A buyer and a seller should be able to commit to a set closing or contract signing date. Delays like this in other areas of the country involve penalty or some negotiation while some offer no consequences.
However, typically, the buyer and the seller should meet the closing date in good faith. Things can get tricky as tempers could flare when these delays are already affecting other deals. So as reminders to both buyers and sellers, don't commit to a date if you are unsure of your ability to meet that deadline.
Once a date is finally set, here are guaranteed tips to keep that deal in the fast lane:
Have your agent watch for problems
If you are the buying end, have your agent check with all parties at least twice per week to avoid transactional changes or surprises from halting the process. Agents from both parties should be able to anticipate potential problems before they even take place and have solutions ready when needed.
Keep lenders in the loop
Since banks usually require endless amount of paperwork - and even request the same document over and over - the buying party should check with their lender on a regular basis to immediately address any glitch.
Do not delay any requirement asked by your mortgage professional. Simple things like a lacking signature or a missing piece of document could potentially hold up your closing.
Avoid delays especially if you have a locked rate or you could lose your rate to a higher one as well as delay the seller and their purchase.
Look out for last-minute seller surprises
Either with the moving out date or deadline for fixes, sellers just sometimes can't do their part on time.
Always impose a deadline for repairs, ideally a week before closing, and put that in writing.
Avoid delays by allowing time for any follow-up work since buyers are not always satisfied with the seller's repair work.
Keep your finances stable
Buyers obtaining financing should avoid any major changes in their financial status before closing. Any change such as purchasing a car, applying for a credit card, or a a new job could delay or lose the loan and the purchase.
Planning should avoid these delays. By staying on top of all parties and aspects of the transaction, closing can be carried out on time.
