Waiting is hard!
I’m not a patient person. When I want something, I usually want it now. So I am especially sympathetic to clients during the closing process who are waiting for “the big day”. The day of closing when their purchase or sale is final and they can settle in, or get their money and move on with their lives.
Unfortunately, closing dates are a bit like a pregnancy due date…subject to change. Sometimes we’re lucky and we can close early. Most times we hit the date without any problems. But more and more lately it seems as if closing dates have become even more indeterminate than ever before.
Today we are dealing with stricter underwriting guidelines. New HVCC rules are causing appraisals to come in low or triggering field reviews (which have panned out to be a big waste of time and money in my experience). And over-worked loan processors and escrow closers are burning the candle at both ends, trying to do more with less people.
I have very patient clients right now who have been waiting to move into their home for more than a week. At first it looked as if we could close early. Then we found out we didn’t have the whole story from the lender so we prepared for an “on-time” closing.
However there was a last minute complication.
After we received the lender’s release, the documents bounced back from the County because the deed had been prepared incorrectly. (refer back to the part about the over-worked employees)
As it stands now, we are expecting delivery of the new, correct deed tomorrow morning and should be able to record and close tomorrow.
As I always say, “it’s never a done deal until it’s a done deal”.
Hopefully tomorrow there will be another proud home owner in Maple Valley!
That’s the plan anyway.
