One of the most intense periods of time during a transaction is the time from the notification that the buyer has received a full commitment to the day of closing. Usually that may be a two or three week period, but it could be over a month if it’s a long closing.
There are many things that can happen to prevent a closing during that span of time, especially if the home is vacant. We’ve experienced vandalism with copper piping being removed and the house flooding; water damage from heavy rains; various degrees of vandalism and even a fire.
We’ve had buyers lose their jobs and not be able to go forth with the purchase; loving buyers have suddenly fallen out of love and now each have attorneys for communication purposes. They’re not closing!! People have died; been in severe car accidents; and have had to relocate suddenly because of an unexpected job transfer.
There are numerous reasons to consider the final weeks of a transaction the most intense and the phrase “time is of the essence” will truly come into play here. It may only take a few hours for a tragedy to occur; and weeks of time and thousands of dollars cannot be reclaimed. The process starts again and no one is happy. In tough economic times, the quicker the deal, the better for all parties involved. Long closings and a tough market do not fit.
About Barbara Todaro Kuney Todaro Team