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We moved into our downsized home before putting our prior home on the market. We left the furniture we no longer needed in the prior home for staging, with plans to have a consignment shop pick it up prior to closing. There was no way I was going to have it picked up early just in case the buyers' mortgage fell through, especially after I saw the buyer advertise her kitchen table and chairs on a local Facebook Swip-Swap site. For all I know, the buyers could be in a new furniture buying frenzy and derail their mortgage.
Early last week I was notified that the closing was scheduled for this Wednesday, but I could not get confirmation from our listing agent that the buyers were clear to close. When I was at the house late in the week, I found the buyers' insurance policy in the mailbox, addressed to them. That doesn't make it a done deal, but I called to schedule the furniture pickup anyway.
Well, the furniture can't be picked up until early afternoon on Wednesday. My agent emailed that the buyers want to do the walk-through in the morning and the closing in the afternoon. I replied, no, can't do the walk-through until 2 and the closing will have to be later in the day.
I could tell from the tone of his email response that our listing agent is ticked off by the delay. Too bad. The whole thing can still blow up before late Wednesday.
Yes, there needs to be a better system!
And the closing isn't happening today as scheduled. Buyers still don't have a final mortgage commitment.
That sounds so strange to me, as the custom of taking the fridge would seem to cause more issues than it solves. Height, counter depth or not, not to mention white vs. stainless vs. black vs. blended...
The new buyers just go buy their new fridge & can buy whatever they want. I wanted to take the fridge to have an extra fridge to put in the new house garage for extra freezer room and put beer, water & snacks in.
And the closing isn't happening today as scheduled. Buyers still don't have a final mortgage commitment.
This is exactly my point- in all these years I'm surprised a better system has not been put in place to prevent these issues. I'm ok with being moved out on closing day for the buyers to have their final walk thru but it seems some sort of restrictions should be placed on the lenders that 14 days prior everything is "locked" in.
I just think it is a total rip for being a seller- buyers should have to pay their own agents commissions too!
And the closing isn't happening today as scheduled. Buyers still don't have a final mortgage commitment.
Prior to Dodd-Frank, I would estimate, maybe 5% of closings would be rescheduled at the last minute due to an unknown issue or delayed loan approvals. Since Dodd-Frank, that number rose to 25%. Since preparations for TRID have gone into place, that number of delayed closings I would estimate at 40% and we aren't even using the new disclosures. I cringe to see what happens this October.
Anyone upset because their closing isn't happening in the next few days, I know this may not help, but it's about to get worse. Get to the table as soon as you can and thank your lucky stars.
We can get everyone to complain to their elected officials, but so few understand what is happening, where things are getting bogged down. I don't see daylight in this tunnel, just yet, and I don't have pre-closing audits that my many counterparts have.
And the closing isn't happening today as scheduled. Buyers still don't have a final mortgage commitment.
I feel your pain. My recent closing was delayed a couple of times, not because of my buyer, but because of my buyer's buyer. Closing finally took place two weeks late -- two weeks that I lived in a hotel with my stuff in storage because my buyer had requested an early closing. Those two weeks felt like forever.
I feel your pain. My recent closing was delayed a couple of times, not because of my buyer, but because of my buyer's buyer. Closing finally took place two weeks late -- two weeks that I lived in a hotel with my stuff in storage because my buyer had requested an early closing. Those two weeks felt like forever.
Hope your closing gets done soon.
This is ridiculous!!! OK maybe the rules should change where seller's do not have to do any type of rent back/lease back etc. that seller's are allowed 10 calendar days after close to move their items out. Earnest money certainly will not cover the expense & aggravation associated with having to move stuff back in.
And the closing isn't happening today as scheduled. Buyers still don't have a final mortgage commitment.
Oh!!! I am so sorry this is delaying your closing! You must feel awful about it.
Reading stories like this about financing, makes me feel less stupid for bending over backwards for my buyers. They were pre-approved and had zero money issues, but wanted a lot of little repairs done.
This is ridiculous!!! OK maybe the rules should change where seller's do not have to do any type of rent back/lease back etc. that seller's are allowed 10 calendar days after close to move their items out. Earnest money certainly will not cover the expense & aggravation associated with having to move stuff back in.
Then you would be living in someone else's house for 10 days without a lease. It would royally screw the buyers if you (a) didn't move out on time, or (b) damaged the home in any way after closing.
The alternate reality you propose is terrible for buyers, but you're only seeing it through your eyes so it's ok.
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