If you are buying or selling a home, you probably know the date that you are set to close, or do you?  Most Realtors will put a date on a contract that is the “target” date for closing, but you need to know that it is not set in stone.  The date can change and most times in today’s market, it will change.  This is mostly dependent on the buyer and their current credit situation.

If you have a strong buyer with great credit scores, your chances of meeting your closing date are pretty good.  If you have a buyer that has had some credit issues in the past, you may need to be prepared to push the closing date back.  This is becoming more and more frequent.  It’s not the buyer’s fault to please don’t take it out on them.  Most times it’s not the lenders fault either.  It’s just how it is now. 

Underwriters in today’s market are being extra cautious on all aspects on loans.  Even on loans for buyers with excellent credit, but there are more issues to document on buyer’s that have less than perfect credit.  There are also the appraisals they are now questioning along with title commitments, chains of title, etc. 

So, don’t be surprised if you have to delay your closing, and don’t worry.  It doesn’t mean that your borrower does not qualify for your home.  The closing will happen, you just need to be patient.  The more patient all parties are, the smoother your sale or purchase will go. 

Have  great day!

Kim Shuford