Time Estimates for Delays

Time Estimates for Delays

Being Prepared

When things go wrong, closing can easily fall behind. Here’s how much time to expect on particular delays:

One-Week 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.

Two-Week Delays
•    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.

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