Advice from an Agent | Steve Peacock
You’re under contract, and excited about moving, but what if your closing date gets changed? Remember, a closing date is a target, not a guarantee. Delays are common and rarely indicate an issue. Common reasons for delay include:
1. Financing & Lender Delays: The most frequent cause. This includes late appraisals, ongoing verification of income/employment, or requests for additional documentation during underwriting. A delay usually means the buyer is still committed, but paperwork is incomplete.
2. Title or Attorney Issues: Problems that need administrative fixes before the title can be cleared and insured, such as old mortgages, survey questions, or probate matters.
3. Appraisal or Inspection Follow-Ups: Time needed for required repairs, re-inspections, or negotiating post-inspection credits.
4. Buyer or Seller Logistics: Life events like scheduling conflicts, illness, weather delays, or a seller’s next home not being ready.
5. Closing Attorney or Title Company Scheduling: Coordinating all parties (lenders, buyers, sellers, etc.) sometimes requires shifting the closing a few days.
Most extensions signify the deal is still alive, otherwise, parties would look for a contractual exit. Extensions can be as short as three days, but may be up to two weeks or more. Purchase agreements usually allow reasonable extensions for financing, title and appraisals. The key is to stay calm. Think of a closing extension as traffic slowing down near the destination, not the trip being canceled.
