Question to realtors

Greetings,
Though not a realtor, I do have some experience there. It is always hard to say because each transaction has many differences. I have taken applications and closed in less than 30 days here. 45 days would be excellent, but don't be surprised if "island time" (and those who subscribe to it) drags that out to 3 or more months. Sometimes there are extenuating circumstances, such as a sellers attorney on STT who works maybe 2 hrs a day, doesn't believe in cell phones or the internet, and will not talk to the lender directly because he feels it is unethical (because lenders have attorneys represent them in the VI he will only talk to them... as if they have the answers for the lender). Of course, it helps when you can get the tax receipts quickly, but the method I use caused wild crys of corruption by some on this board, so it may take longer now. Welcome to the islands, mon... oh btw, would you like a cookie? LOL

I have closed several condos this year and the average time is 45-60 days. If you need to close more quickly it is possible but you will have to make sure your agent is on top of everything.

Thanks, thats helpful.

And as far as the cookie.....yes I would!!

Cash sales can close quickly. I had one close in 15 days, but that was a miracle. Mortgages take longer. 60 days is typical, but 90 is more common than 45. Make sure the seller orders his tax clearance letter immediately, as that can take a few weeks to come through. There are a surprising number of properties with title issues, so one of the very first things to do is get the title search ordered to find out if your lawyer will have to clear some clouds prior to closing. Surveys also locate a lot of boundary encroachments that then require waivers from the neighbors. Often the survey is not completed until just a few days prior to the scheduled closing and everything gets postponed 1-15 days or longer while trying to work out the waivers. The most common cause of delays in closings is that one or more of the three lawyers usually involved in the closing is off-island for a vacation or is in court at a trial the week you want to close. Everything gets pushed back until ALL the lawyers involved have a common date available to close the transaction. Time is rarely of the essence of real estate contracts in the islands. Sad, but true.

I recently bought a condo and it took 3 weeks to close. The previous owner owned it outright and being a former lender myself, I had every document and then some on my lenders desk the first day to clear underwriting.

Jayfh:

We purchased a FSBO and closed in 5 weeks.

F.I.

Just so you get an average, I closed on my house last year, and it took 7 weeks, however there was a glitch in the process. Had that not happened, it would most likely have closed in less than a month.

Dan

Dear Jay:

I'm a Realtor on St. Thomas. Cash sales can generally be closed in 30 days. If you're obtaining financing, then it's usually 45-60 days. Some of that may depend on how quickly you make your loan application and provide the required documentation, and even more important, which financial instiution you apply to.

Deeds for homes and land need to be submitted for attestation prior to closing, which can take up to a couple of weeks, whereas condos do not.

Please let me know if I can be of further assistance.

Fiona Stuart
Broker Associate
John Foster Real Estate East