This is a follow-up to my last note on how busy lenders are these days. Delayed closings are common. One day, two days, sometimes a week… but do deals close, don’t they?
Yes, despite these delays, deals mostly close because the sellers almost always agree to extend the closing date.
BUT, did you know that as long as the seller has met their contractual obligations to the buyer, the seller DOES NOT have to extend the completion date?! Not even five minutes, let alone one or two days or more.
COACHING
Buyer Realtor: Write your deals with sufficient time to get your buyers’ conditions satisfied. Make sure you know what the current timing is for your home inspectors and lenders. Then, make sure you have sufficient time for closing after those conditions are removed. My recommendation is 30 days, which I know is difficult in a hot market.
Listing Realtor: Sellers may need their money for another purchase or purpose. Can they extend without financial or other loss?
Every client’s timing requirements are different. Make sure your client’s lawyer knows your client’s timing needs.
Cheers,
Barry
