Detroit Real Estate

 Yes you shouldn't schedule a closing at 9 am if you can help it.  Banks have a hard time of getting the money to the title company first thing in the morning.   It is usually best to close on your home purchase in the early afternoon.  My clients were using Quicken Loans to get their mortgage.  We closed on Thursday at 10 am.  When we first got into the closing the title company closer told us the money had not arrived yet, but it should arrive soon.  So the buyer and the seller completed all the paperwork.

 But at the end of the paperwork the money still had not arrived in the title companies account.  The title company called Quicken who said the money had been wired. 

SO NOW WHAT HAPPENS YOU ASK?

Without the money the closing is not complete.

             The buyer can't get the keys and can't take possession of the home.             

                                                The seller has to wait for the money and can't buy their next home.

EVERYBODY HAS TO WAIT AROUND UNTIL THE MONEY COMES IN.    Usually what happens is everybody leaves.  They go on with their day.  Then the title company calls everybody when the money finally arrives.  The buyer comes back in to get their keys and  the seller comes back to get their money.

WHY DOES IT HAPPEN?  Because the lender does not wire the money soon enough.  They could wire it the day before but sometimes they don't.   Some companies have certain times they wire the money.  It may not coincide with the closing times.  So the buyers and sellers have to wait.  

HOW OFTEN DOES THIS HAPPEN?  In 2009 and 2010 it seems to happen too often.  So you have to be patient if it happens.

We finally got the call about 12:30 to come back to get the keys