08 Apr We Can’t Make the Scheduled Escrow Closing Date? Why Not?
If there is one thing that seems to create intense panic during the course of escrow, it is when the contract closing date draws near, and the Buyer’s loan is not quite ready to go.
In this age of new and changing loan regulations and requirements, it is important to give your transaction time to accommodate the process. A 30 day escrow with new financing, although may be possible, is generally not probable. Lender’s rely on a host of information, from the buyer, escrow, title, appraisers, etc. Also, chances are that once the loan is submitted, additional supporting documents will be requested from the buyer.
All of us involved in the transaction – agents, escrow, lenders, etc., want our customers to be happy with our services. We all rely on repeat business and referrals, so why would we want it any other way! In my years of experience, I have learned that remaining calm and refraining from finger pointing will show my customers that I am in control and empathize with their frustration.
If you want your clients to remain calm, prepare them in the beginning – when the contract is presented. Explain that the closing date may change in the event financing takes a little longer than expected. Keep them updated along the way, so they can plan accordingly.
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