At The Closing Table - Failed Walk-through Inspection
Hi,
when sitting at the closing table, is there anywhere in the closing document that I can state a defect that we saw prior to closing and note a date by when it has to be completed by the builder?
thanks, Pam
"Closing table"...pretty much a thing of the past as far as I know as S & B show up, sign and are outa there.
If I were the buyer, I'd have sent the Seller a letter explaining the failed inspection and stating that until the defects are cured, there'll be NO closing.
I am a loan closer and 'at the table' is not the time to bring ANYTHING up unless you discovered something on your way to the closing. Everything should be worked out ahead of time.
A few months ago we're whipping through a closing and about 1/2 way through the loan docs the buyer asks, ever so nicely, "What are we going to do about replacing the bathroom?". His realtor, seller's realtor, sellers and myself all looked at him with our mouths hanging open. It turned out there was some leak and he and the sellers worked something out quickly about dividing up the cost after a certain amount. The realtors drew up a hand written escrow agreement and we continued. I also had one not too long ago where the seller's realtor wasn't there so we started without her. Again, we're about 1/2 way finished when she walks in. She puts her hands on her hips, stands behind her sellers and with a huge sweeping motion of her hand in the buyer's direction she states, "THESE PEOPLE want you out of YOUR house today or they want $xxx a day for you to get your stuff out of YOUR house.." Settlement had moved up to Monday from Wednesday and the realtors hadn't passed the appropriate messages between their clients over the weekend. Again, communication prior to 'the table' would have eliminated screaming, sellers stomping to the hallway, Mrs. buyer sobbing, Mr. Buyer looking like he was going to deck the next person entering the room.
The minute you find a problem or possible problem, you communicate it to the appropriate party.
sue,
Great advice. Oh yes, those knock down, drag 'em out closings sure don't restore faith in humanity or instill a love of the business!
Tensions are up a few notches at settlement. No need to throw gasoline on the fire by bringing something up at the last minute (ie, closing). Bring it up when you first become aware of it -- and not a minute later.