One of the greatest frustrations I have with Boston condo sales is that the process seems murky at times and somewhat unpredictable. There is ambiguity when there should not be. Everything is spelled out in a contract yet sometimes it just doesn’t work the way the contract says it will work.
Boston condo sales are different than other types of purchases because in most cases the seller is a store or a business. In the Boston condo for sale market, no two homes are the same and home owners and lenders can be unpredictable at times. After having been involved in hundreds of home sales I still see situations that no one could have anticipated or prepared for. Things happen that just are not supposed to happen.
In my 20 plus years as a Boston condo broker I’ve seen many mishaps during a closing. For example, maybe the seller had a family emergency and leaves town and can not get everything removed from the home on time before the closing or a pipe starts leaking the day before the closing. Occasionally a party to a real estate sale dies before the closing, or a bad storm rolls through and a tree falls on the house. Usually when a closing is delayed it isn’t because of a catastrophe it is because a loan underwriting department wants more time.
I’ve been in situations schedule a closing just to have it re-scheduled and then re-scheduled again and again. Sometimes I have to change my own schedule and then change it back. There are so many details that are out of our control. When I work with home buyers or sellers I sometimes spend more hours getting the sale to the closing than I do marketing the home for sale or working with the buyers . I get paid the same if it is a little bit of work or a lot of work.
Boston condominium buyers who are currently renting and apartment should try to stagger their closing so that it overlaps with the rental. Rent is generally paid the first of the month and your first mortgage payment is due at the end of the month. That doesn’t mean that the cost of having two places goes away it just makes it more doable and the overlap can make the home buying and moving experiences a little more sane and take some of the stress out of it. When I moved from an apartment to a home I closed in the 20th of the month giving us extra days to move and clean.
Boston condo for sale buyers who are looking for a guarantee when it comes to an on time closing will suffer some disappointment when it doesn’t happen.