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.
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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Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114