It has become common fo settlement dates to be postponed because of lenders requiring something new at the last minute. Sometimes we find out just a day befoe settlement that the property will not close . The sellers who are supposed to give possession may have their furniture out of the house and buyers may have also done the same as they have to clean the apartment in order to get their security deposit returned.
An agent at my office was in a situation recently where she said the prospective buyers were staying at a hotel because the lenders said that it could could only be a fha 20k financing and the bank for short sale seller refused it at last minute.
I had a settlement two months ago where sellers had come for settlmnet from Florida on Thursday and were to return on Saturday, When it was postponed to Monday , they changed their flight to Tuesday. Then the lenders did not give us clear to close till Friday so the sellers gave power of attoreny to their agent . The moving company had just arrived at my buyers' apartment when I found out so the buyers had time to stop the move but lost $500. and had to reschedule the move.
I had a listing that was supposed to close on Friday and I just found out yesterday that it will not happen. I called the buyer's lender and he said to wait till I told the seller so he could tell me when it will happen. He was supposed to get back to me at the end of the day. I called my seller clients anyway and alerted them. I have not yet heard from the lender.
Now I have to remind the sellers to py the mortgage and condo fee as it will be a new month. I am glad I have the experience and the knowledge to handle these situations .
When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.
Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email email@example.com
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.