Don't Take Closing Date for Granted

By
Real Estate Agent with RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590

Don't Take Closing Date for Granted

To all home sellers and home buyers,

I know there is one thing you guys have in common, both of you want to have a successful closing on the house that has been under contract for the last 30 - 45 days or maybe even longer.  Believe me, that is everybody's goal in the same transaction; the lender, the title company, the contractors who are waiting to get paid after they did the repairs for the house before closing, etc.  They are all waiting for that closing day to come anxiously!

However, there are always things happened unexpectedly last minute, and it is beyond our control.  Many times, "surprises" show up during title search of the house, lender needs more documents from the buyer, delay from insurance company, buyer's job verification from their Human Resource department...for some reason, they don't like to reply the lender within a timely manner, waiting for a final approval from the underwriter, clear to close instruction...many things can happen last minute and delay the closing.

It is not about who to blame about the delay closing.  The fact is there are so many different groups of people involved in the transaction, and many of them are not real estate related.   They don't have the urgency like we know and do, they don't "care" what the closing date is, they know they are not the one who need the house closed, why hurry then?  I know you are on pins and needles, getting mad and pointing finger at your agent, thinking it has to be the agent's fault that the ball dropped somewhere and the agent didn't catch it.

Many times, the agent is only relating messages from their client/s, the lender or whoever they can get some updates from.  Trust me, if there is anything a great agent can do to solve the problem him or herself, they won't bother their client.

Mortgage regulations have changed so much in the recent years, I know many of them are not making sense to you or even to us, real estate agents.  We still have to comply with them, work with them as closely as possible to achieve a "smooth" closing.  We do want our clients "stress free" and have a pleasant experience indeed.  I just hope this may help you to understand a little bit better about some of the reasons that could delay a closing.

 

 

Posted by

 

Serving Marion, West Memphis, Crawfordsville, Hughes, Horseshoe Lake, and surrounding areas.  If you are planning to sell or buy, please feel free to give me a call, find out if I am the right agent for you.

 

 

 

Rita Fong, REALTOR®

RE/MAX Real Estate Today

1813 Highway 77  Marion, Ark. 72364

cell:901-488-9590

office:870-735-4663

fax:870-735-4668

http://www.ritafong.remaxarkansas.com

Like me @ facebook

 

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Winston Heverly 07/02/2013 04:10 AM
Topic:
ActiveRain Community
Location:
Arkansas Crittenden County
Groups:
RE/MAX Active Rain Bloggers
1st Time Buyers
REALTOR LIFE
Bananatude
Tags:
real estate agents
closing
home sellers
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Rainmaker
333,744
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale
Tanya, I also sometimes come across to take care of other people job, too. Want a closing, just work it.
May 31, 2013 02:06 PM #53
Ambassador
4,306,594
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Rita, I like your phrase - 

"It is not about who to blame about the delay closing"

Seriously enough, that's one of the most difficult job for us, Realtors(r)!

May 31, 2013 04:38 PM #54
Rainmaker
390,341
Jane & Jeff Daley, PhD
Luxury Valley Homes Scottsdale - Scottsdale, AZ
Scottsdale Real Estate Arizona

It doesn't make any difference what business partner made a mistake, it's always the agents fault. Pick your partners carefully.

Jun 01, 2013 12:07 AM #55
Rainmaker
422,785
Linda De Fusco
The De Fusco TEAM Keller Williams Arizona Realty - Scottsdale, AZ
The Arizona Rainmaker

Forget the blame, find the solution and execute. This will garner referrals.

 

Jun 01, 2013 12:19 AM #56
Rainmaker
1,372,994
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Good morning Rita - The contract that actually closes on the original closing date is so rare in my world that it's the exception that proves the rule :)

Jun 01, 2013 01:03 AM #57
Rainmaker
303,983
Michael J. O'Connor
Diamond Ridge Realty - Corona, CA
Eastvale - 951-847-4883

Watch those contract dates!  Standard California contracts allow the seller to cancel the contract if the buyer fails to close by the agreed date.  With prices escalating as quickly as they are here, sellers may not decide to wait and just move on to a new offer....

