Frustrated/Confused About Closing

[Nick Noon]

So I pretty much just came on here to vent about my frustrations.  Here is the timeline of events:

December 30th - P&S Signed with closing date of February 8th for a 203(k) loan. The sellers explained to the listing agent that they are looking for a quick close. (The house is vacant)

December 31st - Mortgage lender said to ask for an extension on the closing until February 29th because she doesn't think we will have enough time to close on a 203(k) loan this quickly.  She said that it is wise to do this earlier than later

January 3rd - We execute a closing extension to February 29th

January 3rd - January 15th - I scramble like crazy to get all my paperwork in

January 22 - I am informed that the loan is fully approved and that we have a tentative close date of February 9th.  Both my lender and real estate agent explain to me that they've never seen a 203(k) loan close this quickly.

January 22 (later that day) - I am told that the seller may not be able to close that early.  I tell my RE agent to tell the seller that I will pay to have any remaining items removed from the house and pay for a U-Haul if they close on the 9th.

February 2 - RE agent calls me and tells me that they want to keep the February 29th close date because it would be too hard to "alter their schedule".  

I really don't understand how someone could want to close a loan quickly then want to stall for an extra 3 weeks.  I am not sure why they are so persistent that they NEED to be at the closing.  I am just so confused and so frustrated at the whole thing.  This is after I went up $5,000 from my asking price and my lender and RE agent said that this will "help the process along" and that the sellers will be more helpful during the process.  

I had contractors lined up to start working, and we were ready to move into the house so that we didn't have to pay ANOTHER rental payment for March 1.  Now we are going to have to.

End rant.

These things happen in real estate and you can't let it get to you because its going to happen over and over again, but I'm just at a loss for words for what happened.

[Colby Lee Bodoin]

Those time frames seem reasonable to me here in Austin, Texas we close many deals within a 30 day window so I am not sure what the hold up would be. Unfortunately to some degree you are at the mercy of the sellers especially since you agreed to the extension. Per the contract they have until the end of that extension to complete the deal. On your next purchase you could try for a quick closing but if you do this it is very important to emphasize this to your agent, lender and the title company then negotiate it into the contract. On the note of the "emotional side" of the transaction that is quite common not everyone is approaching the real estate transaction from the standpoint of the buyer/investor most times it is an emotional time either because of death, divorce, attachment etc. I always try to remember there is another person on the other side of the transaction and not just $ signs. Hopefully your closing goes smoothly and you can start making money soon! Keep us updated and good luck!