It seems like as soon as November turns over into December the whole world begins to move at high speed. People rush to decorate, to cook, to buy and wrap all of the presents for all of the family. In addition to the general stress seen during the holiday season, there is also a stress seen by many in the real estate industry. Real estate agents, attorneys, and lenders, all seem to feel the high pressure of the season in a different way.
The closing process on any home this time of year can experience levels of stress that may not be seen in other seasons. There are a variety of reasons for this. If you are looking to close on a home this month, it is important that you are aware of three main factors that can add stress to the closing process during the holiday season.
Less Working Days
There are many hands that work together to get you from that offer to the closing date. This is why the process tends to take over a month. Each of these people from the real estate agent to the attorney work diligently on your behalf to ensure that all contracts and contingencies are in place to get you the absolute best deal possible. This is time-consuming, and unfortunately, there tends to be less working days during the month of December. Over the holidays, people take off work to travel and spend time with their families. Many offices close for multiple days during the month. These are hours that, any other month, would be spent pushing your information through the process. During December, the process and paperwork can often get stuck on someone’s desk for longer than anticipated, and this slight holdup can add more stress to the overall timeline and closing process.
Rushed and Pushed Closing Dates
An unfortunate pair with less working days is the fact that many times the days that are allotted tend to get rushed. Most buyers hope to be in their new home by the holidays. The flip side is, at times, many sellers, particularly those who have not yet found or closed on their own next home, desire to stay in the home until after the holidays. This stress can add a lot of pressure when deciding on a closing date. This type of negotiation is best handled in a professional manner between the buyer and seller’s attorneys.
Tax Dilemmas and Contracts
Another stress that tends to come to the closing table is the tax implications of the sale. Many buyers want that closing date to happen before the new year so that they can claim the purchase on their taxes. On the flip side, some may wish to push the closing date so that they can avoid negative tax implications for that year. No matter how the pendulum swings in this situation, negotiations are likely going to need to occur, and the safest way to ensure that you get the best option for your own unique situation is to allow your attorney to handle these logistics for you.
Whether you are looking to buy or sell during this holiday season, one thing is certain, you will likely face the common stresses that come to the market this time of year. The good news is, you don’t have to handle these stresses on your own. Our team of experienced real estate attorneys are more than happy to handle the negotiations for you. Contact Gurney Law Group today to let us handle the nitty gritty of the closing process so that you can spend more time with your family this season.