A few tips to keep in mind if your house doesn’t close on time.
Your house might not close on the day that it’s supposed to—today I’ll discuss a few of the reasons why that might happen.
As agents, we try to be proactive when it comes to making sure a house closes on the designated date. However, certain factors aren’t within our control.
On the buying side, for instance, the lender will dive into the buyer’s credit history 14 days before the closing date. During that credit check, the lender may find something that affects the buyer’s ability to qualify for a loan, such as a large purchase that changes their debt-to-income ratio. That could slow down the closing process.
On the other side, the sellers could be waiting for a HUD or a USDA payoff; government agencies tend to work at their own pace. In North Carolina, offers to purchase have a built-in grace period that both the buyer and seller can use to extend the closing date by seven business days.
Let your movers know in advance that your moving date could shift. This way, you can check each others’ availability in case something changes. If necessary, you should also work with your agent to find alternative housing between homes so that you don’t end up sleeping in your car. If you have pets, it might be wise to look into a pet boarder since not all Airbnbs and hotels allow pets.
If you have any questions about the offer to purchase, listing agreement, or anything else to do with real estate, give me a call or send me an email. I’d be more than happy to have a conversation with you.