When things go wrong, closing can easily fall behind. Here’s how much time to expect on particular delays:
• Buyer submits incorrect information to lender.
• Source of downpayment changes.
• Escrow fails to notify parties about missing documents.
• Principals leave town without signing all necessary papers.
• Unknown defects are discovered in the property.
• Last-minute liens discovered.
• Cloud on title.
• Move-out date changes.
• Lender decides at the last minute it doesn’t approve of the borrower or the property.
• Lender raises interest rates.
• Lender requires last minute reappraisal or repairs.
• Appraisal too low.
REALTORS® have extensive experience in handling problems that may arise during the time between contract and closing; they can anticipate difficulties and address them in time to ensure a smooth settlement for all involved.
A special “thank you” goes out to Theresa Wilson and the Williamson County Association of Realtors for providing this article.