In the Chicagoland area, how long does it take to complete a sale once you agree to a purchase contract?
Some transactions take longer than others to get from signed contract to closing table for various reasons. Most of them having to do with the buyer securing financing, but other items may add to the timeline like issues arising from inspections, title deficiencies, and any number of unexpected matters.
In the Chicagoland area, the average time from accepted contract to closing per month in 2017 was as follows:
- Traditional sales timeline ranged from 46 to 53 days
- Bank-owned Foreclosure sales ranged from 41 to 46 days
- Short Sales took significantly longer to close, from 119 to 139 days.
Whether you're buying or selling, this information should help you set a realistic time frame for the real estate transaction process.