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I was out on a trail run with a client of mine and I asked how her construction financing was going. I had sold their home (that had lender delays) and they are building a new home. Knowing they had a substantial amount to put down I expected a different response.

“Cindy, the only warm and fuzzy part about buying a home is finding it. After that it is headache after headache. Our construction financing took two additional months to complete. What is going on right now?”

The lending process is grueling. No joke. Buyers and sellers need to better understand the ugly process that starts once they find that warm and fuzzy house they want to call their own.

I started counseling my clients about two years ago that there is a 30-percent chance the closing date in the sales contract will not be met due to delays that are sometimes out of our control. My job as an agent is to keep on top of deadlines and communication with all parties to ensure no one is dragging their feet. Everyone has to be on their game when it comes to a financed purchase.

The lender is the ringleader of pulling that file to and through processors, underwriters, appraisers and other government requirements. The lending world is challenging to navigate all under the guise of protecting consumers.

Two main aspects of lending delays (there are about 15 others that come into play) are the new lending laws effective October 1, 2015 known as TILA/RESPA Integrated Disclosure Rule, and the other in today’s market is the appraisal process. These two issues play a significant role in realistic contract dates.

Whether you’re a buyer or seller, it’s imperative that you have a top real estate agent representing your interests. An experienced real estate agent knows how to appropriately structure the dates in a purchase offer.

It now takes a minimum of 45-60 days for a real estate closing to occur after a purchase offer is accepted. USDA loans can take up to 90 days to close. It is completely unrealistic for a real estate closing to occur in 21 days for a buyer who is obtaining an FHA or VA mortgage, and don’t get me started if the house is in disrepair and the buyer’s agent wrote a contract subject to those two types of loans.

Buyers must submit requested documentation immediately to the lender to help stay on track. Sometimes the information they need seems extremely unreasonable and you may even be tempted to fire that lender and hire a new one! Be as patient and professional as possible before you do that. Reviewing the credit and bank statements are not the reason real estate closings are delayed, but the additional documents a lender may require after reviewing them is one reason that closings are delayed. Your financial habits and documentation should essentially be held in a shrine for your lender.

The next frustrating aspect of financing today (I know, hard to imagine that TRID would leave anything else to be desired) are bank appraisals.

A bank appraisal is part of a real estate transaction anytime a buyer is obtaining a mortgage. Whether you’re buying or selling a home, it’s important that your real estate agent is following up to make sure the appraisal has been completed (even ordered!), to make sure the home appraised at the sale price or greater, and finally that there were not required repairs resulting from the bank appraisal.

The old sales contracts did not contain language to encourage appraisals to be ordered in a timely fashion. Many a transaction failed to close because the lender “forgot” to order the appraisal. I recall times where the buyer told the lender to delay ordering the appraisal just in case they changed their mind about their purchase. Lordy! Today’s contract stipulates that the appraisal must be ordered within the property inspection timeframe(s). I run into many agents today who are still unaware of this standard language.

In today’s market appraisers are also painfully stretched schedule-wise. We have a shortage of appraisers (other states do as well). Combine that with an increased workload and you’ve got delays.

There are a lot of things that need to happen in order for a successful real estate closing to take place, on time. Again, it’s important to understand that not all real estate closings happen on or before the target date in the contract. Sometimes a real estate closing is delayed for a legitimate reason that could not have been avoided, and other times it is delayed because of a problem that could have been avoided.

It can be very frustrating when a real estate closing is delayed. However, being aware of the above reasons a closing is delayed can help reduce the shock, should it happen to you. Also, it can help you by knowing what your real estate agent and other professionals involved in the transaction should be doing.