Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at Re/Max Centre Realtors.: It has become common for settlement dates to get postponed because of last minute lender issues .

It has become common for settlement dates to get postponed because of last minute lender issues .

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 gita01@aol.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.

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Comment balloon 17 commentsGita Bantwal • August 29 2012 04:26AM

Comments

Gita. That behavior is so unacceptable. You might forget that lenders are not giving money away but actually in a highly competitive business.
Posted by Valerie Zinger, Home Organizer (House Proud Ottawa-Ontario-Canada) almost 6 years ago

Valerie, I agree but we cannot do anything about it.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 6 years ago

Gita: Sadly, it has become the norm in transactions I have had this past year.  It is absolutely ridiculous.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) almost 6 years ago

Anita, I wonder if things can be improved .

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 6 years ago

The lender doesn't recognize who his clients are or maybe he knows but doesn't care.  I hate to think the lender doesn't care!

Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) almost 6 years ago

Gita, There are so many variables that can happen during the process, and having an experienced Realtor like yourself can ease the situation...

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) almost 6 years ago

Delayed closings happen.  The issue is accountability.  Some lenders just don't care.  Luckily, there are still good ones out there who take their job seriously.

Posted by Kathryn Maguire, Serving Chesapeake, Norfolk, VA Beach (GreatNorfolkHomes.com (757) 560-0881) almost 6 years ago

Gary, I believe they are getting stricter with their requirements and it is hurting our business.

Larry and Sheila, I learn something new every day.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 6 years ago

Kathryn, I agree there are some good lenders .

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 6 years ago

Good Morning Gita, My favorite saying right now is that it is easier to find a buyer than it is to get a sale closed these days. I stay on op of the buyers bank, the closing attorney anbd teh sellers lawyer if they have one to make sure they have everything they need each and every day leading to closing to try to hea dit off. With all the precautions though, sometimes we still face a delay.  Have a great day.

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) almost 6 years ago

Thanks for the comments. I agree with you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 6 years ago

I haven't had this occur much, but I did have it happen a few months back...totally a lender dropping the ball....

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) almost 6 years ago

Gita - you are the first to put this disclaimer about the date. I am thinking about it often, as I get calls about the event or property long gone, sometimes 2 or more years old...

I was thinking about doing it, and I think I should.

Posted by Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices (Daytona Condo Realty, 386-405-4408) almost 6 years ago

Hello Gita,  I have had this happen and it is a bad feeling for everyone involved.  I had the seller last month and the buyer came to the closing table and sure enough it got cancel by the lender at the last minute.  No one was happy.,

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) almost 6 years ago

Gita I just had a closing that was delayed by 10 days...buyer had loaded all their furniture in the truck and the stuff was sitting in the truck for a week. Lender would not give straight answer very frustrating and stressfull for everyone.

 

I like your disclaimer on date.

Posted by Ritu Desai, Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949 (Samson Properties) almost 6 years ago

Kristin, You are among the lucky ones.

Jon, Though the posts have date and year people do not read and I get calls a year or two later so I have this disclaimer.

Will, I have had only one buyer who came to the closing table as she could not be reached the previous night. It was in the days when there were no cell phones and am glad that my persistent calls to the lender the previous day has helped . I can alert them the previous day.

 

 

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 6 years ago

Ritu, It must have cost the buyers a lot to have the furniture in the truck for 10 days.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 6 years ago

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