If you are one of my clients and are reading this please don’t worry. So far all closings are on schedule and I don’t anticipate any delays.
When a buyer makes an offer on a Boston downtown property the contract has to have a closing date in it. All Boston real estate for sale contracts need to have starting and ending dates and page numbers are nice too but that is the subject for another day.
The closing date is not necessarily etched in stone. It is not at all usual for loan underwriters to have last-minute requests that delay the closing. Usually, both parties just agree to a new closing date. It can be aggravating and if the Boston condo buyer or seller is not prepared for the possibility that there could be a change.
Sometimes possession of a property can be obtained before the closing or the buyer’s stuff can be moved to the property. For example, last year I had a Beacon Hill condo seller I was representing agreed to allow the buyer to move his stuff into his storage bin a couple of days early. The buyer also had a home to sell so it got pretty complicated.
Selling one home and buying another is common. It all looks messy in the beginning but it all works out most of the time and the process is smooth. One thing that really helps is if one or both parties can be a little flexible.
If your closing date gets changed it will likely be a delay. just know that it is common and usually not the fault of the other party.
From my experience, most Boston real estate closings are at the end of the month and Fridays are the most popular days to have a closing. I find that closings that happen in the middle of the week or in the middle of the month are less likely to be delayed.