Allow Time to Close on a Home During the Holidays
The holidays are fast approaching and holiday decorations can already be seen in stores and homes in Southwest Louisiana! As 2013 draws to a close so is a buyers time frame to close on a Southwest Louisiana home in 2013!
I have written three contracts in the last two days with Buyers needing to close in mid-December or end of December 2013!!!
If you're have been searching for a home in Southwest Louisiana or are currently just going "under contract" there is a possibility to close in 2013. However, keep in mind that as the holidays approach it becomes a busy time of year and it is hard for both buyers and sellers to pack up an entire family and be moved by Christmas!
Be prepared to allow time for your Southwest Louisiana Home Purchase to close during the holiday season. Additional time may be required in order to close on a home during the holidays! Extensions are not uncommon as we approach the last weeks of December 2013.
It also becomes the time of year when many people schedule vacation, travel and kids are out of school. Not only does this apply to Buyers, Sellers and Realtors, but also appraisers, loan officers and underwriters who may have travel plans or be out of the office! All of these factors can cause a delay with the closing process so understanding the possibilities of what can occur prepares everyone involved and there are no surprises but rather celebration when the Act of Sale date is met! Keep your expectations realistic!
Most real estate contracts are written with a 30-45 day time frame to allow for the Act of Sale. Time has to be allowed for inspections, appraisal and approval the loan from the bank underwriters. This week, November 18-22, is possibly the last week that would allow for a 30-45 day time period to close by the end of 2013 year.
In general there is always a rush and push to get the buyers loan underwritten and get a clear to close. The pressure and rush can build up during the holiday season simply due to holiday office closures and decrease of staff in the office. As the Act of Sale date draws closer, sellers and buyers become impatient and everyone wants to hurry and close so they can be settle before Christmas, Buyers are dependent upon the approval of underwriting and have to wait until the file is given a stamp of approval before a clear to close is issued. With the holiday season underwriting can slow down simply due to holiday schedules with people out of the office, or conditions taking longer to be met. It is not uncommon for banks and title companies to close Nov 28-29 for Thanksgiving and December 24-25 for Christmas. This year Christmas falls on a Wednesday and many people may schedule vacation the week of Christmas which is Dec 23-27. With that being said that leaves Dec 30-31 and it is possibly the last days for a closing in the month of December.
If you have been searching for a Lake Charles LA home in 2013 or on the fence about a home purchase make a decision and, get under contract this week! You still have a reasonable time to deck the halls of your new home!