Real estate Q&A: Our condo board is dragging its feet on approving our buyer. What can we do?
Q: We are selling our condo, and closing is fast approaching. Our board is dragging its feet on approving our buyer. We are getting concerned because we must pack and move out, and we do not even know if our buyer will be allowed to buy our home. What can we do? — Anna
A: Selling your home can be incredibly stressful. Not only do you have to worry about your buyer getting association and financing approval, but you have to move to your next home.
The best way to deal with this complex situation is by first getting educated and then getting organized.
You should find out as much as you can about the closing process. Review the purchase contract, your condo’s governing documents, and some of the many websites explaining the process.
Interview your real estate agent and closing attorney to make sure you hire professionals who know what they are doing and will answer your questions. Then ask questions.
Take charge of your closing. Delegate tasks to your team, but do not abdicate your responsibility to them:
Make a list of the deadlines in your purchase agreement.
Make sure that your buyer is following them. Ensure their loan and association membership applications are submitted on time.
Follow up with your community manager to confirm the application was received and complete.
Find out what the process is and keep politely following up to make sure it keeps moving forward.
If the process falters, gently push it along. Always be polite and helpful, and remember you want your association on your side.
By staying on top of your deal, it will most likely go smoothly.
And if it does not, you will know about it well ahead of time. Not every transaction works out, but little is worse than finding out about the problems for the first time on closing day.
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