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Current Real Estate Closing Times.

 

Stxdreaming1
(@stxdreaming1)
Advanced Member
Joined: 3 years ago
Posts: 98
July 8, 2021 2:05 pm  

Hi all, 

Wanted to reach out and see if anyone is buying or selling as of late, and if so, what have been the closing times for the deals? 

We have been waiting almost 9 weeks now. I am told there is only 1 title company on the island and they are backdated. 

Would be interested to get other people's feedback. 

 


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rewired
(@rewired)
Advanced Member
Joined: 3 years ago
Posts: 192
July 8, 2021 4:19 pm  

We had a similar experience when we bought our house about 18 months ago. It took about 3 months to get from deal to closing. One title company and only two appraisers at the time. I was told then that 3 months was about average and I wouldn't be surprised if that's still the case....


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Knowlesstak
(@knowlesstak)
Advanced Member
Joined: 2 years ago
Posts: 82
July 8, 2021 11:11 pm  

We were talking to a family the other day. They said it took them 9 months to close on a condo. 

You can look at my.Flexmls.com  Do a filter to closed properties.  It will show you the contract date that it started, and then the closing date. I only looked at one myself and saw it took 7 month. Contract start date was 11/20 and closed at the end of June.

 


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Scubadoo
(@Scubadoo)
Trusted Member
Joined: 8 years ago
Posts: 2416
July 8, 2021 11:39 pm  

A lot of it depends on the specifics of each transaction.  One condo unit in our place has been under contract since last year with the lender involved coming back with all kinds of requests for additional information and even changes to common areas coverage.  A cash closing will go much quicker. 


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Stxdreaming1
(@stxdreaming1)
Advanced Member
Joined: 3 years ago
Posts: 98
July 9, 2021 2:47 pm  

@Scubadoo Sorry good point should have said, we are doing a cash deal. All paperwork is signed and ready to go. Both parties are ready....its been 9 weeks and counting. 


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Scubadoo
(@Scubadoo)
Trusted Member
Joined: 8 years ago
Posts: 2416
July 9, 2021 7:52 pm  

Talked to a buyer today who just went under contract.  His agent Chris Hanley told him to expect average closing time now on STX at 90 days due to availability of home inspectors, appraisers, title check, attorneys, etc.

 

We did cash a deal in 2015 when sales volume was low and that still took about 9 weeks.


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jaldeborgh
(@jaldeborgh)
Advanced Member
Joined: 4 years ago
Posts: 485
July 9, 2021 9:30 pm  

I recently closed on a lot of land adjacent to our property, a cash deal so very very simple.  The title search was the only hold up (delay) and it added about 3 months to the closing process.  In the end we did close.  I was lead to believe the computer hack experienced early this year was the major root cause.  Yes, it was a little frustrating but completely beyond my control so I simply chalked it up to “island life” and opened another bottle of good wine while watching another beautiful sunset.  In the end it’s all good. 


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NugBlazer
(@NugBlazer)
Advanced Member
Joined: 16 years ago
Posts: 358
July 10, 2021 3:14 pm  

My last closing was in 2014 and it took NINE MONTHS.  Closing is a joke on St. Croix, always has been.  Nothing to do but just accept it and sip your rum.


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Stxdreaming1
(@stxdreaming1)
Advanced Member
Joined: 3 years ago
Posts: 98
July 10, 2021 3:29 pm  

@jaldeborgh We are pretty much in the same situation as you...oh well, guess it will be another 4 weeks till we close...so annoying.


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ellee
(@ellee)
Active Member
Joined: 2 years ago
Posts: 10
July 15, 2021 11:52 pm  

We had an offer accepted the end of February and closed 3 weeks ago on 6/22; about 120 days.

 


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jaldeborgh
(@jaldeborgh)
Advanced Member
Joined: 4 years ago
Posts: 485
July 16, 2021 5:15 am  
Posted by: @ellee

We had an offer accepted the end of February and closed 3 weeks ago on 6/22; about 120 days.

 

That’s consistent with our experience as well as some friends who recently bought on the island.  120 days seems like a good benchmark for planning. 


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