Potential Delays
While your documents are being compiled, processed, reviewed, and underwritten, they can be passed through the hands of as many as fifty three different parties. Since this is a substantial number of people, there is room for unexpected delays to occur.
To put your mind at ease, here are some potential reasons for delays and how long they may take to be resolved. If you encounter a road block, you can reference this list to see how long it make take to overcome your particular delay.
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Problems with the Seller Number of weeks delayed Did not own 100% of property as disclosed One Cannot find a home to purchase One Nets less money from sale than originally believed One Illness, divorce, etc One Problem with partner's signatures One Home inspection reveals average amount of small defects that seller is unwilling to repair One Property believed to be included in deal is removed One to Three Move-out date delayed One Last minute solvable liens are discovered One to Three Loses motivation (i.e. lost job transfer, etc) One Problems with home are found One Leaves town without giving power of attorney One to Four The notary did not make a clear stamp when notarizing the seller's signatures One Problems and liens unable to be resolved One -
Problems With the Investor Number of weeks delayed Borrower does not qualify because of a late addition of information Two Property is not approved Two File is lost One to Three Information provided is not approved Two Re-appraisal required Two Property needs cleaning and repair One to Three Income must be verified with IRS One to Three Investor too busy One to Three Conditions required of buyer One -
Problems With the Title Company Number of weeks delayed Loss of paperwork One to Two Does not find liens or problems until last minute One Poor customer service One to Three Mercy is not given regarding small problems One to Three Pre-lims require extra time to deliver One to Two -
Problems With Real Estate Agents Number of weeks delayed Upsets clients over small points One to Three Transfers to another office One Lack of real estate experience Two Poor communication skills One Transaction is not structured properly One to Three File is abandoned when on vacation One to Four Phone calls are not returned One to Three Documents are not promptly signed One to Three -
Problems With the Escrow Company Number of weeks delayed Paperwork incorrectly prepared One Fails to obtain information from beneficiaries, lien holders, title companies, insurance companies, or lenders quickly. One Fails to notify agents of unsigned or unreturned documents so that the agents can cure the problems One Misinformation about transaction passed on to client One Principles leave town without giving signatures One to Two Too busy One to Three Loses paperwork One to Three Poor coordination requiring more time One to Four Information passed on too slowly One to Four -
Problems With the Inspection Company Number of weeks delayed Report not completed quickly One Upsets seller One Careless mistakes One to Three Too picky < One -
Acts Of God Number of weeks delayed Earthquake, fire, rain, and other natural disasters. One
