What is a typical timframe from accepted offer to close?

mobile home university
1

I know ‘it depends’ but trying to get an idea on timing.

30 lots
mom n pop seller

Do you take holidays into consideration? (Would you say ‘business days’?)

Thank you

1 Like
2

30 day inspection + 30 days to close.

1 Like
3

Depends on the state laws too. If the seller has to give the tenants notice of the sale and an opportunity to counter offer then it could be 60-120 days to close.

2 Likes
4

We usually assume 90-120 days but like Mike O said we operate in states with notice laws. 60 would be OK but you’re going to have to pay for the appraisal prior to finishing DD (can be 4 to 8 weeks sometimes more depending on where it is)

5

Thanks Mike. Seller has a broker so he should be able to tell me.

Park is in IN.

6

Thank you for the heads-up re:short timeframe and appraisal.

7

I go with a 30-day inspection, 60 days after inspections to close.

Here’s why. I want to do my physical inspection, books, and records before I spend $5000 on an appraisal and give the bank a hefty deposit to move forward with the loan. On a Fannie Mae deal, you could see a $+25,000 initial deposit to start the lending process.

The 30-day inspection period begins when the Seller provides all requested items.
IE 2-year tax returns, 2-years PL, etc.

“30-day Inspection period begins when buyer delivers written confirmation that all Seller’s Disclosures are received; the seller has 7 days to provide seller disclosures.”

This prevents the Seller from “finding” stuff on day 29.

1 Like
8

Thank you for this insight, lots of little things I hadn’t thought about. :slight_smile:

9

thanks thats a big help!