Pandemics and Unforeseen Delays
There is a rush to buy properties in the Catskills. That’s true. But if you’re a buyer or a seller expecting an equally speedy trip to the closing table, consider this fair warning: it’s taking longer than it used to.
It’s no one’s fault, in most cases. There are delays in processing mortgages. There is undoubtedly a backlog from the shutdown this spring. And then there are delays resulting from changes in routines, the shift to try to do business while observing public safety precautions.
Lawyers are so swamped with people trying to buy and sell properties that they’re scrambling to keep up. And there is already a shortage of rural attorneys.
I’m hearing that title searches are taking twice as long as usual.
Sometimes it can be avoided. Getting a low interest/low downpayment FHA loan may add to an already bogged down process.
So be prepared, and try to be patient. Keep in contact with your attorney, with your lender, with your realtor. And remember, this is a short term problem before a long term change. Another week — or two or three — won’t mean much five years from now.