Yes my friends drama loves to make an appearance in nearly every real estate transaction. But most of the time it can be avoided with a few simple rules. First of all expect the best but plan for the worst. All parties need to build in a cushion for the potential hiccups that can slow a transaction down. Don't be in such a hurry, things seem to take forever but then that last week and it's all, "Holy crap I'm outta time!"
Don't be "that guy." I have noticed that lenders are getting a bit faster at closing loans. The lack of inventory creates a slow down in sales and the interest rates are creeping up and that slows down the refinance business. This is a welcome condition having the loan done on time. There are however a great many hands stirring the pot of a real estate transaction. Any one of these many entities, the appraiser, the inspection, the moving company, title and escrow, etc. can have something come up that causes a delay in closing.
Try to build in a cushion, keep that rental unit for two weeks after closing. Now if there is a delay you still have a nice cushy 10 days to get moved. Seller's, negotiate a short 3-5 day rent back as a just in case, scenario. You may not have to utilize it but if there is a problem, you are covered on time. Remember that some transactions are like a set of dominoes each one falling and hitting the other in a chain reaction. One buyer is selling their house to buy another and that seller is buying another and so on and so forth. Just one of those transactions has a hiccup and all the others fall too.
It is always best to be safe!
Musings on the state of the market with tips, information and a little fun.
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