1st Dominion Realty

Just a few thoughts on the home buying process. 

I’ve helped a number of people purchase homes this year.  In almost every case there were delays in closing caused by the lender, even though my purchasers were well qualified to borrow.  I think this is the situation with virtually all lenders.  They are being very careful and plodding in closing the loan, verifying, reverifying, asking for the same information over and over again.  I do not blame them for being careful, but the delays cause anxiety for both purchasers and sellers.  Some of my purchasers came to believe they were not going to be granted a loan and started calling other lenders.  Some of the sellers came to believe the purchaser’s loan was being denied, even after provisional approval, and were getting pretty angry that their property had been off the market for a month or more waiting for a settlement they no longer believed would happen.  In every case, after a good deal of anxiety and stress, the loans did close and the property did transfer ownership.  The delays in closing spanned from a couple days to more than a month.  Fortunately none of these purchasers had a moving truck parked outside their intended home, and none of the sellers were buying another property that they needed to close on in order to move out of their current home.  My point:  plan for delay.  With luck you will close as scheduled or at least close to your planned settlement date.  But if not planned for, delays can cause you big problems and cost real money.  Hang in there!