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Have you ever heard of a dry closing? Not many people probably have, but it means that there is no funding at the time of closing.
Have you ever heard of a dry closing? Not many people probably have, but it means that there is no funding at the time of closing.
For example, say you’re a buyer, and you close on a Friday but don’t get the keys until Monday. This is a dry closing, and it means that the bank didn’t send all the documentation on time or the wire came through at the incorrect time. All of the paperwork is ready, but the money isn’t there.
Your best option is to find the reason for the delay and when the funds are expected to arrive. Even if you have signed all of the documentation, you cannot get the keys to the home until the money has gone through.
“
During a dry closing, you need to
ask your Realtor what your next
move should be.
”
ask your Realtor what your next
move should be.
My recommendation is to ask the right questions and then assess what you need to move forward. You should always look to your Realtor for tips and tricks on what you should do.
If you have any further questions, please don’t hesitate to contact me!
