There you are… just be-bopping down the interstate and all of a sudden you see brake lights for miles. The worst part of a traffic delay is when you can’t see what has you stopped and you have no idea how long you’re going to be there.
In the real estate world, we deal with time frames on most everything. From the number of days allowed for the home inspection to the actual number of days until the deal has to close, time is always counting. Unfortunately, we sometimes face delays that we have no control over. Whether it’s a loan problem or a title issue, sometimes problems arise that just couldn’t have been prevented.
Often times however, the delay could have been expected. Similar to the roadside sign on the interstate, there are usually red flags that tell you when you might need to be looking out for possible delays.
For example: If a buyer is doing a VA or Rural Housing loan, it’s best to allow a little extra time for the closing to take place. Most agents will allow 45 to 60 days to close instead of the customary 30-day period when such a loan is being used. This is not a negative jab at those loan programs; it’s merely a fact that certain loan programs take longer to close. If everyone is aware of this on the front end, everyone is still happy on the back end.
Scheduling a real estate closing, coordinating moving in/ moving out, transferring utilities and all of the other things involved are sometimes tricky enough. Trying to do those things without knowing when you’re going to close is even tougher.
It’s much better to agree to close in 60 days and then find out you can close in 40 days than it is to think you’re closing in 30 days and find out it’s going to be 60. The tough part of the latter is that you don’t find out on day 30 that you need 30 more days. Usually, you are asked to extend for a week or a few days, then another week, and another week, and so on… It’s a logistical nightmare.
Look for red flags up front that you feel might cause you an issue or delay down the road. It’s like the old saying goes, “Pay me now or pay me later”… This is most certainly true with time as well as money. -mr
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Questions for Mike Randall
Coldwell Banker Pinnacle Properties
2093 Florence Blvd, Florence, AL 35630
Mike Randall, REALTOR® Associate Broker | ABR, CRS 256.366.9779 | www.mikerandallhomes.com Coldwell Banker Pinnacle Properties 256.766.0069 Office 256.766.0926 Fax