As you are feeling the excitement of purchasing a new home, it can feel like a letdown to face delays that impact your closing timeline. This article is about the common problems that delay the closing on a real estate purchase. You are anxious to get settled into a beautiful home that you can share with your family. At the same time, there are certain steps that need to be followed to protect your financial outlook for the future.
Luckily, a good real estate agent can help you stay on track by minimizing the impact of potential problems that come up along the way. It is important that you choose an experienced team to help with the purchase, giving you the peace of mind to know that you can trust the advice that is offered. Here are some of the most common reason why your real estate closing might be delayed:
- Inspection Problems: If an unexpected problem shows up on the inspection, then it is important that these details are addressed before moving forward with the closing. A seemingly small issue could cost you thousands of dollars in the future. Luckily, the inspection will help you identify the problems so that you can build the repairs or expenses into the closing negotiations.
- Title Issues: When something shows up on the title of the property, then you need to proceed with caution. You should only buy a home if it has a “clean” title. Otherwise, you might be held liable to pay for liens or other issues. Often, these problems will delay the closing or make it difficult to get the financing that is needed.
- Obtaining Sufficient Financing: Most home sellers want to see verification that the buyer can pay for the property. A preapproval letter can be sufficient to show the qualification for the financing that is needed. But, there are still possible problems that might pop up and delay the financing. For example, the lender might request additional documentation that slows down the closing timetable.
- Completion of Agreed Repairs: Has the seller agreed to address specific repairs that need to be completed? If the seller is bound to complete the work, then the closing might be delayed until the work is finished. If it’s written into the contract, then you should wait to sign on the bottom line until all of the agreed steps have been fulfilled.
Yes, it is possible that you might encounter one or more of these problems. Additionally, there are many other scenarios that can impact the closing timeline for the property. But, these problems don’t mean that you won’t be able to buy the home of your dreams. Instead, you might need to be flexible in the way the closing is handled to ensure the satisfaction of all parties involved.
At DUFFY Realty, we have a proven system in place to minimize the delays as much as possible. If you are looking for an experienced real estate team in Atlanta, then we invite you to contact us as soon as possible: (678) 318-1700