My husband and I are closing on our first house this Wednesday! I'm excited, but my husband is nervous. He keeps reading stories online about closing dates being delayed or canceled all together, because the mortgage falls through, there's something wrong with the contract, there is a problem with the title, etc. He is worrying himself sick over this, and I'm trying to calm him down and tell him that everything will be okay. So I'm wondering if this is really something that happens a lot. Have you experienced a delayed closing? If so, what was the reason?
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@aprild: Ours was delayed twice, by a week each time, but I think it was sort of a unique situation. There were 3 sellers (siblings selling parent's house) and one was out-of-state and not coming to the closing. She failed to sign and send her paperwork to her attorney by the closing date, twice. It was a huge pain but if you have agreeable sellers and attorneys getting all the paperwork in place I'd think you'll be OK!
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@aprild: we had zero delays. Actually, I think the closing ended up being moved up a couple of days to accommodate the sellers' schedules.
I would not anticipate any problems unless you know there is an issue with your mortgage application or something.
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Worrying won't do anything. I think it's pretty rare. Your Realtor may have some insight. I would not sweat it. Congratulations! We have bought two houses and sold one without issue. One buy was during a poor market.
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We had a delay because our condo association was suing the builders over something... So the lender got a little spooked and required a million more condo documents. In the end, we closed 2-3 weeks late. I was 9 months pregnant tho, so it was dicey those last weeks. We closed and got the keys 4 days before I delivered.
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Our closing was delayed because the seller's movers cancelled and couldn't reschedule until after our original closing date. It was annoying but ultimately not a big deal.
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Ours was delayed by a couple of weeks, but we're the ones that pushed the brakes. The seller had already had six weeks to do some repairs and hadn't done them, so we refused to move forward until he followed through because one in particular was a safety issue. We had a unique and challenging seller though, and no one else I know has ever gone through that.
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Delays happen sometimes but that doesn't mean you won't make it to closing.
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I'll echo @Mrs. Pickle: that delays can happen but that doesn't mean you won't make it to closing. I think it's pretty unlikely for you to experience a delay or not end up closing for an unknown issue at this point. For example, our closing did get pretty severely delayed but that was because of delays completing the septic system which were weather related. We knew going in that they were installing the system, and the weather was outside of everyone's control, but still not totally out of left field.
Anyway, good luck I am sure if everything has been going smoothly so far that there will be no issues!
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I've purchased two houses and no delays. It was close with our current house, there were some hiccups with small items from the inspection that we worried might not get addressed in time.
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Yes, it was delayed by a day because the builder didn't finish the paperwork. They gave us an extra 5 months of HOA paid, so it worked out.
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Ours was delayed a week because the Builder didn't get the paperwork finished in time.
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Ours was delayed when we bought our first house because of the mortgage company dragging their asses. We used a different company for our current house.
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Delayed due to insurance wording. 2 weeks!
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4 houses purchased, 3 sold - all closed on expected day. Some were later in the day, some were morning. Despite what your husband may have heard, delays are extremely rare, and are usually the result of delays in paperwork or delays due to weather/building for new builds. Are you purchasing a new build or are you 2+ owners?
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We bought our first house this summer and closed a few days early. We were all ready and we wanted to get keys before the July 4th long weekend and the sellers agreed.
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Our closing was almost delayed because the appraiser had not stated that our home was in an HOA on his forms and so the lender wouldn't go through with the mortgage, we got the call about this as we were going through the final walk through the night before closing. Thankfully a few calls to the appraiser and then the president of the HOA and we were able to resolve the issue and only had to push closing back by a few hours, so all in all not a big deal. At the time though it felt insane and I was convinced we weren't going to get the house at all.
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Yep
we've bought 2 houses and had a closing delay with each. It's sooooo frustrating. Good luck. Not to freak you out, but be prepared for anything.
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It just happened to us this summer! Except we were the sellers and the buyers lender was the cause of the 12 day delay....they dropped the ball somewhere on paperwork and we didn't find out until the day before we were supposed to close (so we were pissed at OUR agent too because how could he not have given us a heads up). It was scary because it put the new house we were buying in jeopardy (had to sign off on some contingencies before we closed on the old house....luckily we were able to stall). It all worked out in the end but it was not fun and I was pissed.
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Ours was delayed 3 days because the seller tried to not complete contracted repairs and not tell us until we found it pretty much by accident. Every was smooth sailing before then so our realtors said it was bound to happen. Luckily after very stern negotiations by our realtor, everything went through. We also had the added benefit of planning on ripping into 50% of the house while we continued to rent so we weren't super stressed, just mad.
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Ours was delayed by nearly 2 months! Ours was unique though, it was a VA foreclosure which turned it into a HUD and made it so our realtor had to jump through a bunch of good..the escrow company the govt used were also terrible and kept losing our paperwork..and our realtor kept misspelling my husbands name on all the documents (it's not difficult, his name is Adam). So basically it was the worst for us but worth the hassle in the end.
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With our first house we had a closing delay due to our lender. It was only a day or two but our sellers were pissed.
This time we were fine and closed on time. However, our buyers buyer had a delay due to financing and their closing was delayed about 2 weeks. That was a little scary for us bc we were worried that sale would fall through and then our buyers wouldn't be able to buy our house.
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@aprild: happened to us
Our home was a foreclosure and owned by 2 banks they couldn't agree on something and day of closing we got pushed back another few days! -
Oh gosh I am praying this doesnt happen to us! we have two closings this Thursday..selling our house and purchassing a piece of land. Both closings are cash though so no lenders to deal with. Hoping for smooth sailing for you @aprild:! I had no idea I needed to worry about this haha
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We had no delays even though I think I didn't breathe properly from the time ournoffer was accepted until we got our keys. I was so worried from internet reading that something was going to pop up and cause us to lose our dream home.
Hoping everything goes smoothly for you!!@Pinkberrry: lol, we just bought a foreclosure and the selling agent misspelled my husbands name (Kevin) on several pieces of paperwork, too. Luckily it was during the offer stage so it didn't affect closing.
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Thanks for all the replies! It looks like delays are more common than I thought, but so far everything has gone smoothly with the buying process, so I'm hoping that continues. Just two more days until closing!
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I wanted to give an update and let everyone know that we closed today on time with no delays! Our realtor and mortgage lender both said we were a breeze to work with, and the entire transaction went smoothly. I'm happy to be a homeowner!
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@aprild: congratulations
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Yay congrats!
we've bought 2 houses and had a closing delay with each. It's sooooo frustrating. Good luck. Not to freak you out, but be prepared for anything.
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