Have you ever missed a deadline? Ever had to ask a teacher for extra time to
finish an important assignment because youre appendix ruptured and you missed
class due to emergency surgery? Ever had
to ask your boss for extra time because one of your critical vendors cargo ships
sank during a hurricane and your order is now at the bottom of the Atlantic
Ocean? Ever heard your general
contractor say that your kitchen remodel is running behind because your cabinets
were on that ship that sank?
While the preceding scenarios may never have happened to you,
you can certainly relate to the unexpected curve ball that has thrown you off
track somewhere along your lifes journey.
This is true for a real estate transaction as well. Just because the purchase contract you signed
specifies a date for the close of escrow, that piece of paper cannot prevent
the unexpected from throwing your close of escrow off track. So when the unexpected and unwelcomed happens
and your close of escrow date slips, what do you do?
Quite simply, when something has set your close of escrow
past the contracted date, its best to rally as a team, and look for
cooperative ways to set a new close of escrow date, and mitigate any harm or
damage to any of the parties involved. Remember
buyers and sellers you are on the same page at this point! You both want to get this done, someone just
needs a little more time! Those cooperative
ways include but are not limited to the following.
- Adopt the attitude of cooperation, not combat. Work to understand
what exactly is needed or what is stopping the close of escrow. Then look for creative solutions. This
attitude of cooperation applies not only to the buyers and sellers, and their
agents, but to the lenders underwriter, loan funder, loan supervisor, title
officer, and escrow officer.
- Give the other side the time they need to get
their part of the deal done. When you can see the light at the end of the home
sale tunnel, have the patience to see it to the end. If this means re-scheduling your moving
truck, extending your loan lock on the home youre buying with the proceeds
from your sale, or extending the close of escrow on your next home, see what
the easiest and most cost effective way there is to get it done.
- Be a part of the solution. Can you employ the
services of a mobile notary to expedite signing the loan documents? Would a Specific Power of Attorney, which
gives someone else the power to sign loan documents on behalf of the buyers in
their absence, like when theyre in the hospital recovering from emergency
appendectomy surgery, work to trim some time off the clock?
- Consider all players. Including the title rep who receives the wire
transfer and releases the transaction to record; the underwriter who has the
power to move a loan condition from a pre-doc condition to a pre-funding
condition; and the bank teller who can expedite the wire transfer your funds to
close escrow in time to hit when you need the money just to name a few.
Think the best and not the worst and look for ways to close
escrow as soon as possible.
Winner-winner chicken dinner.
I'm Leslie Eskildsen, Realtor.
Call me. Text me. 949-678-3373
Email me. Leslie@LeslieEskildsen.com
Helping you make the right move in Mission Viejo, Coto de Caza, Rancho Santa Margarita, Irvine, Laguna Niguel, Laguna Hills, San Juan Capistrano, San Clemente, Laguna Beach, Newport Beach, Dana Point, Corona Del Mar, and other Orange County communities.