Set in Stone

The closing date - is this date something I can count on?

In the Northern Illinois area, the date that is agreed to (in writing in the real estate contract) is pretty much the closing date that you can plan on.

I say "pretty much" because occasionally things happen where the closing date is moved. The most typical reasons for a closing date being changed are:

1. Your mortgage company is not ready to close on that specific date.
~OR~
2. The seller has asked for a change in the closing date based on their moving situation.

Depending on your personal situation, if the seller asks for a change in the closing date and it is convenient for you, then there is not a problem. These requests are made in writing between the two parties attorneys. If it is not convenient for you, your response through your attorney would be a "no" and the sellers would need to work out a "Plan B" for themselves.

If there is a delay in your final loan approval and the mortgage company is not ready to close, there is usually some upset from the sellers. They have planned on being out of the home on that day, have transferred their utilities, their new home purchase may be contingent upon this current sale etc. etc.

We try at all cost to avoid a delay in the final mortgage approval. As your buyer's agent, my assistant or I call every week to check on the status of your loan. The information that we receive from your loan company is based on the honesty and accuracy of the information they provide to us.

Many mortgage companies are reputable and dependable. But recently, I had a phone conversation with an out of state loan officer that told me he was "shooting for a closing date of Friday." This type of answer is not good. We are not "estimating" a closing date. (This was a company that my client chose on his own.) Everyone, yourself included, is planning for a specific closing date.

When all parties work together towards the common goal of a specific closing date, we have the best success and almost always close on the original planned date.

Jim Starwalt

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Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com