What is a Dry Closing & How Do They Affect You
A Dry Closing occurs when a buyer and seller actually execute all of the paper work required by the lender and attorney in order to conclude a closing. The only problem is funds can not be dispersed. This results in leaving closing with no keys if you are the buyer, and no money if you are the selle
When you stop to think about the effects of Dry Closings, it may not be pretty. If you are the Buyer this means you will not receive keys until funding takes place. This may mean that you may need to change when the movers show up, when utilities are activated in your name, and when you move. NOT PRETTY.
As a Seller this may mean that you will need to post pone the closing on your next home and when you