According to this article, buyers and sellers should expect things to move more slowly on their way to closing.
Lenders are taking more time to get mortgage documents in order these days, and real estate professionals consequently must be prepared for a slower settlement process than they are accustomed to.
Real estate expert M. Anthony Carr urges them to choose a settlement date at least six weeks to eight weeks after the contract date and simply ask all parties involved if an earlier settlement is possible once the home inspection is completed, the mortgage documents are approved, and all other necessary tasks have been appropriately handled.
This is news to me and my most recent client. She had her offer accepted on a property in Brighton on September 25, the offer signed the next day, the home inspection a week later, the purchase and sale done last week, the appraisal today, and is expecting to close at the end of the month.
In fact, things are progressing so smoothly that we’re going to move the closing date from the 31st to the 29th of October.
Slow times?
Heck, just about every lender is begging in the streets for business. Bring them a good client, and they’ll do just about anything you ask.
Source: Mortgage Woes: Be Patient With Closing Dates – By Anthony M Carr, Realty Times, by way of Realtor.org
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