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One of the most intense periods of time during a transaction is the time from the notification that the buyer has received a full commitment to the day of closing.
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16 Comments on Sooner Rather Than Later Is The Best Rule...Strange Things Can Happen!
BarbaraT- I've never liked too much time between a decision and acting upon it. Like a spinning top... all things can begin to wind down or hit a bump and come to a stop.
Kathy..... and in this market that happens quickly....
There are so many reasons that a property doesn't close. When working with a buyer I really encourage them to act in a timely manner especially when gathering and submitting their information with the mortgage broker
Barbara, Great reminder of the perils of "the waiting" for closing. Things change, all the time, that's for sure. Probably most of us have had this happen to us at one time or another, sad but true. Great info for sellers in FRanklin MA. Thanks.
Doug.... the list is a long one.... and after a buyer's agent has spent so much time finding that right house, there should be a payoff for the hours spent.
Yes, Barbara, I can relate to those vacant homes while waiting to close. I remember I had such a listing a few years ago when that vacant home flooded due to a leaking water line from that refrigerator. It was caught on the buyer's final walk through, and we had to act and move quickly to fix that problem. Got all the water out, and had to replace the carpet too. But, we closed the deal a week later. It was a huge challenge to overcome.
I know we all can appreciate those timely closings after any delayed closings.
Again, good points. Spoken (or should I say written) like someone who has had lots of experience. OK, so now any tips on how to shorten the time between contract acceptance and the closing table?
Barbara - very true - with too much time, time is not on your side. Each situation presents different challenges as the timeline progresses. If you add short sales into the mix delays have the potential to create all kinds of issues. Regards Dave
oh and don't forget the folks that go out and buy new furniture or a new car just anticipating their new found fortune!
Jerry...it's like a magic act at times....
Laura....I've seen it all and the only solution is to close early.... move things along...no extensions....
David.... short sales need to close asap....
Mark.... I think that was a very common happening as mortgage rules were changing to everyone's surprise...
Nice one! I agree that you want to just go on and close. THe longer you wait the more your nerves are rack because anything can happen. Buyers get more anxious with each passing day! They all seem to have a need to purchase something else while waiting to close. Some like vacations!!!
Rosemary....yes, yes, some like vacations and forget they are not to make a big purchase....like a new car...
In the last 90 days, the biggest reason, Im seeing transactions coming apart has more to do with the inspection. It is almost like the inspection is being used to get out of a transaction.
Joe..... buyers are using home inspections to renegotiate the deal and if that doesn't happen, the deal's dead...
A truer song has never been sung. Most of the tune is never seen by the buyer or seller...it is the agent who is trying to hold the whole thing together. Everything this year has been a struggle to close for any number of reasons.
So true. I have a deal going right now that isn't scheduled to close until mid-September(!) Yikes...trying to stay calm and positive between now and then and trust all will be fine.