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What are the best ways to avoid closing delays as a buyer?

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Buying a home is an exciting and complex process that involves many steps and parties. Sometimes, unexpected issues can arise that delay the closing date and put your dream home at risk. As a buyer, you want to do everything you can to avoid these delays and close on time. Here are some tips on how to request a closing extension in the context of real estate and what to do if you encounter any problems.

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David Sidoni

How to Buy a Home Podcast - #1 Resource for First-Time Home Buyers

1 Understand your contract

The first thing you need to do is to review your purchase agreement and understand the terms and conditions of the closing date. Typically, the contract will specify a closing date or a closing period, which is a range of dates within which the closing must occur. The contract may also include contingencies, which are conditions that must be met before the closing can take place. For example, a common contingency is the appraisal, which is an evaluation of the property's value by a third-party expert. If the appraisal comes in lower than the expected price, you may have the right to renegotiate the deal or walk away.

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David Sidoni

How to Buy a Home Podcast - #1 Resource for First-Time Home Buyers
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As a first-time home buyer specialist for over 17 years, explaining the contingency periods and the fluidity of closing dates is a MUST to avoid what can be a stressful situation for your buyers. Automate reminders in your calendar, days before due dates, so they can have time to ask their questions. For some people, they need to take time off from work, so prepping them for the specific dates is key!

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2 Communicate with your lender

One of the most common causes of closing delays is the financing. As a buyer, you need to secure a mortgage loan from a lender to pay for the property. The lender will require you to provide various documents and information to verify your income, assets, credit, and debt. You also need to lock in your interest rate and get a loan commitment letter from the lender. To avoid any delays, you should communicate with your lender regularly and promptly respond to any requests or questions they have. You should also avoid making any major changes to your financial situation, such as opening new accounts, applying for new credit, or making large purchases, until after the closing.

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David Sidoni

How to Buy a Home Podcast - #1 Resource for First-Time Home Buyers
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I have seen lenders gloss over the deadlines and speak in lending jargon to many buyers, and if they don't know when exactly the money is due, or what's the difference between the lender, the processor, and the underwriter - nothing but stress and headaches for all. As the agent, I do my best to let the buyers know, unless told otherwise, any request from a lender is ASAP. You have a second job for the next 30 days!

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Joyce Mason

Your Secret Weapon for Elevating Your Income & Business Journey??Launchpad to a Better Life | ??Mortgage Sales Leader #entrepreneur, #sidebiz #workfromhome, #remotework, #onlinebusiness, #salescoaching
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The lender depends on heavy involvement from the buyer and several third-party service providers. If any one of the other parties are unable to supply the information needed in a timely manner it could throw off the delicate time-line to close by the contract closing date. A great rule of thumb is to ask your lender for a time-table upfront. What activities need to happen by which dates in order to meet the closing date? Make sure that time-line is shared with all parties. If any of the critical dates are unable to be met, it may affect the closing date. Continually re-evaluating the closing date during the process will keep surprises from appearing later down the line.

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3 Work with your agent

Another key player in the closing process is your real estate agent. Your agent will coordinate with the seller's agent, the title company, the escrow company, the inspector, the appraiser, and other professionals involved in the transaction. Your agent will also help you negotiate any issues that may arise, such as repairs, contingencies, or price adjustments. To avoid any delays, you should work with your agent closely and follow their advice and guidance. You should also keep them informed of any changes or concerns you have and ask them any questions you may have.

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David Sidoni

How to Buy a Home Podcast - #1 Resource for First-Time Home Buyers
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In a real estate transaction, the agent is the hub in the center of the deal. The go-between to title, escrow, closing compies, inspectors, appraisers, etc. CC on them on all communications, and all questions should go to them first to help expedite your closing.

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4 Prepare for the closing

As the closing date approaches, you need to prepare for the final steps of the transaction. You need to do a final walk-through of the property, which is an inspection of the home's condition and features before you take ownership. You need to review the closing disclosure, which is a document that summarizes the terms and costs of your loan and the transaction. You need to gather all the documents and funds you need to bring to the closing, such as your ID, your checkbook, your proof of insurance, and your loan documents. You also need to confirm the time and location of the closing and who will attend.

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David Sidoni

How to Buy a Home Podcast - #1 Resource for First-Time Home Buyers
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Probably the biggest thing that buyers can do to relieve the stress of closing on a home, is to understand that the closing date is FLIUD. Everyone is doing their best, but we can't control everyone. PREPARE and do all you can on your side. Talk to the lender specifically in the last week before close, and if they say jump, you say how high, and do it FAST. And just in case, have a back-up contingency plan should you need a day, or two, or...a week.

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5 Request an extension if needed

Sometimes, despite your best efforts, you may encounter a situation that prevents you from closing on time. For example, there may be a delay in the title search, the loan approval, the appraisal, or the repairs. In this case, you may need to request an extension of the closing date from the seller. An extension is a written agreement that modifies the original contract and grants both parties more time to complete the transaction. To request an extension, you need to contact your agent and explain the reason for the delay and how much time you need. Your agent will then communicate with the seller's agent and try to reach a mutually acceptable solution. You may have to pay a fee or a penalty for the extension, depending on the terms of the contract and the seller's willingness.

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6 Be flexible and patient

Finally, you need to be flexible and patient throughout the closing process. Buying a home is a major decision that involves many variables and uncertainties. You may encounter some challenges or setbacks along the way, but you should not let them discourage you or ruin your excitement. You should focus on the big picture and the positive outcome of owning your own home. You should also be respectful and cooperative with all the parties involved and try to resolve any issues amicably and professionally. By following these tips, you can increase your chances of avoiding closing delays and closing on time.

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Jerald Watson

Harvard MBA/MPP | Real Estate Development & Investing
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The multiple documents, processes, and parties involved make closings complex. Effective project management is vital. Use Gantt charts to sequence and prioritize deliverables. Other parties appreciate it when someone takes responsibility for sharing information and keeping everyone aligned. The worst outcome would be missing a closing date because something was forgotten. Project management tools help teams avoid finger-pointing by letting everyone know what they're accountable for and when. Build in buffer time and provide flexibility when possible to build trust and avoid giving someone a reason to withhold information at the eleventh hour.

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7 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?

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Michael Wasserman

Moving is hard. Closing should be easy. We make that happen. A founding member of AREA - the Chicagoland Association of Real Estate Attorneys
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Hire a (good) lawyer. Real estate lawyers understand contracts, lender-speak, title reports, closing timelines, and closing requirements. Your lawyer will make sure you know what you need to know and that you do what you need to do, when you need to do it. A lawyer will help ask for extensions as necessary. Document closing cost credits or other seller concessions for the lender. Lawyers get buyers to the closing table. On time. Safely.

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What are the best ways to avoid closing delays as a buyer?

1

2

3

4

5

6

7

1 Understand your contract

2 Communicate with your lender

3 Work with your agent

4 Prepare for the closing

5 Request an extension if needed

6 Be flexible and patient

7 Here’s what else to consider

Real Estate

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What are the best ways to avoid closing delays as a buyer?

1

2

3

4

5

6

7

1 Understand your contract

2 Communicate with your lender

3 Work with your agent

4 Prepare for the closing

5 Request an extension if needed

6 Be flexible and patient

7 Here’s what else to consider

Real Estate

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