Again today we have been informed that a closing scheduled for tomorrow is being delayed for one day. Why at the 11th hour? There are all kinds of reasons that closings are delayed - this particular one is that title work was not sent to the lender on a timely basis by the settlement company. Although we continually contact both the lender and the title company to be sure we are on track for a timely closing, these delays are not uncommon.
It is our standard procedure to let sellers know that these delays are possible and that even in a timely settlement, funds are sometimes delayed for up to 48 hours - BE PREPARED. It's not ideal for the seller to find out one day prior to closing, but it's better than as they are getting in their car ready to leave. As this closing was to be late in the day, had we not once again contacted the settlement company and the lender several times in the past few days, we would not have been informed of the delay until the morning of settlement!
I read once a quote "Lenders Lie and Buyers Die" - pretty grim but it happens! Whether you are a buyer or a seller - make sure your agent confirms that all paperwork from the lender has been received by the title company - and if not, they should be in contact with the lender immediately and find out why and when. A vague "we're in good shape" or "shouldn't be any problem" isn't a good enough answer - make sure you get specifics - ask for the date the lender's docs will be at the settlement attorney's office and don't ever assume it will happen - CHECK!
As Always BE INFORMED and CHECK BACK HERE OFTEN!
Your comments and questions are welcome
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