Mortgage Woes: Be Patient With Closing Dates
Oct 31, 2007
Author: Family Realty LLC

Both agents and clients have called our office in the last couple weeks seeking assistance in meeting settlement dates, looking for advice on how to get a lender to move quicker and bemoaning the slow-down of transactions across the board in the last few weeks.

Well, folks, get used to it. The whole transaction is slower these days because of the mortgage business purification. (I call it purification because the mortgage industry is still healthy, carrying out a robust business day in and day out with buyers buying and sellers selling. The sky has not fallen, banks still have money to lend and real estate is STILL a great investment. Do you know why? Because, they’re not making anymore of it and you cant import it from China!)

If agents, buyers and sellers want their real estate deal to settle on time, then start on the day the contract is written. Pick a settlement date outside of four weeks. Many contracts stipulate that settlement occur on X date, or sooner. One of the only downsides to closing earlier is that it might cost a few hundred dollars more on closing costs because of taxes or interest. On the other tightly clinched fist, if you’re going to miss your settlement date or move it back, everyone gets in a huff and doctors start writing more prescriptions for ulcer medication.

Don’t rush the professionals working on selling your home. It’s not like you’re ordering pizza and it’ll get cold if it’s not woofed down fast enough. You’re not selling or buying a coffee stained couch at a yard sale, it’s a house and in most cases, the largest transaction you’ll experience in your life, so be patient! Closing will happen soon and you can relax and enjoy!