Once people find a property they want to purchase the next question is "How long will the process take?" The time it will take to get the property you are purchasing from accepted contract to closing will depend on a few factors, which I have outlined below.
If you are paying cash for your Ocean City real estate purchase the typical settlement timeframe will be around thirty days. This allows ample time to complete the property inspections, review the condominium association documents, coordinate the closing funds and have all of the necessary title work completed.
If it is your desire to settle sooner rather than later, cash purchases can be completed and closed within two weeks. I will need to call in some favors to get everything above completed in time, however it is feasible and I do it quite often. Fast settlements are attractive to a lot of Sellers and present the opportunity to get a good deal.
If you are financing your Ocean City real estate purchase the time from accepted contract to settlement will be in the thirty to forty-five day range. If you are buying a home in Ocean City settlement can occur within thirty days. If you are buying a condo the timeframe will be closer to forty-five days as there are additional steps in the financing process for condos. These timeframes allow sufficient time for property inspections, appraisals, loan application, underwriting, home owners association reviews and title work.
These are general timeframes that I see for most Ocean City real estate transactions. The timeframe that your specific deal moves along will ultimately be up to you.
Feel free to contact me directly anytime at 443-614-9179 or via email below if you would like to discuss this in greater detail or have other questions.
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