I'm selling my home closing has been pushed back it's been 50 days. Now they want us to close on Friday but won't release funds until Monday. I

Asked by Cavjav, 80014 Fri Oct 4, 2013

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Belinda Spil…, Agent, Denver, CO
Tue Oct 8, 2013
There can be so many reasons for the delay. Many times, buyers select out of state lenders who don't understand the rules of closing in a "Wet" state where we fund at the table. Hope this works out for you.
0 votes
Robert McGui…, Agent, Denver, CO
Sat Oct 5, 2013
Cavjav,

Confer with your listing broker. He will know the particulars of your situation better than any of us. There may be problems with the lending that are being worked out. There also may be issues in reference to the government shutdown. Whatever it is, your agent should be able to find out and explain it to you to your satisfaction. You also have a right to call your title company and ask for explanations.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes
The Kinslow…, Agent, Centennial, CO
Fri Oct 4, 2013
What is your Realtor telling you? Times are difficult for Buyers and their Lenders these days. If your Realtor thinks it will fund on Monday, then go ahead and close on Friday with possession being upon funding. Your Realtor is communicating with the Buyers Agent and the Buyers Lender and will have a good idea if it will fund on Monday or not.

Sellers and Buyers have to have a ton of patience these days when loans are involved. I always try to get my Buyers to use lenders that do everything possible up front with our Buyers and the Under Writers so that we don't have last minute hold ups.

Here's the statistics sent to me from my Favorite Lender:
Since January 2012 we have closed 521 purchase transactions and we have had figures to title 3 or more days before the closing date on 99% of those transactions.

And also, since January 2012, with the same 521 transactions, 95% of the time we are Clear-To-Close on or before the Loan Conditions Deadline!

These are Amazing numbers in todays lender market. This makes my life, my Buyers lives and the Sellers lives all much more pleasant. Unfortunately some Buyers have friends or family members that they feel they have to use and wow, the problems that come up are just amazing. Recently one of our Buyers used his bank, a very large bank and an Aurora branch, he loved his guy, until his guy about killed the deal and lost him his new home. That was quite the battle and would have never happened with the lender most of my Buyers use. Another Buyer wanted to use a Giant National online lender that told her she definitely was approved to buy her dream home. Three weeks into the transaction they really looked into her credit and found she could not buy, again that never would have happened with a good lender.

Hang in there through the weekend. I am sure it will be a worrysome weekend for you but if the Buyers lender is going through the motions of closing today, then they must be confident that it will fund on Monday.

Sandy Kinslow
Key Real Estate Group LLC
kinslowteam@aol.com
0 votes
Angie Dziurg…, Agent, Denver, CO
Fri Oct 4, 2013
Hello,

Are you closing late in the afternoon on Friday? Some lenders are sticklers about when they release funds. Or, if you are closing late on a Friday, then funds may be released but the wire deadline is not able to be met, so funds are wired first thing next business day.

An option would be to close on Friday, but not give possession of your home until Monday when the funds are released. You will need to look at your contract and see how the conditions regarding possession were agreed upon. If possession terms were delivery of deed and funding, then you would have this option.

If that is not an option, speak with your agent and the title rep and find out what you need to do to close and fund on the same day. It may involve extending your closing date.

It is not unheard of to close, then fund the next day. Again, speak with your agent and title rep. They may be able to explain the circumstances so that you are able to close within your comfort level.

Best wishes, and congratulations on the sale of your home!
0 votes
, ,
Fri Oct 4, 2013
Hi Cavjav
I don't think you finished your question there. Please elaborate a little bit.

Thanks
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