Closing Time!

When a buyer and a seller have come to an agreed purchase price and have also agreed to all of the conditions in the purchase of land/home they both set a closing date.

The writing in the contract usually will read "closing will be held on or before" a specified date.

With this being said I'd like to tell you a story.

I have a client that I'm showing homes to and we found a home she decided she wanted to buy.

We write an offer and the seller wasn't willing to lower the price to the level my client was willing to pay so she walked away.

This was actually a good thing since my buyer had then found out the lender could lend her money until she made a few changes to her financial situation.

Buyer made the changes and 6 month have passed, and ironical the seller that wouldn't budge has there agent call me to ask if my buyer is still looking and if so that the seller is now very motivated.

I check with my buyer and she said Tom I was just wondering if that home was still available or not.

We write an offer the seller accepts the offer and in the purchase agreement we agree to close the deal within 5 weeks.

5 weeks come and pass.
Then 6 weeks.
Now 7 weeks have passed and officially after the 5th week the seller can sue my buyer or put the home back on the market:(

This is a very bad situation since we are several weeks past the closing date and the buyers lender keeps coming up with reasons we can't close.

The lender is a broker that sells mortgages through lot's of different lenders and this normally isn't a bad thing but sometimes lenders that don't actually lend the money aren't respectable.

I'm not implying this lender is a bad broker but a deal shouldn't take 4 extra weeks to close.

We closed yesterday and everything is now "I think" fine!

Moral of the story, Research your lender before you commit to them.