Why it’s best to close on as soon as the buyer gets loan approval

By
Real Estate Agent with Coldwell Banker Professionals

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
ReMax Encore

(248)736-6407
Jackie@JackieHawley.com

www.MiRelocation.com

What to expect on the listing appointment

Preparing your home for sale

 

 

Posted by

Jackie Hawley, Realtor, ePro

ReMax Encore
Cell: (248)736-6406
Jackie@JackieHawley.com 
www.MiRelocation.com 

 

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Topic:
Home Selling
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Michigan Real Estate
Detroit & SE Michigan Realtors
Tags:
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Rainmaker
444,547
Catherine Ulrey
Keller Williams Capital City - Salem, OR
Equestrian and Acreage Property Specialist

I love your list!  I have received 2 offers lately with a slightly longer than normal closing date.  I try to delicately tell my sellers that life happens, now, I think I will just share your list with them!

Oct 21, 2014 01:29 PM #1
Rainmaker
849,360
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Jackie, you never know what might prevent a transaction from closing. If it can close, you must try and close it as soon as possible.

Oct 21, 2014 03:20 PM #2
Rainmaker
227,543
Jackie Hawley
Coldwell Banker Professionals - Oxford, MI
Southeast Michigan Real Estate

Cathering- Thank you. I don't understand when anybody wants to put off a closing

Oct 21, 2014 11:29 PM #3
Rainmaker
227,543
Jackie Hawley
Coldwell Banker Professionals - Oxford, MI
Southeast Michigan Real Estate

Troy- That is the truth! I don't understand it either

Oct 21, 2014 11:43 PM #4
Rainer
55,101
Ranee Bray
TCP Real Estate - Cedar Park, TX
North of Austin Homes

I don't know why buyers and sellers wouldn't want to close as early as possible either.  Unless their is a contingency on another home, it's best to close asap.  However, I am not a fan of leasebacks to sellers after closing... no matter what side I represent.  The dynamic of not getting keys at closing and thinking of someone else in what's now their home never seem's to settle well with buyers - even though they may be okay with all the other risks.  

Nov 05, 2014 12:32 PM #5
Rainmaker
227,543
Jackie Hawley
Coldwell Banker Professionals - Oxford, MI
Southeast Michigan Real Estate

Hi Ranee- I think the leasebacks are more common here than other parts of the country. Sellers have had problems vacating without knowing for sure if it was ever going to close. Appraisal issues are the biggest obstacle and until recently underwriting could be tough.

Nov 11, 2014 11:56 PM #6
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Rainmaker
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Jackie Hawley

Southeast Michigan Real Estate
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