And yes, that is Calendar Days and NOT Business Days.
And yes, this is from the day the contract is signed to the day the transaction records.
The Why
Despite record volumes and a continued onslaught of refis, we nonetheless felt obligated to bring back our fast closes to better serve our clients (buyers and agents alike) in what is one of the most competitive purchase markets in history!
When buyers are in bidding wars, they need both a rock-solid pre-approval and a lightning-fast close in order to stand out against competing offers – particularly cash offers!
Our 14-Day Close in conjunction with our pre-approvals and reputation makes our clients’ offers equivalent to cash.
We know this is the case because we have now closed hundreds of 14-day-transactions for ecstatic clients whose offers would not have been accepted, but for the fast close.
The How
Closing in 14 days is very difficult, as everyone knows, because there are so many parties involved and so many moving parts.
But – it is more than achievable AS LONG AS EVERYONE IS ON BOARD. 😊
“Everyone” includes Agents, Buyers, Appraisers and Escrow Officers.
JVM’s entire ops center is of course fully on board too, as we recently revamped our entire system to ensure our Contract Desk Managers, Closing Specialists, Disclosure Specialists, Underwriters, Doc Drawers and Funders know exactly what to do.
- Agents need to get us a fully ratified contract as soon as it is signed, schedule all inspections and the appraisal almost right away, and apprise escrow officers of the need for speed!
- Buyers need to be fully prepared to get us updated documents, signed disclosures, additional conditions and insurance provider info on a moment’s notice (fast closes can be fairly intense for buyers).
- Appraisers need to inspect within one to three days of ratification and then get us their reports back within six days (we of course pay a fat rush fee, that we do not pass on to borrowers, to facilitate this).
- Escrow Officers need to get us exact escrow fees and all escrow documents within one to two days of ratification. This is an especially important reminder for our many Texas agents, as some of our Texas escrow officers like to move a bit more slowly than what is necessary for a 14-Day Close 😊.
Anyway – JVM IS BACK and READY TO CLOSE – FAST!
