How long does a buyer typically have to secure financing in Arizona?

In Arizona, the typical timeframe for a buyer to secure financing after entering into a purchase contract is generally 30 to 45 days. This period allows the buyer to apply for a loan, process the mortgage application, and receive the necessary approvals from lenders.

This timeframe is standard as it balances the need for the buyer to adequately find and secure a loan while also moving the transaction forward in a timely manner. The specified duration is often reflected in the purchase agreement, ensuring both parties are aware of the financing timeline, which is critical for keeping the transaction on schedule.

Longer periods, such as 60 or 90 days, may be more common in unique situations or specific types of financing, but they are not the standard practices in most transactions. A shorter period of 15 to 20 days typically does not allow enough time to complete all the steps required for securing a mortgage, including appraisal, underwriting, and final approval processes. Thus, 30 to 45 days is the most appropriate and realistic answer for typical financing conditions in Arizona.