I was supposed to have a closing this morning for one of my listings, but it’s delayed a few days. Every time I’ve had a closing delayed, it’s been due to the interaction (or lack thereof) between the buyer’s mortgage company and the seller’s condo association management company. Sometimes it’s the fault of the mortgage company for failing to request the required documentation from the management company far enough in advance. Other times it’s the fault of the management company for failing to provide the requested documentation in a timely manner or to adequately respond to the mortgage company’s questions.
To avoid a closing delay for your condo, get these two parties talking with each other as soon as the contract is signed and follow up with them to ensure that the mortgage company is getting the information it needs well in advance of the closing.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
