How can you handle delays caused by third parties in real estate closings?

1 Understand the process

The first step to handle third-party delays is to understand the closing process and the roles and responsibilities of each party involved. Your real estate agent should explain to you the steps, documents, and deadlines required to close the deal, and how they depend on the performance of the third parties. You should also communicate with your lender, title company, and attorney to know what they need from you and what you can expect from them. By having a clear picture of the process, you can anticipate potential issues and plan accordingly.

2 Be proactive and flexible

The second step to handle third-party delays is to be proactive and flexible in your actions and communication. You should provide all the necessary information and documents to the third parties as soon as possible, and follow up with them regularly to check the status of their work. You should also be ready to adjust your schedule and budget if there are any changes or complications in the process. For example, if the appraisal comes in lower than expected, you may need to renegotiate the price, request a second appraisal, or bring more cash to the table. If the inspection reveals major defects, you may need to request repairs, concessions, or walk away from the deal. If the lender requires more verification or underwriting, you may need to extend the closing date, pay more fees, or switch to another lender.

3 Stay calm and professional

The third step to handle third-party delays is to stay calm and professional in your attitude and communication. You should avoid blaming, accusing, or threatening the third parties for the delays, as this may only worsen the situation and damage the relationship. You should also avoid taking the delays personally, as they are usually not intentional or malicious, but rather the result of factors beyond their control, such as market conditions, regulations, or workload. Instead, you should focus on finding solutions and compromises that work for all parties, and express your appreciation and cooperation when they do their best to meet your needs.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?