Down to the Wire: Is There Still Time to Buy a House in 2018?

Cash vs. Financed Deals

Is 21 days enough time to buy a home?

If two of those days are a holiday (Dec. 24 -25) AND the Buyer needs a mortgage . . . almost certainly not.

That’s because, with a financed deal, it takes at least 10-12 business days to secure a mortgage.

In turn, the lender will typically not order an appraisal — required by underwriting — until the deal is past Inspection.

At least in Minnesota, that’s now usually 10 business days.

Of course, that first requires consummating the Purchase Agreement (offer, counter-offer, etc.)

In my experience, even the most expeditious negotiation can still take 1-2 days.

By contrast, if the Buyer is paying cash AND the Inspection goes smoothly AND the Buyer and Seller’s respective title companies have their acts together . . . 21 days should be enough time.

Barely . . .



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