Closing Day

It’s the ultimate goal, closing day. Everyone works hard to get to this date, and more importantly close on this date. Sometimes it can be close and sometime we just don’t make it. Knowing what can happen is why we give such pressure at the beginning of the transaction.

First we try and set a date that can be closed on. We like to set it on a weekday, at least 30 days after the original contract is signed and beginning to the middle of the week. That is because if for some reason we do miss the date we have the remainder of the week to try and get it done. That way you are not sitting for a weekend with no new home.

Many things can happen that can delay the close, but the most common is the buyer’s loan is in underwriting and there are conditions on the loan. Sometimes these conditions are simple and can be met with little problems. Sometimes the conditions sit on the underwriter’s desk for some time, while they decide what to do. Most of the time we can meet the conditions and the loan funds!

Today’s market is changing every day and with that the conditions can change also. Signatures that are not up to standard, termite reports that are not complete, items on a bank statement that raise red flags are a few reasons closing dates may not be met. Banks are very careful now about complete files and make sure everything is exact.

If we see the close date is in jeopardy, we create an addendum to change that date, often putting it a week or so out just so we have adequate time to close. It seems that a 30 day close is not easy in the market today, that is if you are dealing with a bank owned or short sale. Conventional sales can easily meet a 30 day deadline. So for clients that need a short close these are the best bet.

At Arizona 360 Realty we do everything from the start of your transaction to get you closed on time. Simple but effective methods learned by our experience will get you an efficient close. Please visit our web site – www.sellaz360.com.