I just read a blog about a closing not happening on time. This is my advice to Michigan home buyers and Michigan home sellers on closing times.
IN THIS TOUGH LENDING MARKET I WOULD RECOMMEND TO BOTH BUYERS AND SELLERS TO GIVE YOURSELF TIME AFTER THE CLOSING
MICHIGAN HOME BUYERS: Don't schedule movers, painters, contractors to come the same day. Give yourself a day or two. If you want to move in on Saturday. Try to schedule the closing on Wednesday or Thursday.
MICHIGAN HOME SELLERS: Don't schedule another closing on the same day. Don't schedule your new home purchase until the next day.
The reason I say this is that there are many factors that can delay a closing. Sometimes a closing can be delayed a couple of days. If you schedule movers, contractors, or another closing on the same day you are going to be stressed out when it doesn't happen.
Many lenders and banks are short help. There seems to be a trend of glitches by the banks at the last minute. Yes most closings go as scheduled. But sometimes closings get postponed. Sometimes the bank does not wire the money on time. I have seen a few closings lately that the money did not arrive until the next day. So the seller can not close on their home on time.
As an agent, a buyer, or a seller it does not do the process any good to start screaming or yelling at the opposing party. Everybody is trying to get the loan and home to close. Everybody wants their client happy. Everybody wants to get paid. Sometimes it is beyond the real estate agents or the loan officers control.
Let me share my experience from last week.
One hour before the Michigan home closing the bank still did not have the package to the title company. We had called them the day before and they had told us that they were still working on that days closings. The bank rep never returned my 3 calls.
One of my clients had taken the day off. The other had to be at work by noon.
I called the bank that morning as soon as they opened up. When I finally got somebody on the phone they said they had failed to ask for some information. I asked them how that could happen. They said one person was on vacation and they failed to catch that a condition was not on the loan commitment. We did not know the information was needed!!!! Their closing department was not allowing it to go any further. It went back to underwriting. We had to have our buyer get the information. We then faxed it. Luckily my clients were not excited and had easy access to the required information. Luckily I did not have a seller that was uptight and depending on the close. It was a bank repo. But It delayed the closing until the end of the day at 4PM instead of 10 am.
If there would have been a seller that was needing to close on another home, there would have been a problem. If the buyers would have had movers coming there would have been a problem.
Give yourself time when scheduling your Michigan home closing. Schedule items for the next day. I have seen buyers and sellers sweating and giving themselves anxiety by jamming everything in. Adding the stress of time to a closing will make it tougher on all involved. Make your closing easier and give yourself time
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