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Current Real Estate Closing Times.

 
Stxdreaming1
(@stxdreaming1)
Advanced Member

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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Topic starter Posted : July 8, 2021 2:05 pm
rewired
(@rewired)
Advanced Member

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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Posted : July 8, 2021 4:19 pm
Knowlesstak
(@knowlesstak)
Advanced Member

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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Posted : July 8, 2021 11:11 pm
Scubadoo
(@Scubadoo)
Trusted Member

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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Posted : July 8, 2021 11:39 pm
Stxdreaming1
(@stxdreaming1)
Advanced Member

@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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Topic starter Posted : July 9, 2021 2:47 pm
Scubadoo
(@Scubadoo)
Trusted Member

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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Posted : July 9, 2021 7:52 pm
jaldeborgh
(@jaldeborgh)
Advanced Member

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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Posted : July 9, 2021 9:30 pm
NugBlazer
(@NugBlazer)
Advanced Member

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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Posted : July 10, 2021 3:14 pm
Stxdreaming1
(@stxdreaming1)
Advanced Member

@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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Topic starter Posted : July 10, 2021 3:29 pm
ellee
(@ellee)
Active Member

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

 

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Posted : July 15, 2021 11:52 pm
jaldeborgh
(@jaldeborgh)
Advanced Member
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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Posted : July 16, 2021 5:15 am
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