Once set, are settlement dates irrevocable?
On the contrary, flexibility is a must when it comes to the settlement date. An offer to purchase a home typically includes a settlement date. The settlement is the day the seller receives the funds from the buyer and the buyer gets proof of ownership. While we do our best to estimate a settlement date, it is important to remember many things can crop up to delay the settlement. For example:
- Problems with buyer's credit history that must be explained.
- Unforeseen delays in processing lending paperwork.
- Delays in property's appraisal.
- Inspections and/or repairs that must be completed before settlement.
- Liens against the property that need to be resolved.
- Personal problems (such as a death in the family) that lead to rescheduling.
Remember, delays in settlement do not necessarily mean the transaction is falling apart. Most transactions do eventually go to settlement. Many problems can be straightened out in a day or so. The key is flexibility.
We can work with you to complete the purchase of your new home with a minimum of hassle. Call or e-mail us with your questions now.