This is an UPDATE to a previous FAQ post.
As the year 2016 reaches the half way point, another issue is emerging as a challenge for homeowners and home-buyers coordinating move out/in dates. After many years of closings being largely an efficient process (especially when experienced REALTORS and Lenders worked together), the implications of the new TRID guidelines aka RESPA/TILLA seem to be kicking in as more REALTORS and their clients are complaining about unforeseen closing delays.
The delay may be just a few days or sometimes stretch into weeks. This is really a problem if you’re planning on buying another house, have immediate plans for the use of the money from the proceeds of your home, or have ordered moving vans, utilities and time off work. The issue is complicated by the fact that you may not know about the delay until a few days or a week before the closing was scheduled to occur. Here are a few simple tips to help ease the transition process.
- Don’t stress! Shouting, harrasing or abusing your REALTOR, Lender, Appraiser etc only increases the tension in an already tense situation. You want people to keep working to make your deal happen. Anger adds more potential pitfalls and slow downs.
- Do follow-through and be persistent. Especially as your transaction nears the finish line and even more so if the date of the closing draws near with no clear directive about when the clear to close will be available. Knowing that you are going to be calling everyday or even twice a day to get an update keeps your case top of mind. You can also e-mail for status updates. Be clear about the fact that you simply want to be informed and stay in the loop. You’re also going to be more likely to detect potential issues or miscues if you are integrally involved.
- Keep communication lines open. This includes lines of communication with any parties who may be impacted by a slow down on your end including agents negotiating the transaction on the other side, movers, insurance representatives, your workplace etc. It’s easier to reschedule a planned vacation with your boss if there has been regular communication regarding how you are proceeding with your home purchase or sale. It’s also better to know potential ramifications about a delay with a mover with regards to costs etc. This may be an additional avenue for negotiation to compensate for the inconvenience and help to sweeten a transaction that would otherwise turn sour.
- Know that this too shall pass. The vast majority of home sale transactions will close sooner or later. In the long view, a few days or weeks delay is not as significant as the pleasure and joy you anticipate experiencing when you move into your new home or the relief that comes from a successful sale of your previous one.
About the FAQ (Frequently Asked Questions Series)
This series is designed to answer questions that we hear clients asking over and over again. Perhaps, you’ve wondered about some of these questions yourself. While this is not intended to be an exhaustive explanation on the subject being discussed, it is our hope that these short blogs will provide helpful insights and may encourage you to explore further. Please feel free to contact us by phone or e-mail with any questions.