I practiced general brokerage from 2006 – 2010. One of the most common questions I would be asked when listing a home was: How long will it take me to sell my house? Before I would throw out a number I had to explain the difference between finding a buyer and getting a check.
How Long Will It Take To Find A Buyer?
According to the Triangle MLS the average time on market for the entire Triangle as of June 2015 is 54 days. This is a very positive number that has been steadily improving in recent years. So, on average, it will take 54 days of showings, offers, and negotiations before the home goes from “active” status to “pending” in the TMLS.
The most important thing to remember here is that when you accept an offer from a buyer they still have to obtain financing. The above number DOES NOT mean you will receive a check in 54 days. The buyer will still have to go through the loan application and approval process. The average number of days it takes the buyer to obtain financing and close is currently not reported.
How Long Will It Take To Close & Get A Check?
I have a trusted Realtor that I hire to sell all of my houses. Since I am a licensed broker I can make referrals to him and receive a referral fee (you must be licensed in the state of North Carolina to receive referral fees). When I make referrals it usually takes 6 – 8 months for me to see a check. The process of closing a home loan has become highly regulated and is very time consuming.
I have seen it take buyer up to 60 days to obtain their financing and close the loan. The thing to remember here is that this part of the transaction is out of your control. You have to make the assumption that the buyer is going to follow through on their obligations.
According to Bankrate.com, the current list of necessary documents to apply for a loan are:
- W-2 forms from the previous two years, if you collect a paycheck.
- Profit and loss statements or 1099 forms, if you own a business.
- Recent paycheck stubs.
- Most recent federal tax return, and possibly the last two tax returns.
- A complete list of your debts, such as credit cards, student loans, car loans and child support payments, along with minimum monthly payments and balances.
- List of assets, including bank statements, mutual fund statements, real estate and automobile titles, brokerage statements and records of other investments or assets.
- Cancelled checks for your rent or mortgage payments.
Read The Purchase Agreement
Make sure you read the purchase agreement. Does the agreement say that the buyer can get out of the contract if they cannot obtain financing? What kind of due-diligence fee are they offering?
As an investor, I have bought and sold many houses; I know what it is like to have a sale fall through at the last minute. This is VERY frustrating! This can be especially damaging if you have bought or leased another home. You will then be responsible for two house payments.
So how long will it take to sell your house? There are many variables but it can take anywhere from 4 – 8 months from the time the sign goes in the lawn till you receive a check. How the home is priced, staged, and marketed will all influence this time frame. Also, keep in mind that not all homes that go on the market actually sell.
How To Sell My House In 30 Days Or Less
The easiest way to sell a house in under 30 days in by calling an experienced and professional investor. Selling a home for cash or on terms can get you a check in well under 30 days.