Reason to worry for closing contract?

[RavenRob]

I received my closing documents last week and promptly sent them back to the closing agent. As a seller, I would really like to complete this transaction as soon as possible.

I had to ask the closing agent (***) twice to follow up with the buyer to inquire about the status of their closing documents. It seems very strange that yesterday late in the day when I asked the second time about the buyer's docs that the closing agent sent me an email that the buyer is getting a cashier's check on Tuesday and will be returning the documents next week.

I am a little skeptical about this buyer and hope that they are going to follow through with this purchase.

Please let me know your thoughts.

 

[suebeelin]

Don’t worry unless you have to worry about it. They have a deposit down, so you’ll get part of that if they back out.

It’s currently a strong market; if they don’t take it, someone else will!

 

[katandmouse]

Maybe the buyer needed some time to transfer the money into the correct account? Or maybe bc of work or travel they couldn’t get to the bank before? Because of Memorial Day weekend now, I don’t think the banks reopen until Tuesday.

Hope it all goes smoothly next week!

 

[DisneyElite4]

I wouldn’t worry too much. They could have been traveling and unable to submit their closing documents/funds until next week. Or moving money to the correct accounts, which takes time. They have until the closing date to turn in the documents and funds, and they may not be in a hurry.

 

[Marionnette]

I received my closing documents last week and promptly sent them back to the closing agent. As a seller, I would really like to complete this transaction as soon as possible.

I had to ask the closing agent (***) twice to follow up with the buyer to inquire about the status of their closing documents. It seems very strange that yesterday late in the day when I asked the second time about the buyer's docs that the closing agent sent me an email that the buyer is getting a cashier's check on Tuesday and will be returning the documents next week.

I am a little skeptical about this buyer and hope that they are going to follow through with this purchase.

Please let me know your thoughts.

I wouldn’t worry just yet. The contract I was purchasing passed ROFR two weeks ago Monday and I had my closing documents that Thursday...a lot faster than I have ever seen an estoppel issued. I had started the transfer of funds on Wednesday in anticipation of getting my closing documents in a couple of weeks, not a couple of days! And TBH, closing was set for no later than July 3rd in the agreement of sale. Technically, I had a lot more time to get the funds together if I needed it.

The transfer took 5 business days (weekends don’t count) and so the money was not available until Wednesday. I sent the cashiers check and signed documents that very day. The title company got them on Friday, which was more than a week after getting the closing documents.

 

[kniquy]

As a buyer I received my closing documents on 5/14, put them in the mail the next day 5/15, the very slow USPS which should have delivered 5/17 didn’t get the check and documents to them until 5/20. So sometimes there are hold ups. As the buyer I’m concerned that even as of 5/23 the sellers still had not had their papers notorized supposedly they had an appointment with a notary. Hopefully by next week everything will be in order and sent to the clerk.

 

[PsycProfPlum]

As a buyer recently, I was told closing would be in about a month, then the closing info came much earlier. It caught me off guard and it took a couple of days to move funds around. Your buyer could be in a similar boat.

 

[stuartsong]

With a long holiday weekend, banks are not open until Tuesday. It's not unusual to take about a week to get all the documents signed and notarized.

 

[denecarter]

I’m in the Buyer boat. Docs came on my last full day of teacher stuff for school. Luckily, all the funds were already sitting in the right account or were cash on hand. Went the next day after Summer Launch and had everything set to arrive on Tuesday due to the holiday.

Unlike my last resale, this time I have access to a website that shows the progress of the closing. My estoppel date was the same as my ROFR date and I always return stuff faster than the Seller.

I love having access to that site.

 

[chicagoshannon]

They probably just need time to get the money together. We're still waiting for our closing documents but have until at least mid June for closing. When we get our documents we will then start the money transferring process. We aren't going to pull the money out of our interest bearing account until we need it.

 

[Jason@dvcstore]

I received my closing documents last week and promptly sent them back to the closing agent. As a seller, I would really like to complete this transaction as soon as possible.

