NAEBA says buyers should move now to close by year-end

The National Association of Exclusive Buyer Agents says home shoppers who want to close before Dec. 31 need to start early, get pre-approved and hire their own agent before touring homes. The warning also highlights the risks of dual agency as winter deadlines squeeze financing, title work and document reviews.

Why it matters: - Buyers aiming for a year-end closing have less room for delays from financing, title work and holiday office closures. - Choosing the wrong representation can put a buyer’s finances, negotiating power and deposit at risk. - Winter market conditions can still give buyers leverage if they are prepared and working with an agent who represents only their interests.

What happened: - The National Association of Exclusive Buyer Agents urged buyers who want to close before Dec. 31 to get organized now and hire their own agent before falling in love with a home. - NAEBA board members Victoria Ray Henderson, owner and broker of HomeBuyer Brokerage in the Washington, DC area, and Justin Gramm, owner and broker of Globella Buyers Realty in San Diego, discussed the issue on NAEBA’s podcast, Listen Up Home Buyers! - The guidance focused on the timeline for year-end closings and the risks of dual agency.

The details: - Cash buyers can move faster, but Gramm recommends allowing about 14 days or more for due diligence. - An accepted offer in the first or second week of December is a realistic cutoff for many cash purchases. - Financed purchases usually take longer. - A 20-day closing is very fast, 20 to 30 days is common, and some loans take up to 45 days. - Holiday closures at lenders, title companies and county recorder offices can add delays. - Buyers who are not already pre-approved are at a disadvantage. - A year-end close is most realistic for buyers who have already toured homes, know their target area and are ready to make an offer. - Condos, HOAs and co-ops add another review step. - Henderson said association documents need to arrive early because lenders, title companies and buyers all need time to review them. - Gramm said special assessments of $5,000 to $10,000 can become major financial surprises. - HOA rules on pets and rentals can also affect a purchase. - Gramm said it is not always the best decision to rush a transaction just to close quickly. - Winter inventory is often lower, but Henderson said sellers on the market often really want or need to move. - Henderson said she has negotiated seller concessions, inspection credits and repairs for buyers during winter months. - A common mistake is to work with the listing agent after meeting at an open house. - That can create dual agency, where one agent or company represents both the buyer and the seller in the same transaction. - Gramm said buyers and sellers have competing interests, which makes it difficult for one agent to give both sides the fiduciary duty most states expect. - Henderson said buyers can end up sharing finances and priorities with an agent whose job is to get the seller the highest price and best terms.

Between the lines: - NAEBA is arguing that the fastest path to a year-end closing is not speed alone, but preparation and exclusive representation. - The message also reflects a broader warning: buyers who try to save time by skipping representation may lose leverage at the exact moment they need it most. - Exclusive buyer agents can help buyers evaluate late-breaking problems such as foundation, roof, mold or HOA issues without the pressure of protecting the seller’s timetable. - Henderson said exclusive buyer agents can tell clients, "I have your back in this transaction and in all transactions." - These agents also typically maintain relationships with loan officers, title and escrow companies and inspectors, which can help keep a compressed closing schedule on track.

What's next: - Buyers who want to close by Dec. 31 should interview buyer-side agents before touring homes. - NAEBA advises buyers to compare lenders early, request HOA or condo documents immediately and schedule inspections as soon as possible. - Buyers should be ready to walk away if major issues surface rather than let the calendar force a bad deal. - NAEBA says an experienced Exclusive Buyer’s Agent can still help a buyer land a home before the end of the year.