Although most closing days go off without a hitch, some don’t. Here is a partial list of some closing day surprises that I’ve experienced:
– movers scheduled for 8am the day of a 10am closing (more common than you think)
– sellers decided to stay for two more weeks. They said that moving is stressful and they needed a few weeks to move out.
– houses full of trash, furniture, etc. (I once opened a closet and a cat jumped at my face.)
– title search reveals problems that need more time to resolve
– lenders or closing attorneys couldn’t complete settlement statements on time, which delayed the buyer’s ability to obtain closing funds on time
– 30 minutes before closing, the state attached a property because the seller owed $30,000+ in child support. Closing delayed 10 days while state figured out exactly how much was owed.
– sellers removed shrubs, chandeliers, refrigerators, whatever, that should have stayed
– water heater malfunction flooded entire condo 5 days before closing
– mortgage documents were not correct at closing
– sellers movers damaged walls
– insurance policy was not correct
– sellers/builders realized that their property was worth more by the time they closed and became uncooperative hoping that buyers would back out so they could resell the property for more.
By the way… all of the transactions above closed.
PERSPECTIVE:
Good, experienced agents and attorneys can help avoid many problems, but unpredictable mistakes and misunderstandings happen. With that in mind, buyers and sellers should remain as flexible as possible and avoid scheduling anything else for closing day.
– How did your closing day go?
– Do you have a good closing story?
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