The buyers and sellers of the home are especially impacted by a delayed closing. Moving preparations have been made and have to be "unmade". Movers have to be rescheduled, but to when? Utilities were scheduled for name change but have to be unchanged. Family members who were going to help have to be informed. The delay creates a domino effect that impacts a myriad of people and services. A delay is even worse when other closings depend on this one. If the seller needs to close before they can buy their new house the seller of that house has the same list of frustrating inconveniences. If the buyers have a house to sell and close on that house before being able to close on their new one, they are out of a house! Where will they live? With relatives? Where will they store their stuff? Where will the funds come to pay for these delays?
The inconvenience is an annoyance but the hardest part of waiting is wondering whether the file really will close or not. When lending guidelines were easier, there was less fear about whether the file would close or not. As lending practices have tightened, all parties wonder if the regulations about this file have changed since it was first submitted. The uncertainty as to whether the rules have changed adds tension to an already stressful situation caused by the delayed closing. Eventually, time will allow for a definitive answer, but the waiting is oppressive.