What do the novel coronavirus and real estate closings have in common? Hopefully not that much. But now that I think about it, there are some dynamics that both a pandemic and a real estate transaction share.
Regardless of how much or you plan or what precautions you take, unpleasant things can happen.
Just like your chances of catching the coronavirus, it is not likely that you will have problems if you are doing what you are supposed to do. Nevertheless, you may be that small percentage of unlucky people who have to deal with problems. While closing setbacks won’t literally kill you, they can be frustrating, and both emotionally and financially draining.
Plan, plan, plan … and then be prepared to adjust your plans.
Look to your title company and lender for advice and indications that everything is on track for a smooth closing. I like to hope for the best but have back up plans for the worst-case scenario.
Be wary of scammers and fake news.
Criminals and swindlers have not taken a break during this pandemic. They are active and continue to target homebuyers and sellers. Be wary of wire fraud, email hacking, and scams.
Avoid the crowds.
Schedule your closing when title companies and lenders are not as busy. You will have more choices for a closing appointment, get more attention and experience better service. Fridays are typically the busiest days of the week. The last day of the month is usually the busiest time as well.
The odds are in your favor that everything will work out and be fine.
It takes cooperation from all parties. It may not be fun. There may be challenges. However, if we work together, we can overcome them. We share a common goal of getting your transaction smoothly across the finish line with minimal issues for everyone. You are not alone in this.
However, unlike the coronavirus, closings can be happy events. We hope you are either getting keys to a home or money from a sale. Or maybe you are getting a better interest rate on your mortgage. While you are staying safe and sanitized in your everyday life, remember to stay cooperative and committed to your closings.
The opinions expressed are of the individual author for informational purposes only and not for legal advice. Contact an attorney for any particular issue or problem.