In today’s market closing delays are becoming more the norm versus the exception. It goes without saying; closing delays are destructive and can wreak havoc on real estate transactions. Buyers and Sellers are forced to scramble at the last minute to reschedule movers, extend leases, and reschedule time off work. In addition to the stress and headaches, some sellers are charging the buyer penalties for closing delays. I have personally seen as much as $100 per day.
The most frustrating part is the lack of communication and empathy from lenders. Most lenders don’t share the same sense of urgency in getting things back on track and often cannot give you a clear understanding of what is causing the delay. Anyone who has found themselves in this situation can relate to how frustrating this is for all parties. If you are thinking of buying a home, please be sure to choose your lender carefully. Ask your Realtor to recommend a lender who you can verify provides competitive rates, excellent service, and most importantly closes on time.