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…
5. Ask Questions and Be Proactive.
If there is ANY question as far as the process of your transaction goes – go ahead and ask. Don’t assume that everyone working on your transaction has remembered every tiny detail. I once read that over 50 people actually work on your real estate purchase. There are certainly many many safeguards and a good REALTOR and Mortgage Loan Officer know what to look for, ask for, and prepare for. These members of your team will help to quarterback the transaction through closing and likely won’t miss a beat – but with so many folks working on so many intricacies of a transaction (and remember, they are probably working on several transactions in a given month…not just yours), you could understand how something could get overlooked – especially if your purchase is a little different or trickier than most (certain land deals, bank owned, short sales, etc.). So, I know you’ve hired a team to work on all of these items for you – but remember, they are human. And if something looks awry, out of the ordinary, or kept you awake at night wondering if it got done – don’t be afraid to be proactive and simply ask. That is a much better option that finding out that someone (like escrow, title, insurance, mortgage insurance, lender, underwriter, appraiser, inspector, the other agent, credit company, the sellers, your bank, etc.) missed something essential when you’re sitting at the closing table…and delaying your closing date.
Find folks that are familiar with real estate transactions in your area, be honest, communicate, and be proactive…these will all help you keep on track for a smooth closing so you can get those new keys on time!