Selling a home is usually an exciting experience, but if you are a first-time seller, you may find the process confusing, even frustrating at times.
You keep glancing at the proposed closing date on your calendar, but that may very well change. Here are five issues that could delay the closing.
1. An unrealistic date
You and the buyer agreed to a certain closing date that appeared in the purchase offer. That date was only written on paper, not stone. Following the acceptance of a purchase offer, the closing will usually take 45-60 days. Your real estate agent should be keeping tabs on the progress of your sale and may see some snags developing.
2. Appraisal problems
One such snag could be the bank appraisal. If repairs to the home are recommended, workers will have to finish them before the closing can occur.
3. Title issues
Previous liens that you did not know about when you bought your home may exist. To forestall any problems in this area, you can request that your attorney perform a title search to ensure the transfer of a clean title to the buyer.
4. Additional documents needed
Your buyer may be pre-approved and even cleared to close, but the lender may decide to review documents like bank statements one final time, a decision that could easily affect the closing date.
5. A failed walkthrough
The final walkthrough is the time for the buyer to ensure that the home is in move-in condition. Usually, this occurs right before the closing date. The buyer will expect that the appliances, HVAC system, utilities and toilets are all functioning properly. Finding any kind of problem may delay the closing.
Anticipating a done deal
You are obviously anxious about the closing date, especially if you are a first-time seller. However, you can rely on the expertise of your real estate agent and the guidance of your attorney to ensure that the events leading to closing transpire in a timely fashion and that you will experience few, if any, delays.