Much of what needs to be done before the closing is the responsibility of appraisers, loan processors, attorneys, and inspectors – one role a REALTOR® plays is to coordinate those responsibilities, helping to ensure that others do their jobs promptly and correctly and that the closing isn't jeopardized.
Many steps – from contract ratification and closing - involve the cooperation of both buyer and seller, and attentive REALTORS® on both sides of the transaction will troubleshoot and keep everyone on track.
When things go wrong, closing can easily fall behind. The following is a list of possible things that could delay a closing from anywhere from 1 to 3 weeks:
-- Buyer submits incorrect information to lender.
-- Source of down payment 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.
-- Not a clean title.
-- Move-out date changes.
-- Lender decides at the last minute it doesn't approve of the borrower or the property.
-- Lender raises interest rates.
-- Lender requires last minute reappraisal or repairs.
-- Appraisal too low.
REALTORS® have extensive experience in handling problems that may arise during the time between contract and closing; they can anticipate difficulties and address them in time to ensure a smooth settlement for all involved.
Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support. Lorain County offers a wide variety of choices.
The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than one million members involved in all aspects of the residential and commercial real estate industries.
The Lorain County Association of REALTORS® offers a website that provides a complete listing of REALTOR® real estate brokerages in Lorain County, contact information for REALTOR® members, and industry associates. If you are a first time homebuyer or a repeat buyer consider www.MyNewCommunity.net or www.LoCAR.org as a good source for Lorain County REALTOR® information.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Associations.