MA Investors

[Daniel H.]

i have not done an all cash offer yet and I have a question. How will the times I list on my offer differ from times when I use bank financing? Should I do 30 days to close to have time for p&s and inspection or can it be done in less time?

[Shaun Reilly]

It depends on the attorney, your relationship with them and how good or bad the title of the place is (funny enough all clear is probably longer than issues since as soon as there is an issue you, well know that there is an issue...).

It is not uncommon for me to shot an email to my attorney if I get an offer on an REO accepted in the morning and have an informal good to go by the end of the day. This is good since I won't send them back the contract (and more importantly any money) if there is big issue up front.

Any competent attorney should have title run easily in that time frame. Really a week (If they just happen to be pretty busy) or less should be more than adequate. I would say that even if you are waving any other contingencies you still make sure to say it is contingent on there being a clean marketable title (Not just insurable). Even if you plan on holding it as a rental and owning it until you leave it to your kids when you die you want to have the option of selling it and bad title will make that hard, and impossible for someone using a bank.

Also as far as your timing it doesn't really matter for the title stuff since it will either be clean and you get your title policy and even is great, or there is an issue and the deal will either get canceled or the closing will get delayed until there is a resolution.