Howard Brinton is a real estate sales motivational speaker and the founder and CEO of Star Power Systems, a sales training organization that offers tapes, books, videos, conferences and a club that distributes selling techniques from the nation’s top producers. Also, it can help you by knowing what your real estate agent and other professionals involved in the transaction should be doing. The final walk through is an important step in the real estate transaction, especially for a buyer. Thank you for subscribing to Morning Headlines. This is … Was it a cash offer? Hello All, I am pretty new and I am about to close on my first property but my lender keeps pushing the closing dates. Whether it’s an attorney, a lender, a real estate agent, appraiser, or other professional, another common reason why a real estate closing isdelayed is because one of the professionals who is involved in the transaction “drags their feet.”. © Copyright Yes, it is. Generally speaking, it will take roughly 45-60 days for a real estate closing to occur after a purchase offer is accepted. Real estate closings are frequently delayed because a seller “forgets” to make agreed upon repairs or simply neglects to do them. Coalesce's Select Membership is no longer active. When this happens, the closing process stalls until the appropriate action can be completed. Therefore, the buyer needs to go over everything with a fine toothed comb. If the closing date is missed, at a minimum, the contract is in jeopardy; the worst-case scenario is … Agents, especially inexperienced ones, don’t recognize closing signs and don’t know what to say to push the deal to a finish. Hold some in-depth conversations with them about the features they have liked in past residences and everything they want in their new home. [ 5 Answers ] If a home seller, who is the estate executor, has signed a contract to close an 'as-is' sale in ninety days, but puts off a repair he has committed to until a date that would exceed the time limit of the contract, what can be done about it? The answer is obviously no. Reassure your clients that your job isn’t to sell them on any particular home. Another popular reason why a real estate closing can be delayed relates to the title of the piece of real estate. What’s your opinion? With no contract, both parties are free to walk away. Your subscription will automatically renew for on . Sometimes that’s all it takes to get a deal in the works. The reasons issues that arise from a bank appraisal can delay a closing can vary from a home that under appraises and the buyer and seller cannot come to new terms or because of repairs that are required by the appraiser. There are many things that a buyer should be on the look out for at the final walk through. You will receive additional instructions via email. As of October 2015 the HUD-1, as well as the Good Faith Estimate, will no longer be used for closings. Sometimes a breach justifies terminating the contract, if the other party wanted to, as when sellers fail to close, don’t set any new or acceptable date for closing, and the buyer needs to terminate the contract and find a new place to live. Try to help them evaluate the depth of their concern with questions such as, “How much does background noise bother you?” Discuss any options available, for example, sending the kids to a private school. It’s higher than the buyer’s closing costs because the seller typically pays both the listing and buyer’s agent’s commission … Next, they can select a house and make an offer. The rate lock-in usually ends up expiring before the “on or about” closing date or within a short time after it. If the prospect mentions the condition or color of the carpet, ask, “If this carpet were replaced with a color and style you liked, would this be a home you would buy?” The same goes for concerns about paint, wallpaper, landscaping, outdated appliances or big repairs. If this was agreed upon after the buyer’s home inspection, it may take additional time for the maintenance to be performed, especially if it relies on the schedule of a repair or cleaning company. "Professional, talented & knowledgeable. Ask them to rank features in priority, and be sure they are prepared to make tradeoffs, for instance, a higher price in return for proximity to downtown jobs. © 2015 – 2016, Kyle Hiscock. Nothing is more frustrating than a seller who finds out a week before a target closing date that there were indeed repairs required in the banks appraisal that need to be completed prior to closing. In most cases it does mean the funds have been approved, however, there are times when a lender will require additional documents at the last minute. It can be very frustrating when a real estate closing is delayed, however, being aware of the above reasons a closing is delayed can help reduce the shock, should it happen to you. A court might order the contract to be extended, to give the buyer more time to obtain financing. They love details and aren’t satisfied until they have compared a home they like with every possible option on the market. Get the week's leading headlines delivered straight to your inbox. About the authors: The above article “Top 10 Reasons Why A Real Estate Closing Is Delayed” was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). Don't let buyers stall your sale in a sticky market. Leading commentary by award-winning journalists. Did you sell a home to a prospective buyer this week? 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