The current standard is that we have a thirty day closing with no interruptions and everything works out smoothly, and even in this practice we typically do not close on time because underwriters are so backed up, and banks have tightened up their requirements.
Additionally, there is a huge change coming that is federally mandated, and it includes settlement and disclosure statements from your lender. The TIL (Truth In Lending) and HUD1 statements are being combined into one document, and this document needs to come from your lender directly. In the past your escrow company would handle all of this prior to closing and it would be a lot smoother. Many experts predict a 40-45 day closing is more realistic with these new changes.
The truth is there are many challenges can come right before a transaction is getting ready to close, and this just adds more complications.
The best response is to write up your offer for a 45-day closing to be safe. This will allow for any issues to be dealt with and expectations will not go unmet.
The crucial question we are facing is, are the rates going to actually increase this time? The Federal Reserve was supposed to raise rates in September; however, the bad press coming out of China will likely delay any increase once again. I will keep you posted!