With a quick close, there's less time to get a mortgage approved; less time to review the home inspection for details; and less time to prepare for a final settlement. When a person sells under duress, they are usually in a hurry to get money out of their house so they can solve their financial problems. A quick sale can free up money to pay bills, cover medical expenses, or close a divorce agreement. It can also help a family with low incomes avoid paying a mortgage they can't afford.
Unless you're a cash buyer, it's a good idea to get pre-approved for a mortgage before you start looking for a home. While pre-approval isn't necessary to close a deal, most sellers expect buyers to have a pre-approval letter. Having one can streamline the process and give you more bargaining power when it comes to negotiating. This indicates to the seller that you have strong financial backing.
It also offers you a rate lock, which means you're more likely to get a favorable interest rate. While the home closing process usually takes 30 to 45 days, you should be prepared to close as quickly as possible. While some delays are unavoidable, you can do your part to ensure a smooth closure by meeting all outstanding debts, preparing all required signing documents, and depositing the down payment on time. Most sales contracts give the buyer one last chance to tour the home within 24 hours of liquidation.
On the tour, they can check the condition of the property and the agreed repairs. Closing is the phase of the home sale process where money and documents are transferred to transfer ownership of the property to the buyer. The closure is usually 30, 45, 60 or 90 days. Customizing the length to fit the seller's needs can often seal the offer above a higher price offer.
Usually, a seller wants a quick close. If you have all your ducks in a row, you might be able to achieve 30 days. But what happens if the house they're moving to isn't ready for 60 days? They'll need more time. Find out what they need and give it to them.
I have seen a lot lower bids win with this tactic.