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  KEEPING THE TRANSACTION ON TRACK

Time Estimates for Delays

When things go wrong; closing can easily fall behind. Here's how much time you can expect to incur on particular delays:

Two-Week Delays
  • Lender decides at the last minute it doesn’t borrower or property
  • Lender raises interest rates
  • Lender requires last minute reappraisal or repairs
  • Appraisal too low

One-Week Delays
  • Buyer submits incorrect information to lender
  • Source of downpayment changes
  • Escrow fails to notify parties about missing documents
  • Principals leave town without signing all necessary papers
  • Unknown defects are discovered in the property
  • Last-minute liens discovered
  • Cloud on title
  • Move-out date changes

Adapted from The Seller Solution, Walter Sanford, Sanford Systems, Kankakee, Ill. 4 Ways to Keep Things Moving But Stay Friends >