There are plenty of real estate transactions that go smoothly. The parties are amicable, everyone does what they need to do when it’s due, and when a fire pops up it is quickly put out and we move along. This all comes from setting expectations and managing a sometimes rocky path to the closing table.
There are of course times when this whole microcosm that is each transaction’s universe needs to get compressed. You name it, it drives the timeline: a professional being relocated for business, a borrower leaving the country for vacation, the buyer’s sale gets moved up; the list goes on…
Whatever the reason, there are plenty of times when a series of events designed to take 30 days needs to transpire in 21 days or less. What we’re talking about here is a 30% reduction in time for an already time-sensitive contract.
Of course it can be done. My advice? You’d better strap yourself in and be prepared to go into hyper-drive.
First of all, I know we’re all theoretically adults here but it must be said:
- There’s no room for whining, complaining and general grousing.
- To get a deal done in less than 30 days it is all-hands-on-deck.
- You need to clear your calendar, be accessible, return calls immediately, and have exactly what is asked for when it’s asked for.
- There is no margin, there is no tomorrow.
- We’ve got a lot of moving parts and they all have “stuff” they need to be fed to be kept moving.
- Literally, if something stalls due to missing pages of a bank statement for example, this line of dominoes is going down.
I don’t think I know how to be any clearer.
At the end of the day, we can get it done. But remember that buying a house is like building one. You can’t paint until the walls are up. There are inter-dependencies – things have to happen in a certain order. Without order we’ve got chaos. Chaos doesn’t bode well for closings.