Closing on a resale

[trasor]

I am purchasing a resale through GMAC and my rep is out for the day. I know I'll get an answer here before I can talk to her tomorrow. How quick is closing once you pass ROFR? When will they require payment? I don't want to transfer my money from where its earning interest too soon but I don't want to pass ROFR and then waste several days waiting for my money to transfer and clear?

 

[corky441]

I'm not sure about GMAC, because I bought my resale thru TSS, but approximately 1 week after passing ROFR, I received the closing documents to fill out. The funds for the balance due are due when you send the closing documents back. I sent the $ and paperwork last Thursday overnight mail and my contract closed this morning. It was a very fast turn around for me.

Hope your closing goes quickly too...

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