offering plan, building rules, financials, alteration agreement and follow up on outstanding questions specific to the building and/or apartment.  This process often minimizes or typically eliminates the need to have an inspection done- since owners are only responsible for walls in- and outside the walls - the attorney due diligence issues cover the aspects that the inspector is often not going to have access to. 

If you mean, "execution" - once in contract:

- Condos are much quicker- cash deals are typically closed in about a month, financed deals add an extra month to the timeline.

- Co-ops typically take about 2 months if all cash, 3 months if financed- but could take much longer in either instance since they need to approve the buyer- and depending on time of year, the board might not meet as frequently. Some co-op boards don't meet at all during the summer so it could add a few months to closing...assuming the board approves your buyer. My longest deals (excluding new construction- which sales can start years prior to construction wraps up) have taken about 9-10 months from accepted offer to closed.  

Feb 09, 2023 07:52 AM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

From the acceptance to closing? Depends on many factors, especially on the financing. The shortest cash I ever closed:  was 5 days. The longest: a short sale was dragging for close to 1 year. 

Feb 08, 2023 12:20 AM
Rainer
16,288
Brian Petruzzelli
LA and Las Vegas Real Estate - Hermosa Beach, CA
LA and Las Vegas Homes For Sale

In general, the entire process of executing a real estate purchase contract can take anywhere from a few weeks to a few months, depending on the complexity of the transaction and any unforeseen issues that may arise. However, with the help of an experienced real estate agent and attorney, buyers and sellers can work together to ensure a smooth and efficient transaction.

Mar 15, 2023 07:22 PM
Rainmaker
763,783
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

It is typical to complete the terms of the contract on the last day of when the closing date was set.

Feb 07, 2023 06:34 PM
Ambassador
2,060,946
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

In our region, from ratified contract to closing is typically between 30-90 days.

Feb 07, 2023 04:35 PM