Closing delays are common in the Real Estate world, and, sadly, they can happen to any home buyer, at anytime.
If you’re planning on buying an Orange County home in the coming months it’s best that you’re prepared for possible closing delays by following these simple steps.
Will It Take 30 Days Or Longer?
In the world of closing delays it’s not uncommon for some homes to close in 40 days or longer because, even though lenders most commonly say that a typical closing time is 35 days, they don’t always work for 35 days. Sometimes this is due to holidays or other events that typically fall within that 35-day time frame.
Be Ready To Negotiate
Although you might not be able to negotiate with a home builder to avoid paying a builders $300 per day late fee for closing, you still might be able to negotiate with your lender and avoid paying the late fees to your lender or at the very least work out an extension that will enable you to avoid paying up to $3,500 in late fees that your lender may charge you.
Hire A Team To Back You Up
Besides hiring an Orange County Real Estate Agent, you should also hire a Real Estate lawyer to back you up and look through contracts just in case you need to be advised of your rights if you’re not able to close on the home that you want to buy within 35 days or less.
Add A Few Days To The Closing Date
One simple “rule of thumb” to follow when buying an Orange County home or property elsewhere within California or the United States is to add a few days to the estimated closing date instead of just estimating that the home will close within 35 days or less.
If you have questions about when your home will close, contact your lender directly or consult with your Real Estate Attorney.
To learn more tips on dealing with closing delays or to review the latest Orange County homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125.