How to Tell a Buyer About that Elusive "Quiet Time" Between Pending and Closing
You know the quiet time I mean, right? That time after the inspection has been satisfied and escrow calls for signing? That time that can last anywhere from a week to a month? Maybe more depending on the transaction.
If you're like me, you have had those clients that call every day or two to find out what's going on now. Those clients that can't stand to be kept in the dark for more than 5 minutes. This is especially true when we're talking first time buyers or sellers. If they have never been through the process or if it's been a while, you might get those calls every day with some random question about the deal.
But that quiet time just after the inspection can be the toughest. There is typically about 2 weeks or so after that final contingency is satisfied and this is the time where most parties involved start busting their butts to get the deal closed on time.
Unfortunately for the buyer this is a "hurry up and wait" game. The buyer doesn't have much to do other than pack and pull together any last minute documents for escrow. This is the time they start to get nervous, apprehensive and just down right annoying sometimes!
This is where I get proactive and tell them ahead of time: "After the inspection, there will be a short quiet time where you may not hear from the involved parties. This is a time where everyone is now doing their job. You have escrow pulling together papers for signing, lenders are finalizing loan documents, title is finishing up checking on the property and sellers are packing."
"It's ok if you don't hear from us in a few days as we need to let everyone do their job so everything can close on time."
This seems to alleviate much of the anxiety that buyers sense during a quiet time. Quiet can't mean good in some minds and so I tried to soften this experience by letting them know I would keep them updated on all I knew.
This didn't mean I would bug the lender, escrow and listing agent to no end, but that I would keep tabs on the deal and make sure everything was running smoothly. I would contact the buyer and let them know I am on top of it. Even a simple email to let them know I hadn't forgot about them seemed to help.
Have you had to deal with this "quiet time"? How have you handled it?
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- Feel free to visit my associates in Goldendale WA Homes and Real Estate for more tips for first time home buyers.