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how often do closing dates on home sales get changed?
11 Answers
- Anonymous3 years ago
As often as Both parties agree.
- loanmasteroneLv 73 years ago
Changing a closing date is rare. Normally you are asked the day you would like to close by your mortgage loan underwriter or mortgage loan officer.
By this time you mortgage loan is in the final stages and most all the outside documents have been obtained. Other documents necessary would have been obtained.
A change of your closing date would mean there is a problem with some aspect of your mortgage loan.
I hope this has been of soem benefit to you, good luck.
"FIGHT ON"
- babyboomer1001Lv 73 years ago
Not often but, occasionally, it happens.
Source(s): Certified Paralegal, with 25+ years' experience & with Real Estate law experience. - SlumlordLv 73 years ago
Very often and if a bank is involved, very very often. There are so many pieces going into the equation that having these change is perfectly normal.
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- EvaLv 73 years ago
Very often. If 1 piece of paperwork is missing or isn't right, it set the whole process back.
- Beverly SLv 73 years ago
I've worked in the mortgage business for 32 years. I'd say about 10% have their dates changed. Usually due to the borrower not getting their documentation in to us quickly enough, or something changing like the appraised value which causes it to have to be re-underwritten. Or if the seller is also buying a home & their purchase gets delayed. It's fairly common.
- Anonymous3 years ago
It's not uncommon. There are many things that come up that can bring that about. It's not generally a problem so long as the new date isn't beyond the period of your mortgage rate lock or your purchase agreement, or if it is, so long as you aren't the cause. If you are, you could see negative consequences that range anywhere from paying more because of interest rates having gone up to the other party in the sale walking away from it free and clear, without any future obligation and without having to return any deposits or earnest money exchanged.
- PLv 73 years ago
It's very common. If you have rigid move dates they need to be strongly communicated to the other party so they can be accommodated. Buyers also need to stay on top of their banks to make sure things move along fast enough.