Real estate transactions can be harrowing ordeals for the uninformed, uninitiated and unprepared. However, arming yourself with good information and an understanding of the process can go a long way towards diffusing potential disasters before they occur. And, if you do find yourself in the situation, knowing the RIGHT thing to do can increase the chance that you will emerge with your dream home purchase intact.
1. The Process may take longer than expected…
Yes, your contract may clearly state that you will be Closing your transaction on a particular date, but hidden in the fine print is an oft overlooked phrase which highlights reasons why a Closing can be delayed for upwards of weeks pending resolution. In West Michigan, delays related to attempts to cure defects in title or survey issues or lender mandated repairs are a part of this list. Details that many are prone to miss when engulfed with the thrall of an accepted purchase agreement.
A quick review of the above list shows that at least three different corporate entities can be the source of any of these delays. If you scream, threaten or panic, you will simply add more fuel to the fire. The good news is that these issues are often correctable with time and most Closings are able to eventually close without incident.
A Better Approach:
Don’t order your moving truck until you receive the ‘Clear to Close’ from your Lender and the Title Company. Why add stress to your life? It is unlikely that everyone in West Michigan will be moving on any given day. You will be able to locate a truck. And then there are always friends and family who can usually be counted on in a crunch.
Be flexible. Relax. Let the professionals go through their paces. After all you are paying them to do their jobs. Remember, they don’t get paid UNLESS you close the transaction successfully.
Keep in touch. Not in an intrusive way, but simply let folks know that you appreciate what they are doing to help you and be willing to cooperate to the extent which this is possible.
Have a contingency plan with regards to your current living situation. If you are renting, you may be able work with your landlord to do a ‘Month to Month’ lease. Appreciate the fact that schedule changes are likely to impact a lot of people and anything you can do to limit pressure on yourself is useful.
Recommended Reading: Passing the Baton…Why a Home Closing Can Be a Beautiful Thing
*This is a series. Check back for future updates.