There are literally thousands of reasons for a real estate transaction to not close by the agreed upon closing date. Personally, I feel that I’ve heard thousands…so maybe there are actually millions! Either way, any real estate professional can quickly rattle off a long list of reasons, excuses, mis-steps, mis-cues, and/or mis-communications that led to mis-sing a closing date.
As professionals, we do our best to warn of the potential pitfalls, holdups and speedbumps. But…a real estate transaction does require some participation on behalf of each client. I have to admit, most of my clients are uber-prepared. They are quick, responsive, and smart. Those are the ones that are most likely to read this. However, I have worked with a few clients…ohhhh I’ve worked with a few… and if by chance you happen to be reading this, you know who you are…and this is for people like you…
2. Tell Your Mortgage Professional the Truth
Okay, so if you followed my suggestion in part 1…you are working with a reputable mortgage professional. Now comes something you may have mistaken for common sense: You must tell that mortgage professional the truth. Don’t think they can’t “handle the truth” (bonus points for including the name of the movie in a comment). The only thing any one won’t be “handling” are your keys on closing day if you aren’t honest on your mortgage application…because your loan will be denied. No bumping up your income or conveniently forgetting to include child support payments. All information will be verified…and then RE-verified right before closing (so, no trying to pull any fast ones!). Lastly, being honest on your mortgage application has its perks…like not being prosecuted by the IRS for mortgage fraud.