How smart buyers deal with settlement delays

How smart buyers deal with settlement delays

You’ve signed the contract. Finance is approved. The sold sticker is up. You’re just days away from settlement and moving in to your new home.

And then the news you weren’t expecting – the seller won’t settle!

They tell you they’re involved in an interstate purchase that needs to fall over before this one can settle.

They don’t care that you planned to move in. They don’t care about the penalty interest. And they don’t care about the settlement date.

They’re not going to settle on the due date!

In fact they probably won’t settle for at least another month!

That’s the scenario facing one client right now. Despite doing everything right, the settlement of the property they planned on moving in to is set to be delayed by up to six weeks.

That’s six weeks of not knowing if the sale will proceed, six weeks of uncertainty for the buyer and six weeks of trying to keep the deal together.

It’s a nightmare for the buyer and the agent!

And yet this case has none of the angst associated with a lengthy settlement delay because the buyer had a Plan B. They knew that Settlement Date on the offer always means Proposed Settlement Date.

So when the call came, their Plan B became Plan A.

They had temporary accommodation. They had a place to store their furniture. And they had a home for their fur kids.

Smart buyers know the value of a Plan B. They know that settlements can be delayed for reasons out of their control. That’s why they think about having a Plan B early in the settlement process.

Smart buyers know that Plan B might not be needed. But when it is, it’s invaluable.

Image by Joz3.69 via Flickr.