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…
4. Be Prompt: Do things before you’re required to do them.
Now, I don’t expect my clients to be mind-readers, but I do expect them to heed my advice, warnings, and prompts throughout the real estate transaction. Because so many things can go wrong or slow the transaction down, it’s often best practice to prepare for the fact that something will go wrong or slow things down. It’s okay, some issues are out of everyone’s control. But you can mitigate some of the lost time (and do yourself a huge favor) if you are proactive with the items you have control over. Simply apply for a loan before the agreed upon date in the financing contingency, be prepared to leave work for a few hours to attend the inspection (and let’s not wait until the last day to actually do it), get escrow the documentation they requested before the 12th hour.
If you can stay ahead of the curve, you will be able to walk into closing stress-free and enjoy the process of getting your keys without having just sweat through your shirt!