Being Flexible

It’s not all the time that there are delays in real estate transactions, however preparing for them is a humble gesture of showing all the professionals helping you that you are flexible.

Early Stage vs. Late Stage Development

After recently closing a few new home sales, there’s a few important things to point out. The first is that each builder has their own phases of development. When the builder’s offering matures, there are less variables that can delay the transaction. It’s always best to ask the builder which phase they are in. It’s one of the first things I ask. Prices might be better at the start, however expect delays since the builder is working with the city, contractors, and multiple parties. If it’s a later stage development, you might be able to pay a little more but you get the security of the builder’s track record for that specific development.

How to Protect Yourself

After you sign the purchase agreement with the builder who is the seller, you have certain liberties of when you give notice to landlord to vacate or when your rate lock starts for your interest rate, assuming you are getting a loan. If you do these items as late as possible, you’ll find you will leave elbow room in the transaction for delays.

Another way I can offer advice for creating leeway is to let your move out date from your rental be later than the closing date of your home purchase. Doing this gives you a huge cushion to move and for any delays.

Why Do Delays Happen in the First Place?

Delays happen because multiple parties are trying to achieve the same goal, and you can see that if one party falls short of the promise, everything else is held back. One of the reasons why real estate brokers and salespersons are so valuable is because your professional can detect and resolve issues before they become game breaking delays. Delays can also occur when the seller or buyer do not perform, so it is also critical that you, the client, performs in the best way possible.