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What is the normal or average length of escrow for a home in the Sacramento CA region?

If you were to enter into a contract to sell a house, what would be a reasonable length of time for the escrow?    If you wanted to put a limit in the contract for the escrow, what would be a reasonable drop dead time to terminate the contract?
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January 01 2009 - Sacramento
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Answers (6)

It all depends on the type of offer and motivation of all parties.  I would put the average at 30-45 days right now, although I've seen some escrows hit lending issues and take as long as 3 months to get completed (which the sellers are rarely happy with).

Like I said there are many factors and my target is always to close in 30 days.
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August 28 2010
No, it's not. However, if the home was under a lease option sale, for example, then it could take 2 years to finally transfer title. But a regular conventional / FHA / VA or seller-financed transaction closes within 30 to 60 days.
P.S. 3-day closings can happen if the title company is prepared as I have personally closed them. But they are not the norm.
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January 06 2009
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Let me approach the question from a different perspective....

Is it reasonable to allow a buyer two years or more to close a deal after signing the sales agreement?  
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January 06 2009
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Personally, I have never seen a house close in 3 days on a sale. You can't hardly check for outstanding liens in the amount of time. Maybe it can be done, but I've never seen it. Obviously an all cash sale with no mortgage, no appraisal, no inspections, all liens accepted by buyer and with a manic escrow officer, maybe you'll close faster. Ask the company you want to work with if they'll do in in 72 hours. Even wiring the funds into escrow often takes one full 24 hour business day, so I would think they will say no. It's worth an ask though.
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January 02 2009
You can close escrow as fast as you can get a preliminary title report and funds into escrow -- somewhere in the vicinity of 72 hours to 7 days. The typical escrow period is 30 days but many bank-owned transactions require about 45 days to close, especially if the bank is located out of state.
Also, contrary to popular belief, contracts don't terminate by themselves due to the "time is of essence" clause and other verbiage. If you want to cancel a contract, it is typically suggested that you issue a request to perform to the non-performing party, including a 24-hour to 72-hour clause for performance, followed by a cancellation of contract form.

You might want to ask your agent to give you a copy of the standard purchase contract to read.
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January 02 2009
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I think that fastest you can get a house through escrow is about three weeks. Usually, escrow companies will not guarantee this time frame in any way and any small snag will blow this ultra short timeline. A more reasonable timeframe is about 30-45 days. Most houses can get through escrow in that amount of time without a problem. If you wanted to extend escrow beyond that fixed date, it only takes an addendum added to the contract signed by the buyer and seller. I would recommend calling a local escrow company and asking how long the files are taking to get through escrow right now. They generally will have a solid idea about a workable timeframe.
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January 02 2009
 
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