Expect the Unexpected at the Closing TableFebruary 11, 2013
Sometimes the closing table can feel more like a poker game than a real estate transaction, with “wild cards” showing up out of nowhere, delaying the closing and sometimes resulting in the cancellation of the contract. Last-minute denials, lost or misfiled paperwork, appraiser competence, inspection failure, loss of employment between a loan application and its settlement, or simply a buyer with “cold feet” are some of the most common hold-ups at closing time. Planning ahead for these inconveniences can save you the stress of having to make a decision without having the time to think it through.
Talk to your Realtor® and make a plan for the unexpected. Decide together what you feel would be a “deal-breaker”. By deciding ahead of time when you’d be ready to cut your losses, you ensure that you won’t settle for a contract fulfillment whose return isn’t commensurate with your investment. Whether you’re buying or selling a home, create a solid back-up plan with your Realtor® so that if the closing falls through or is delayed, you won’t take a loss. By having a “Plan B” in place to handle the worst-case scenario, you can relax and hope for the best—you’ll never be surprised or disappointed.