Seller Frequently Asked Questions:
Q: How long will it take to find a buyer?
A: Depending on market conditions, between 1-2 months usually. Some houses sell at the first home open, some take 3-4 months, but the average is around 1-2 months. Of course in a boom market this time will be much shorter, and in a slump we could easily be out to 3-4 months.
Q: When you have found a buyer, how long will settlement take?
A: The short answer is 2 months. The long answer is, most property sales have two distinct timeframes after acceptance of an offer. The first timeframe is the finance period, during which the buyer is seeking to obtain a loan to purchase your property. The finance period typically takes between two and four weeks, but can be even longer if there are delays due to mortgage insurers, valuations or credit issues. The second timeframe is the settlement period, which commences once finance is approved and allows the settlement agents time to prepare the property transfer documentation and liase with any banks involved. The settlement period takes again between two and four weeks, but can be done in under a week if everything is straightforward and the banks or cash are ready to go.