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Comment by HWR_14 | Hacker News Reader

Where do you live that it takes "months upon months" to close a sale? Usually the complaint is that the market moves so fast people have to make risky snap purchasing decisions.

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In the very hot markets only. Anecdote that matches your experience: I sold a house at the beginning of this year (sf east bay), and it was on the market for a few days and closed ~30 days later. More than a dozen offers, most with no contingencies. Top offer was more than 120k over ask.

I bought in Northern Virginia this year, and lost 3 or 4 offers to competitors that were 15-20% over asking. Standard was always no contingencies (no inspection, no financing, nothing) and settle as fast as the mortgage company could underwrite you. You had to really trust your mortgage broker and your agent to pull through. Probably saw 50 houses before getting lucky on an offer because our agent had a connection. It was a pretty awful experience and you were forced to make a terrifying decision very quickly. I still remember the surreal experiencing of clicking the DocuSign button that evening that would result in me being on the hook for multiple hundreds of thousands of dollars...

A national average is about two months, from what I can find, depending greatly on where you are and what you're selling. That standard deviation can be quite a pain. It's certainly challenging to plan around an unknown and potentially unbounded number of months. The ability to make that into a known number might thus be valuable to some people in some situations.

You're absolutely right, of course. There's no shortage of stories about markets moving fast! That said, it's been my personal experience that people don't generally share their stories about a house or condo moving slow. Perhaps complaints and stories might not be an ideal guide to reality in this instance?

> Where do you live that it takes "months upon months" to close a sale? Usually the complaint is that the market moves so fast people have to make risky snap purchasing decisions.

IIRC, when I bought my home, the closing date was about two months after we'd made the deal with the seller.

But that's not as long as it seems: there's stuff you have to do in that time, like getting the inspection done, haggling over any issues found, and getting ready to move in/moving out.

Buyers frequently waive the inspection contingency in hot markets with limited supply. Sellers are more likely to accept offers with fewer contingencies.

You're not wrong. However, even if you make an all-cash offer and remove every single contingency, you're still looking at roughly 2 weeks minimum to close. You're making the assumption that title companies are competent (they are not) and move quickly (they do not). Wire transfer takes a few days, need to find a notary to sign all of the closing docs, and title companies are slammed with all of the other home purchases happening as well.

Mortgage company's fax machine has 3-day queue!

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