Why it’s best to close on your Oakland County home as soon as the buyer gets loan approval
There are many reasons to close immediately after the loan is approved and the buyer is clear to close. Even if that happens 3 or 4 weeks prior to the close by date.
· Seller can die
· Buyer can die
· Buyer can lose his/her job
· Buyer can run up a credit card and no longer qualify
· Buyer can get a job transfer
· Buyer can break up with or divorce co-buyer
All of the above have happened in transactions I’ve been involved in (except for the first one).
If it is difficult or impossible for the seller to move a few weeks early, you can always work out something regarding possession. There’s a good chance the buyer’s new house payment is lower than the seller’s current house payment. Prices still haven’t peaked and interest rates are very low.
Jackie Hawley, Realtor, ePro