Every lender on the planet has been asked the question of, “When can you close?” at least once. Is it just me, or is it somewhat interesting that somehow the lender, who is only one component of a complex transaction like real estate, is the one responsible for when a transaction closes? After all, the parties include: buyer, seller, listing agent, selling agent, escrow officer, title officer, various inspectors, appraiser and lender. Like a well-trained crew, if all parties cooperate and row at the same time, the vessel moves fastest. And when any one party is having difficulty, it affects everyone, as well as the pace and direction of the vessel.
“No, really, when can you close;?)”. OK fine, put a gun to my head. The answer is, in all truth here, that it depends.
John Cannon recently closed a $2mm transaction across two properties in ONE week. Jason Beecham and Scott Chase recently closed deals in 21 days or less. One transaction that had every chance of closing in 21 days had a nagging 2nd mortgage on the property, and the lender of that 2nd mortgage was very uncooperative about issuing the proper forms to release the lien. As such, the transaction didn’t close until day 35.
No doubt, the lender is a critical member of the transaction and certainly has much influence over the timing of a transaction. And like any member of a crewing team, the one with the most experience, solid control, greatest communication skills and strength will certainly help the team cross the finish line first.