This has become a very frustrating situation and it is becoming more frustrating as we attempt to close more deals.
The mortgage lender evidently has a process where they go by the "Closing Date" to check the file. This means that they don't look at the file until this timeslot they determine which is one to weeks before the closing date in the contract. The underwriter then decides there are conditions to be met, and guess what - they can't make the closing date. I have asked, which I think makes sense, should I extend my closing date from thirty days to fourty days, thus giving you more time. The answer is "no" because they are still only going to look at it according to the closing date slot that they review files. Can't someone think outside of the box and realize you need to look at it maybe when you get the file? It is really quite simple.
We like to make sure there is a smooth closing and our customers close on the closing date. That doesn't happen here in Florida most of the time. I can't conceptually understand how you can tell your buyer and seller we have a closing date, but when that date comes up, we may not close. Why can't they get their ducks in order before closing?
We are all under stress as it is, with the economy and other things in our life, so why can't we make things easier for ourselves. This doesn't seem that complicated to me, but when I question the underwriters, this is the way they do it. So maybe they need to change their process.
The reason for this blog is for sellers and buyers to understand that your realtor is not ultimately responsible for the closing date, even though we do our best to try to get it closed.
We will always keep you posted.
Have a great day and enjoy!