The Normal Time Frame for a Real Estate Transaction
The Normal Time Frame for a Real Estate Transaction
Blog Introduction: When you're selling your home, it's important to understand the different timelines associated with various types of real estate transactions. In this blog post, we'll outline the typical timeline for a transaction involving a cash offer and a standard loan.
The first thing to understand is that there are two different types of real estate transactions: cash offers and standard loans. Offers can be made in cash or through a loan. Most people choose to finance their home purchase with a loan, but there are still many all-cash deals out there. All-cash offers tend to close faster than loans, so if you're hoping to sell your home quickly, that's something to keep in mind.
So what's the difference between a cash offer and a standard loan? A cash offer is just what it sounds like—an offer to purchase your home for a certain amount of money, with no contingencies and no financing involved. Cash buyers don't have to go through the process of securing financing from a bank or lender, so they can move much more quickly than buyers who need a loan.
Standard loans, on the other hand, are offers to purchase your home that involve some form of financing. The vast majority of home sales involve standard loans. There are many different types of loans that buyers might use to finance their purchase, but they all have one thing in common: the buyer needs to be approved for the loan before they can close on the sale.
Approval for a standard loan usually takes anywhere from 30 to 45 days, but it can sometimes take longer depending on the type of loan and the financial institution involved. Once a buyer is approved for their loan, they can move forward with closing on the sale.
As you can see, the timeline for a real estate transaction can vary depending on whether it's an all-cash offer or a standard loan. If you're hoping to sell your home quickly, an all-cash offer is always going to be the fastest option. However, most people choose to finance their home purchase with a loan, which means understanding the typical timeline for that type of transaction is crucial. We hope this blog post has given you some insight into what you can expect when selling your home!