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The Closing Table . . . Stay Calm During This Stressful Situation Closing delays often have to do with the buyer's new home loan. For example, lenders require that buyers have a homeowner's insurance policy in effect at closing. If this critical item is overlooked, closing will have to be postponed until the buyers have their insurance in place. A closing could be late if the funding check from the buyer's lender isn't issued on time. This can happen if you don't sign your loan documents promptly—a situation over which you have control. A circumstance over which you have little control is a delay due to lender backlog. This will occur when there's a lot of refinancing and/or a busy real estate market. If you know the lender is busy, try to get all your loan related paperwork in early. When two home sales are closing concurrently, a delay in one can cause a delay in the other. This can happen if you're buying a home from a seller who's buying another home. If the seller listed his home contingent upon a simultaneous close with the home he's purchasing and that closing is delayed then your closing will also be delayed. |
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The closing can't take place without the buyer's money for the down payment and closing costs. Buyers often have money wired from various accounts. If wire orders aren't placed early enough or if wire routing instructions aren't correct, the closing will be delayed. FIRST-TIME TIP: The first thing to do when you hear that your closing isn't going as scheduled is to stay calm. Be sure that your agent informs all other parties involved in the transaction that there is an unavoidable delay. Get a written extension of the closing if it will be postponed for longer than 24 hours. The last thing you should do, no matter how frustrated you may feel, is call the loan processor directly to complain. Let your loan agent handle the problem if it's related to your new loan. Carol Sloop Guides You |
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