CLOSING DELAYS

Mike Buder

Waiting to close on a home can be a stressful time for buyers and sellers. The real estate closing process is a complex task requiring teamwork and the coordination of leaders, Realtors, title companies, municipalities, attorneys and of course buyers and sellers. It can get a little hectic especially toward the end when everything has to come together for the closing. Normally, buyers and sellers don’t even realize all that is going on because of the things happening behind the scenes while they are busy with their own preparations like the moving process, changing utilities, overnight and travel arrangements just to name a few. But closing dates are often set far in advance and sometimes need to be changed because of unforeseen circumstances that require more time. If this happens with enough notice, it may be inconvenient but usually can be dealt with. This is quite different when something comes up in the last minute that causes a delay. Lending requirements have become increasingly rigid in recent years, so many delays are caused by last minute requests from loan underwriters for additional or updated paperwork. Other times it can be circumstances that are outside the control of anyone. I remember one closing that was delayed because the lender who was located in North Dakota lost power in a December snowstorm and wasn’t able to get paperwork out to the title company. I remember because we closed one day later just in time for Christmas. Closing delays can add quite a bit to the stress level for both buyers and