CodeMark TV Episode 32
So we’re talking about things that you do not want to miss. What don’t you want to miss? Well, a couple of dates during your transactions.
First and foremost is your option period
When you get a house under contract you’re going to have an option period. You buy it as a matter of fact, and you might buy it at a cost per day. In most cases it’s seven days, in other cases it’s ten days, and if you’re in a really tight race, it could be shorter. Just know, that when your offer is accepted and you get into your option period, you better get serious about getting that inspection because that clock is ticking.
Second, your third party financing period
Don’t forget about what’s most important: the money! You’ve got to get the money to get the loan closed. So you’ve got this other form that you sign. It’s your third party financing period. How long does that take? Well again, depending on your transaction, if it’s an aggressive situation you might have less than two weeks to get all your stuff together—fully approved with your lender.
In most cases you’ll have about 21 days, but that doesn’t mean you can rest on your laurels. Because, before you know it, it’s closing time.
It’s closing, it’s closing time!
You don’t want to get stuck in a transaction, where maybe you’ve dragged your feet, or maybe you’ve forgotten a little bit, or maybe you didn’t know that you were supposed to get the done a little bit faster… And then, all of a sudden you’re like “Oh, I need a little more time, can you please ask for an extension?” Because, it’s possible that you might get into a fight with the seller and they may say “Ah, ah, ah, and not without some more of that money.”
These are the things that you don’t want to miss. Keep that in mind; you’ve got an option period, you’ve got a financing period, and then of course you’ve got your closing date.
But we’re going to help you hit all of those dates, because we are super fast; closing loans in 20 days or less. You can catch me all the time so you don’t miss me either, on Facebook, every Friday on Lunch with Mark, and then you can catch me on YouTube anytime you want, on CodemarkTV. I’m mark McInerney President and CEO Codemark Financial.