The closing date ... it's a target we sometimes miss.
Ever get this call from a buyer, "So what day exactly are we closing"? No matter how well prepared life has a way of sometimes throwing things at you. When it comes to closing date on a real estate transaction we all do our very best to narrow it down as much as possible to make the transition and move as smooth as possible. As agents we totally understand that there's tons of things that must be coordinated when moving and knowing exactly what day that will be is important. I talked to a buyer this morning who asked this very question and he explained how he needed to know exactly without what day he would be closing on his purchase and there was no room for errors or changes. As it turns out the property he's buying is a short sale and as we've all experienced things usually come up no matter what. The buyer just couldn't understand that banks don't play by the same rules and that they really don't care about other peoples' time lines. I finally go him to sort of understand even though he kept rephrasing the question fishing for a different answer. I left him with the thought that this was normal and to trust me that every agent, at one point or another, has experienced this. As I read some blogs today I came across Cynthia's blog about closing dates. I'm tempted to forward the link to my client along with other agents stories in hopes that it will help him understand that we plan as best we can taking into account "what ifs". Great post and explanation Cynthia!
In real estate, one of the most disruptive events to happen is actually a non-event. It's called missing the closing date. This can be caused by any number of reasons. I've experienced everything from a buyer being seriously injured in an accident to a data entry error made by a bank employee.
When the buyer's agent writes a purchase contract, they try their very best to anticipate the correct closing date. The closing date becomes one of the terms of the contract and could cause an offer to be rejected or countered.
What does missing a closing date mean to a buyer? They may have to beg their landlord to let them stay a few days longer. They will need to reschedule the logistics of their move. If they are selling their house, they may need to re-negotiate a new closing date with their buyers. They may end up in a Motel.
Then there's the seller. If the seller is using their proceeds to buy their next home, this could start a domino effect. Seller 1 needs to close to send proceeds to Seller 2. Seller 2 needs to close to send proceeds to Seller 3. Everyone down the line will be effected when just one closing date is missed.
I wish I could say this has never happened to me but it has, more than once. It's a non-event that can be extremely stressful for everyone involved. The best you can do is help everyone get through it and try to aim for minimal damage ... to the pocketbooks and to the persons involved.
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Cynthia Larsen
Broker/Owner - Safe Haven Realty
Sonoma County, California, USA
(707) 332-2560
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