The other segment are often transferees from foreign countries, who almost always require a quick turnaround. Other reasons, cited by Arnold, include builders who are pressing the start or end of a subdivision, people purchasing an empty home, an immediate transfer of a corporate executive, or a house being bought through an auction. Unlike the East Coast, where closings often involve the sellers and buyers gathering in a room with their lawyers in tow, closings in Kansas City rarely involve lawyers and don't happen simultaneously. Sellers and buyers close at different times, Lovett explained. The sellers bring to the table a deed, an affadavit and a 1099 form from the IRS, which now requires that proceeds from the sale of a house be recorded for them.
Most lenders require a certified check or money order for the down payment and closing costs.
In order for a closing in five days to occur, every aspect of it must come off with nary a hitch. Though developments in technology are making it possible, it's not always easy and not always advised, as J.D. Reece real estate agent Barry Rubin will tell you.