Ready or Not, It’s Time: Walk-Through and Paperwork Delays
With my move fast approaching after a 10-month process, I am finally closing. I visited the building on a few occasions to see the model units, but I only stood in my own unit one time before the final walk-through. The drywall had been installed, but it barely looked like the unit I was expecting to see.
In most home sales you do your final walk-through with your inspector to check out the condition of the house. For my condo, which is a new construction, I did the walk-through with my real estate agent and the developer. We marked all imperfections with blue tape. Everything is expected to be touched-up or fixed in the next week for my closing. The day of my closing, I will do one more walk-through and check for more mistakes or repairs. The developer then has 30 days to fix them.
The morning of my walk-through I found out my closing would be pushed back a few days. There was a delay in receiving the final approval on the building. We received the conditional approval several weeks earlier, but the paperwork for the final approval had not arrived yet. Within the next few days, we received the approval and it was now time for my lender to complete the paperwork.
This is where all the moving parts start to come together. There are a lot of cooks in this kitchen — the lender, the program manager at the housing finance agency, and the investor. The program has become quite popular, and luckily all the players are used to the process, but it is still a very complicated one.
I don’t believe most homebuyers get this level of detail about the closing process, but because of the nature of my job in the housing industry, I asked my lender for detailed feedback. After four years of working on complicated mortgage issues as my career, I finally got to see the industry at work on my personal mortgage loan.