This is the month to stay on top of your transactions. The matter-antimatter engine that’s been powering the real estate market is reaching critical mass.

The matter is buyers that are counting on getting either of the Federal Home Buyer Tax Credits and must close their transaction by this June 30. The tax credits most certainly accelerated the closing of a lot of transactions that normally would have closed later in the summer, so June will be busier than normal for everyone in the mortgage finance and settlement services businesses.  

The antimatter is now common delays due to inspection issues, appraisal issues, loan underwriting issues, funding approval delays, mail out delays, short sales approvals and wire transfer delays. But this month delaying the closing past month end will not be an option for many. The loss of a tax credit will not be acceptable.

According to the Wall Street Journal the National Association of Realtors is asking that the June 30 date be extended. Here’s the link. http://blogs.wsj.com/developments/2010/06/02/realtors-want-congress-to-tweak-tax-credit-timeline/ If Congress agrees it would be very helpful. I wouldn’t be making any plans counting on this happening though.

So this month, more than ever, stay on top of your deadlines. Keep in touch with inspectors, appraisers and lenders. You don’t necessarily need to be a squeaky wheel, but do make the effort to confirm along every step in the process that loose ends are being tightened up.

Last minute mail outs are sure to risk delaying the closing. Make sure your clients understand that if they are not going to be at the closing, the longer the lead time for preparing and mailing out documents the settlement agent has, the better for everyone.

Attention to the details will avoid the otherwise inevitable dropped balls, resulting delays, and closing encounters of the worst kind.