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How many excuses does a lender have for not closing on time?

When you are buying or selling a Spring Texas house, your life evolves around the closing date.  For weeks you have been coordinating schedules.  You set a date for the movers. You lined up a babysitter for the kids. You scheduled time off from work. You called the utility companies to establish service.  You are ready to go. You are just waiting on the closing date to arrive.

Quantity of excuses lenders have for not closing your Spring Texas house on timeThen BOOM out of nowhere and just three days before the closing date, your lender says “your loan has not met all of the final loan conditions and we can’t give your loan the clear to close until it does”.  Translation - we will not be closing your loan on time.  But why is your loan not closing on time?  You gave the lender every document he requested as soon as you possibly could. And last week your lender told you everything was on schedule.

As a Spring Texas Realtor, I have heard more excuses from lenders than the kid who forgot his homework.  Heck, some of the kid’s excuses are more believable than the ones I receive from the lenders.  Lenders will tell you they will do their best to meet your closing date but they will not guarantee it.  

So what happens, when due to no fault of your own, you can’t meet the closing date?  In Spring Texas, the sellers can either agree to extend the real estate contract’s closing date, sue for specific performance, or terminate the contract and receive your earnest money as liquidated damages. The best option for you would be for the sellers to extend the closing date but the sellers do not have to extend the closing date.  They may be fed up with your lender’s lame excuses and decide to take your earnest money and put their house back on the Spring Texas real estate market.

How many excuses does a lender have for not closing on time?  An infinite number  – a quantity without end.

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