Post # 1
I’m having a rough time with my realtor and would like some input…we found a buyer for our condo last month. When the sales contract was signed by both parties the closing date given was November 16. The buyer’s lender came back and said that they would need more time so we updated the contract to say on or before November 30.
I contacted our realtor at the beginning of this week asking for a date because I have to set up movers (who wanted more than a week or 2 notice) and also get my stuff together to move out. He said that he still doesn’t know and we won’t know until the lien letters have been received and the lender has generated the closing documents. So basically we won’t know until a few days before closing. I am so mad right now..does this make sense? Why can’t they give a date?
Post # 3
I understand that you are mad, but the bank moves at their own pace, and honestly, you may have to set it back even more. When I bought my house, I was on the other side of the scenerio. Our bank didn’t start finishing our loan until a week and a half before our set closing date (apparently this is normal), then they didn’t end up finishing on time, so we had to set our date back. Just understand that no one is lying our trying to screw you over… the bank just works at their own pace. I was sitting on pins and needles waiting for the bank to finish and have our closing paperwork. I didn’t even know if we were closing until about an hour before we did. I think ours was an extereme situation, and our bank really screwed up, but just be prepared; this stuff can get messy! I would schedule the movers for the date you are planning on doing right now, but do it wtih the understanding that you may have change the date. I think most movers are understanding of this… Ours was.
Post # 4
Unfortunately, I believe this is a pretty common occurence. I didnt know until the night before that I was going to close on my house when I both bought and sold it. It was really frustrating because I had to bring cash to the table each time – and it had to be a money order. I never would know the exact amount until last minute either.
My FH just bought a house For Sale By Owner… and the process went a LOT quicker. BUT the “unknown” closing date was still a problem even then.
Its frustrating but CONGRATS on selling your condo!!! Thats awesome! Its a tough market out there!
Post # 5
@MLDoddie: Thanks, yes we’re excited. Thanks for the information. I guess because of the hatred I have for my realtor these things upset me more. It’s still so odd to me. The few people that I know buying/selling currently all have dates or were given dates that their closings were done on. A few got postponed but other than that they had a date from the very beginning.
Post # 6
@Mrs.ice: It is really common. It takes time for the process to be complete, and unfortunately since there are so many people involved in buying/selling property, that time flexes a lot. What I suggest to you is to go ahead and get the things packed that you know you wont need between now and then. Touch base with the moving company that you are using. If they are movers, they understand these things can be touch and go. Let them know that as soon as you have a date, they will.
Also, label every single box that you pack, that way if you need to get back at something before the move, you dont have to empty every box looking for it. Such a big help when moving and not sure of an exact date.
Post # 7
@turkey22: Thanks for the tips…I’ve started packing and it’s so very daunting. When you think you’ve accomplished a good bit you look around and realize you haven’t.
Post # 8
@Mrs.ice: I completely agree. Its almost easier if you have that deadline so you can say to yourself, “ok, i have to have this, this, and that packed by this date, and I can work on this room this day. etc.” When you dont know how much longer you will be in your place, its so hard to know what you will need and what is ok to be packed up.
Post # 9
@Mrs.ice: Unfortunately its pretty common. Closing dates will depend on how long it takes the lenders to get their stuff together. Hang in there!!
Post # 10
It sounds like they’re waiting on the bank. And the bank pretty much takes its own time. It doesn’t sound like its the realtor’s fault… they get paid when you close so I’m sure they’d tell you if they knew!
I got my estimated closing date about a month out & that was the date we were supposed to close. However, I didn’t realize it took a few days to get the insurance binder, I called them the day before we closed & they couldn’t get it to me in time :(. It was my fault, I was used to car & rentor’s insurance that they could set up within like an hour. So we closed a few days later, but I did have a closing date!
Post # 11
- Wedding: October 2011 - Bed & Breakfast
I agree with the others. You can’t get a firm closing date until the bank has finished its underwriting process, which is dependant on its own competence and the responsiveness of the buyer. Sometimes things go smoothly and things close on schedule, and sometimes there are hiccups that delay the process. Your realtor really has no role in advincing this step of the process. Our papers were not readied by the bank until 2 days before our scheduled closing. So up until that time everything was wishy washy.
Post # 12
Wow, I must really be out of the loop on this. Guess the people I know are lucky for getting a date and pretty much sticking to it.
Thanks again for your answers!
Post # 13
What bank are the buyers going through? Big banks (BoA, wells fargo, etc) tend to drag their feet and get bogged down in levels of red tape more than small banks or credit unions.
Your realtor has zero control over it. It’s all the bank/how fast the buyers get the necessary docs to them.