Q: The buyers of my home in Bustleton were supposed to make settlement today; however, their mortgage company says they cannot do it until Friday. I took off today and I can’t take another day off to do this. I am worried that it’s not going to happen at all. Is there a way to make them do it today?
A: The seller in every real estate transaction hopes to make it to settlement on the day promised, and that the mortgage company and the buyers have been submitting the paperwork necessary to close the loan on time. But sometimes, and with some buyers or lenders, it just doesn’t work out that way.
There are many reasons why a home may not close on the date in the Agreement of Sale, especially when the sale is contingent on a mortgage loan. Without knowing the logistics, I would have to assume there are conditions on the loan that have not yet been met, or the loan has not cleared the underwriting process.
There is no way to force, demand, threaten or coerce a mortgage lender to close any earlier than they are able to. There are too many laws and conditions to lending the type of money it takes to buy a home. Sometimes the process will spill over into another day or two. When it is delayed a week or more, then it’s time to worry that maybe the buyer is unable to secure the loan.
In the meantime, if you are not able to take another day off from work, have your agent ask the title company to prepare a deed package for you to sign in advance of Friday. You will need to get the documents in this package notarized. This way, if is does close on Friday and you’re unable to take off from work, you will still be able to close.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.