A Day in the Life of a Main Line Realtor®-Part 24: Timing Can Be Everything for Main Line Home Buyers
This Main Line Realtor® has started working with 2 couples lately, both of whom are expecting in the next few months. These types of clients are favorites of real estate agents, many of whom see the approaching deadline as incentive for the buyers to find and close without a lot of extra work. That is not my mindset, as I am trying to be sure we do not rush into the wrong house for that reason! Better for the baby to be born in a nice rental than a dilapidated and mold-infested new house.
But it does raise the issue of timing to the forefront of all of our minds. The buyers are set on being in and settled before the birth and I am careful not to reveal this fact to the Main Line agents on the other side so as not to give away any leverage in the negotiations. Just one more reason why I prefer to show houses here on the Main Line without the listing agent being there to “help.” I find they are mostly prying into my buyer’s motives and qualifications rather than showing us things about the house that we are unable to see for ourselves.
If we get an offer accepted, timing is also about being sure that the various deadlines that my buyers have to meet under the agreement are possible and in their best interest. Usually, sellers (including our Main Line sellers) have strong opinions about when they would like the closing to happen. If they have moved out, they often want it ASAP to avoid double expenses. If they are not decluttered or haven’t found their next home, they want to delay it as long as possible. If they have found a home but have not yet closed, they may want to close the same day!
Sometimes during negotiations, we may want to “trade” price for a needed closing date. If there is a loan process in the mix (not every buyer pays cash, unfortunately), the lender’s timing needs have to take precedence. They will need a few weeks to do the final underwriting and get an appraisal and then usually a few more weeks to get all the documents ready for closing. Even with a preapproved buyer who has already submitted most of the documentation, the best-case scenario for a closing with a mortgage is about 30 days and it can take up to 60 days, depending on the lender. Then the buyer has to be concerned that any rate lock will expire after 30,45 or 60 days, depending on the lender again. So that window of time has to be foremost in our minds as we promise the seller a closing date.
So while my new clients are keeping the due date for their baby as their important deadline for finding a house, this Main Line Realtor has lots of other timing issues to be concerned about for them.
Tags: Main Line Realtor