You just got off the phone with your agent. Once again, there’s a delay in the closing of your new home. You wanted to move weeks ago, and now you have to scramble to figure out what your next step is. There are going to be many instances in which delays occur in the home buy process. Sometimes, it’s
worth sticking around and waiting for the best result. Other times, it’s best to just move on.
Contracts Just Hanging On
One of the most common reasons for delays comes from contracts that
just seem to be dangling out there. For example, the seller of the home hasn’t yet completed the financing for their new home purchase. Now, the existing home’s buyer is left waiting around for all of that paperwork to get pushed forward. Or, perhaps an attorney, financial manager, or someone else with power over the transaction was delayed, on vacation, or just not returning calls. When a fully-executed contract is in hand, you’ll have to determine if it’s worth staying in the deal or to start pushing for results.
Loan Clearing Processes
There is no doubt that the loan process is one of the most complex steps. Clearing a loan for closing – no matter how long the lender says it will take – is likely to see a few delays even if you have pre-approval taken care of beforehand. When an underwriter has “questions,” then things slow down, and it can be very frustrating to sit on the sidelines to wait.
Getting Everyone on the Same Page
Closing dates tend to accommodate the home buyer, but there are many others that have to fit into the fold. For example, the seller and the buyer have to agree on a date for the transaction to take place. It’s not uncommon for a delay to occur because the seller needs more time or when there’s a miscommunication.
Trapped in the Middle
Did your current home just sell? Do the buyers need to move in quickly and you’re already experiencing closing delays for your new home? Yikes, before you know it, you’ll have to move before you have the keys to home of your dreams. Insure My Closing can offer some financial support for you during such delays – including hotels, food, storage, and pet lodging. Take a look at how they can help you with that “in-between” time!
What Should You Do?
In every situation, take a step back and look at the big picture. If this is just going to add a day or so onto the closing process, that’s doable. However, when your anxiety is rising because the delays are so common, it may be time to put some pressure on those causing the delays and state that you’ll to walk away from the transaction. Assuming your agent has a well-designed contract for you, you should be able to do just that when the other side fails to meet their stated requirements.