Jun 01, 2013 01:23 AM #58
Rainer
501,326
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Linda, #57 sums it best, yet if you plan to close successfully by submitting all the necessary documents at one time, closing should be timely, shouldn't it?

Jun 01, 2013 02:54 AM #59
Rainmaker
333,744
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Mike, I can assure you are not alone, it is everywhere.

Jun 01, 2013 05:06 AM #60
Rainmaker
333,744
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Graziella, yes, we definitiely do our best to keep it going to the closing table as soon as we can, it is just hard to control 3rd party to do the same like we want them to, it can get frustrated sometimes for sure.

Jun 01, 2013 05:10 AM #61
Rainmaker
333,744
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Jennifer, it is always easy to blame and take it out of others, lol...the hardest part for me is when I have done everything I could to make sure it will close on time, then last minute things come up because someone "forgot" to do what they are supposed to do.

Jun 01, 2013 05:14 AM #62
Rainmaker
333,744
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Michael, I do that, too. I always tell all my buyers don't do any big purchases and open another credit account until after closing.  My buyers are usually very good at following instructions, it is the third parties that I have problem with that cause the delays.

Jun 01, 2013 05:24 AM #63
Rainmaker
1,561,807
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I agree with the "it's not who to blame" but than again . . . it is.  I nearly had a deal delay at the very last minute when it was discovered at 10:00AM the day of closing that the underwriter wanted a copy of the cleared Earnest Money deposit.  That check cleared April 3, it was May 10 . . . and someone didn't catch that in the file.

Jun 01, 2013 05:39 AM #64
Rainmaker
333,744
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Wayne and Jean, congratulations to the closing, finally :)

Jun 01, 2013 05:39 AM #65
Rainmaker
333,744
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Wanda, thank you!  It seems like more and more files have issues before closing nowadays.

Jun 01, 2013 05:45 AM #66
Rainmaker
333,744
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Rain, giving clients a heads up is the way to go in today's market.

Jun 01, 2013 06:18 AM #67
Rainer
130,346
Carolyn Shipp
Source 1 Real Estate - Mineral Wells, TX
Mineral Wells Texas Real Estate

I've got one right now where we are delaying closing about a week because the buyer's lender could not find an appraiser to come out to my seller's home.  It was very frustrating.  It took the lender sending the order to three different AMC's before someone accepted the assignment.  I don't understand it myself as I have seven other pending closings and the appraisals were done in a timely manner.  One of the appraisers called me and said that she would not be able to get the assignment completed for about 8 weeks, another called and said it would be 2 weeks.  Not sure what is going on there.  We had a contract put in place on the home in April and the appraisal wasn't completed until the day we were supposed to close.  It really threw things into a spin because the seller of the house my seller wants to buy almost didn't extend the closing date for him because she thought the whole deal was going to fall through.  We are now almost there, but the listing agent for the house that my seller is purchasing was not very good at educating her seller.  

Jun 03, 2013 12:59 AM #68
Rainmaker
1,431,717
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Last minute problems always seem to creep up on these loans.  It is very frustrating as it seems to me the lenders should have/could have asked the last minute questions a lot earlier.

Jun 03, 2013 04:08 AM #69
Rainmaker
848,807
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Rita, we agree, but lately mortgage underwriters are the worst.  And most of it is their fault for waiting to the last minute.

Jun 05, 2013 03:49 AM #70
Rainmaker
1,007,708
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Gene & Bob... underwriters wait until the last minute for some things... because they are SUPPOSED to wait for the very last minute.  "On some things"... like last-minute job changes, or last-minute credit purchases... or last-minute missed or late payments.

I am sure they are not doing it just to "be cute."  Underwriting is all about minimizing risk for the investor, and by checking jobs, credit and other things JUST before closing... that is exactly what they are doing... trying to minimize the investor's risk.

Jun 05, 2013 07:44 AM #71
Rainmaker
727,676
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Rita- I'm just seeing this now and kind of ironic. Most transactions with which I have been involved over the past two months have encountered delays around Closing Dates.

Jun 25, 2013 08:03 AM #72
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