Closing on your new home will try your patience...
Steeled nerves, flexibility and a good sense of humor will keep you sane
Jacksonville, FL - Its becoming more and more inevitable that you are just simply going to miss your closing date. I know I know, that's just a horrible sentiment to have but by planning for this eventuality you can keep your hair and your nails and know that while you might not be closing on that pre-planned Friday, you will likely be eventually closing.
Its not fair and there are a plethora of reasons why it's not going to hit on the date everyone wants but alas there is likely not much you're going to be able to do but simply laugh and drink a cold one. Simply put, the entire market is overwhelmed.
Its not just that people are buying homes because.... well, they should. Its that people are also refinancing their homes when they are able and, well.... they should. Each one of these Real Estate transactions adds another work load into the system, a system that was only contracting up to a few years ago and simply hasn't ramped back up. Less mortgage experts, less processors, less underwriters, less appraisers, we're doing a lot with less and unfortunately it will effect you.
So as you stare at the calendar and that due date comes into the near of the future just know that at any moment someone in the system is going to say, "I need more time." Now leave it to the Realtors to try to bring all the parties together because a simple delay is not so simple. Many of the people in the system, those asking for more time might not place the same weight on the contract as you do, the seller does, and their Real Estate professionals do.
It is absolutely possible that moving a closing date will cause huge, big, expensive problems from the more mundane to the entire transaction falling apart. So let cooler heads prevail and hopefully, eventhough it isnt the perfectly pre-planned date, it very likely will happen and you'll be in your new home... Its still not fair but it is the state of play right now. Enjoy the new home, forget the bad, remember the good and for goodness sake, start decorating!