I had to ask the closing agent (***) twice to follow up with the buyer to inquire about the status of their closing documents. It seems very strange that yesterday late in the day when I asked the second time about the buyer's docs that the closing agent sent me an email that the buyer is getting a cashier's check on Tuesday and will be returning the documents next week.

I am a little skeptical about this buyer and hope that they are going to follow through with this purchase.

Please let me know your thoughts.

I wouldn't worry. Unfortunately, buyers and sellers are not always on the same page. Some buyers are anxious to close and then the seller is not in a hurry to close. Some sellers are anxious to close and then the buyer is not in a hurry to close. I always recommend communicating with your associate on your transactions. If I know a buyer is in a hurry then I would do my best to get the seller to be quick to return their documents. If I know a seller is in a hurry then I would do my best to get the buyer to be quick to return their documents. I would only worry on a transaction if an associate says they haven't received a text, email or phone call back from the buyer and/or seller with an update.

 

[RavenRob]

Well after a frustrating email exchange with my closing agent, it seems as though all is on track now. She emailed late yesterday and informed me that the buyers FedEx package is in transit and should arrive Monday. Hoping that the rest of my closing goes smoothly.

 

[kniquy]

Hoping that the rest of my closing goes smoothly.

Great news! I am the buyer and I have been on top of taking care of my paperwork promptly, but for some reason I feel like the sellers end of the paperwork is taking for ever. I contacted one week and was told the sellers had an appointment with a notary, then the following week I was told all their paperwork was executed but originals needed to be returned to then be sent off to the clerk. So here we are going into the 3rd week - I hate being a pest to my closing agent but I feel if i at least ask what is going on then they will hopefully get the seller moving on their end. My closing date isn't until 6/7, so hopefully this week all will be done. Thankfully I have a few months before i actually need to use any points.

 

[RavenRob]

Latest update....now of course my closing agent is on vacation this week and will not be back to the office until next Monday, June 10th. I am hoping there is another closing agent covering for her this week and will be able to complete my closing on this contract!!! Anyone ever have this experience?

 

[kniquy]

Latest update....now of course my closing agent is on vacation this week and will not be back to the office until next Monday, June 10th. I am hoping there is another closing agent covering for her this week and will be able to complete my closing on this contract!!! Anyone ever have this experience?

Which closing company are you using? i would think they would have someone to cover to handle closing paperwork considering it is time sensitive paperwork according to the contracts. But I do think they always add in a clause of will close by (DATE) but could extend for one reason or another.

 

[RavenRob]

Which closing company are you using? i would think they would have someone to cover to handle closing paperwork considering it is time sensitive paperwork according to the contracts. But I do think they always add in a clause of will close by (DATE) but could extend for one reason or another.

Magic Vacation Title

 

[gharter]

There are many reasons this can occur.
The seller could be changing their minds.
The seller may be out of town. Especially if it has been on teh market for a while.
The agent may be gone.
Plus probably many other options.

 

[suemom2kay]

As a buyer I received my closing documents on 5/14, put them in the mail the next day 5/15, the very slow USPS which should have delivered 5/17 didn’t get the check and documents to them until 5/20. So sometimes there are hold ups. As the buyer I’m concerned that even as of 5/23 the sellers still had not had their papers notorized supposedly they had an appointment with a notary. Hopefully by next week everything will be in order and sent to the clerk.

I travel 100% for work. So if that is the case with your sellers that is reason enough for a small delay. I know when you're waiting, it seems like forever but it really is not. Sometimes just getting schedules to work to get to a notary together can be a challenge. Hope you hear back soon!

 

[RavenRob]

Well, I was informed that the contract was closed last Tuesday but the deed transfer still does not show up on the Orange County website. By reviewing the contract closings on this board, it appears that the deed usually gets recorded the day after closing. Very frustrated with the closing agent who was completing this in my assigned closing agent's absence during her vacation.

I am leaving the country for 10 days at the end of June and had hoped that I would have my proceeds before I leave.