Hi everybody. This is Sheila Monson with Alaska Living real estate in Alaska. And today we’re going to talk about how long it takes to close a transaction in the state of Alaska. Stay tuned to the very end because we’ll have a helpful tip for you.
So, in Alaska it takes a little bit longer than it takes in the lower 48 to close on the transaction and Alaska. Um, it takes about three to four weeks in the busy season to get the appraisal. It’s all about the appraisal. So, if you’re buying a home on a mortgage where you have a lender, which most people are then sorry about that, then you have an appraisal that’s going to happen with your transaction. That appraisal from the time it gets ordered and until uh, the time they get it and the lender finishes their documentation on that appraisal is about four weeks. So, in Alaska, it actually takes about six weeks to close on a transaction. Um, the first two weeks of that is getting your home inspections done, a well inspection, um, septic inspections and stuff like that. Let me, let me turn the volume down on this here quick.
Okay. So, in Alaska it takes about four to six weeks. In the wintertime, not during the holidays. In the winter time, you can sometimes you can close quite a bit quicker than that because the appraisers are not so busy. Um, if you’re doing a cash sale and you don’t require an appraisal, then you were talking about two weeks, however long it takes for the lender, or excuse me, not the lender, but the title company to get all the title documents taken care of. So, depending on what kind of, uh, what kind of transaction you have, cash transaction, we can get closed in a couple of weeks. Owner finance transaction, generally that’s a couple of weeks as well. If you’re going through a mortgage company, a lender, um, and doing that like an FHA loan or conventional loan or any of those kinds of loan programs, it takes about six weeks. Hi, welcome back. I promised you a tip. And so here it is. Buyers get pre-approved before you start looking at houses. Uh, this opens the doors to showings because more and more sellers are wanting buyers that are pre-approved before they’ll even agreed to show the house to him. So, there’s your tip. Get pre-approved. Call me. I’ve got references to help you out with that.