August 8, 2007
Kenneth Lowman, Broker/Owner of Luxury Homes of Las Vegas recorded his fastest closing ever from the opening of escrow to its completion and closing. The escrow involved a $1,350,000 Turnberry unit that was closed in just two business days. The average length of most escrows is between 30 and 45 days. Events that create the need for this much time include completing a preliminary title report, obtaining the Seller’s loan payoff amount, processing the Buyer’s new loan, obtaining payoff amounts on taxes and association dues and getting the escrow documents signed and notarized. The real estate Broker coordinates all these activities to assure timely closings.
Last month Lowman recorded the highest dollar per square foot sale for a residential detached property in Las Vegas at $1047 per square foot. That home was located in Promontory at The Ridges, a Summerlin village on the west side of Las Vegas . “Records are made to be broken. I hope to beat this dollar per square foot record in the near future; however, closing an escrow from start to finish in two business days is an amazing feat that will be very difficult to duplicate,” Lowman said.
According to Lowman, the Buyer asked for a two business day closing because they were leaving to go out of the country on a vacation and wanted to know their escrow was closed prior to leaving. The Seller agreed to the two day closing as well because the property was owned as a second home. “Luxury home Buyers and Sellers both know what they want and often demand it. I knew how difficult a two day closing would be, but I also knew that my team and I were up for the challenge. The escrow and title company provided great service and we accomplished the goal,” Lowman remarked.