How long the escrow process is depends on many factors. The single most important is what type of property you are making an offer on. When purchasing Goodyear and Buckeye Arizona real estate, there are three basic types of homes on the market.

1)      “Regular” sales or homeowners with equity in their home. Most of these are homes that were originally purchased before the housing boom and the seller is not upside down. “Flip” properties are also included in this category. Flips are properties purchased by investors, renovated, and then resold for a profit. These types of sales generally close within about 30 days of contract acceptance. There can be delays with some flip properties

2)      Short sales are properties where the owner is upside down and the bank must approve the sale “short” of what is owed. Short sales can take longer to close due to the banks approval process. All banks have different timeframes but the typical short sale will close between 45-90 days from contract acceptance. Exceptions can be found and a professional REALTOR is the best weapon in a home buyers arsenal.

3)      Bank owned, REO, and foreclosures are all the same thing. These are homes that the bank has taken back the property from the homeowner. In most situations foreclosures can be easier to deal with that short sales. Care should be taken when reviewing the banks policies and procedures. Many bank owned homes are “As-IS” and special attention should be given to the inspections.

These are general numbers and timeframes. Each individual property is different. The best advice is to retain a professional buyer’s agent to help guide you through the process. The Krone Team has several dedicated Buyer Specialists to make your next home purchase as pleasurable as possible.