The Truth About Racing to the Closing Date

It is no news that the banks are excruciatingly strict when lending money for a home these days.  It’s no news that an escrow now is stressful, frustrating, and can frazzle your nerves.

It’s crazy. 

You sent everything that you were asked for to the bank.  The bank said everything looks good, but now you’re waiting ages for them to get you crucial documents to close escrow.

Not only that, but when can you schedule the movers, arrange furniture delivery, make meeting and travel arrangements if needed, take time off of work, all those lovely things you do when you have to move?  When?

The ugly truth about your closing date is that often it is a moving target.

Something may pop up that alerts the bank that they need more documentation and that may or may not add to the last minute shuffle of papers and signing.  There is no way that mere mortals not working in that bank can control this.

So what can you do?

Look, most real estate purchases are written up for a 30 day escrow, that is not realistic, odds are that it may slip a day or two or three.  So all future homeowners need to factor for 45 days and add an additional week.

That’s a long time, you say?

Look, the fact is, it depends on what side of the fence you are on.  If you are more concerned about the pro-rated rent for your rental or if you’d like to gamble and end up in an Extended Stay or hotel for a few days or a week.  Yes, San Diego has nice weather, but honestly, you don’t want to be sleeping in the street.

Escrow cannot close on the weekend, so give yourself plenty of time because it is better to be safe than sorry.

Often a real estate sale that seems like it would be an easy deal crops up with a complication and you can only have an estimated time of arrival when you’re racing to cross the finish line.