Every transaction in Real Estate is different. That is part of why I like being in the business so much. I am always learning and always handling new situations.
Very lucky for us that most of our sales are cash but financing does come into play on occasion. I hold my breath and hide in my closet. Sometimes I bug the hell out of everyone and threaten and scream. Haven't found the right way to handle the 2 headed loan officers just yet, as you can see, lol.
We try to have a Plan B with everything we do and with Dodd Frank we may need to have a Plan C
Definitely want to plan ahead. There's always a possibility of a slight change in timing, particularly when you have multiple deals stacked on top of one another.
I also am in a area where delays are common so I warn buyers and sellers up front to not expect to close on time. Most people listen, but we still have a few parked in front of the house with the moving truck not able to get in
This is so true there always needs to be a back up plan this should be addressed at the beginning so everyone knows ahead of time.
It seems here lately a closing date is just a guesstimate of when something might close. Always Bank related.
Certainly so. In real estate and in life in general it is good to have a back up plan. We can think positive, and still plan "for just in case". Your clients will be happy that you prepared them for that possibility.
It is great to have a contingent plan but it is really hard to cover all of the problems that can cause delays in closings. I agree with you. To me one of the best things about being in Real Estate is that everyday is different.
Betty
Interesting that you've been experiencing this more and more - good to keep in mind that along with a host of other "what-ifs," taxes can be a problem.
My daughter just went through the buying process and had their closing pushed back twice due to issues with the lender. A backup plan is always a good thing to have!!
Holly, you are so right. A wise agent always has a back-up plan. It seems that nothing is guaranteed in this business. Best to be prepared.
This is a good example of why both buyers and seller should have a plan B. I haven't run into taxes being a problem.. but there seems to be something more often than not.
Plan "B" is definitely an important part of moving through a real estate transaction.
If you live by the theory that anything can go wrong, it makes it easier to handle the stresses created when their are delays.
Take a deep breath and tackle the problem. There's always a solution!
It's sad that there are so many inefficiencies with lenders and banks these days. We wouldn't be in business long if we operated like that. Thankfully, we have local mortgage professionals in our area who are recommended all the time because of their work ethic. Good or bad...it's all part of the real estate adventure.
The sellers' agent needs to prepare them for the fact that the loan may not close on time - the seller should not be planning on back to back closings.
Hard to foresee and cover all the problems that can happen in a closing. In fact, I'll wager... its impossible. Be prepared for the worst and learn to deal with it in strive.
Holly - I know a lot of people don't want to plan for the worse case scenario, like not closing on time or at all, but it is a must.
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