I made an offer that was accepted Monday. The paperwork came back and said I had to close in 30 days. It said the offer was accepted 2/12/2007 and had to close by 3/12/2007. I wonder if these dimwits have access to a calendar. Because this is Black history month, 2/12/2007 to 3/12/2007 is only 28 days.
Realtors are busy people that are overworked and are not brain surgeons. This means that they make mistakes. Always look over their work. I have average closing in 32 days (which I will take up with my mortgage company to find out where we are bleeding time). But we need to make sure we bring our brain to the table.
I’m not sure why an investor’s lender needs 30 or more days to close. Seems like that mortgage company needs to step it up or you can find one who can close more quickly. It isn’t the seller’s fault or problem if your loan takes an abnormally long time. Title and survey can be complete in 7 days. Our lenders close in 10-14 days in any U.S. market. Even the average mortgage company can do 21-30 days for an owner-occupant, so your problem is your lender and not some agent.
The agent is just representing their client, who has no obligation to provide a 30-day close. You can counter back if those two days put you on edge and I’m sure they’ll be accommodating if you remind them of the short month.
Ummm…"Because this is Black history month…[it] is only 28 days.February has been 28 days for hundreds of years. Black History month was created in 1976 and has nothing to do with the reason February is short. Otherwise, we’d all be in agreement that our calendar was updated in the late 70s.
I suppose “misinformed” would of been the safer accusation. Without even reading into it, saying February is short because it’s Black History month sounds racist to me or ignorant at best. Could be worded that way by accident so I might be way off.
Black history month has nothing to do with my racism. Isn’t everybody racist? If they were not racist, why did they make Black history month the one with 28 days and to throw you off every 4 years or so they give it 29 days!
I am sorry, I should have explained. It is pretty normal that in the contract if you don’t close by that date you pay $100/day for every day past that date. That is why it is important. Those 2 days can cost me $200 just because the Realtor used another calender.
Like previously stated, you can contact the realtor and request that the closing be on March 14th rather than March 12th. You should request a 15 days or 30 days extension in exchange for $ since it is difficult to close in 30 days if going conventional route. And do you have escape clause that gets you out?
Yea. I still don’t see this all being such a big deal that you have to “watch the realtors”. An FBSO or anyone could have made a mistake and if they’re nice, you can just ask for a change.
I have to do a new thread and call it Watch those Contractors, or watch the mortgage brokers, etc.
However, the main difference between realtors and the other professions that we deal with is that they provide a service (mortgage broker provide mortgage, contractors pound nails, inspector looks over the house) the only reason for a realtor is to look watch over the process and avoid snags. Other than that they have not earned their commission. They are not my son, I am not realtor welfare. They need to earn their commission by making sure that there are no snags. Looking at a calendar is a basic snag. It is not just adding up the number of days in Black history month, but also knowing that if you start a deal the week before Thanksgiving or around Christmas that there needs to be more days built into those timelines to account for the excessive number of vacation and holiday days or you will run into “Time is of the Essence” penalties.