3 Things that WILL delay a real estate closing

TL;DR

Failure to return necessary forms, delays in sending wire transfers, and lack of communication can all lead to delayed real estate closings.

Transcript

if there is one thing that the parties to a real estate transaction do not want to happen that is a delayed closing here are three things that i guarantee you will delay your closing the first is failure to return your buyer or seller information sheet contrary to popular belief the offer to purchase and contract does not provide all of the informa... Read More

Key Insights

• 💁 The seller's failure to return the seller information sheet is the number one cause of delayed closings.
• 🥳 Accurate payoff statements from the lender are crucial and can take up to 14 days to obtain.
• 🏦 Delays in sending wire transfers can occur due to bank procedures and appointments.
• 🥳 Lack of communication can lead to last-minute surprises on closing day.
• ❓ Special accommodations, marital status, and seller concessions should be communicated in advance to ensure a smooth closing process.
• 🥳 Promptly providing repair invoices to the closing office can prevent surprises on closing day.
• 🥺 Failure to involve a spouse in the closing process can lead to delays.

Questions & Answers

Q: Why is it important to return the buyer or seller information sheet promptly?

Returning the buyer or seller information sheet is crucial because it provides essential information needed to complete the closing process. Without this information, the transaction cannot proceed smoothly.

Q: Why is an accurate payoff statement necessary?

Accurate payoff statements are needed to ensure that the loan can be paid off at closing. Only the lender can provide this statement, and without it, the closing cannot proceed. It can take 2 to 14 days to obtain an accurate payoff statement.

Q: How can delays in sending wire transfers impact the closing process?

Delays in sending wire transfers can occur if the buyer's bank requires in-person initiation or if appointments are needed, which can take weeks to schedule. This delay can prevent the recording of the deed and result in postponed closing dates.

Q: Why is communication important in avoiding delays?

Lack of communication can lead to important information being missed or delayed until the last minute. By promptly informing all parties involved about special accommodations, marital status, seller concessions, and repair invoices, potential issues can be addressed in advance.

Summary & Key Takeaways

• Failure to return the necessary buyer or seller information sheet is the number one way to delay a closing.

• Accurate payoff statements are needed from the lender, and this can take anywhere from 2 to 14 days to obtain.

• Delays in sending wire transfers can occur due to bank procedures, particularly if the buyer's bank is out of state.