Whether you are buying or selling a home, you are probably anticipating a certain closing date.
However, closing dates are not cast in stone. Here are five issues that can cause a delay in the proceedings.
1. Unrealistic closing date
It normally takes between 45 and 60 days after the acceptance of a purchase offer for the real estate closing to take place. There are many variables involved, including the type of financing the buyer is using. Your real estate agent can advise you about a realistic date.
2. Appraisal problems
A bank appraisal can delay a closing due to needed home repairs or a cloud on the title. An attorney can help ensure there is a clean title on the property.
3. Survey issues
A discrepancy that turns up during an instrument survey can delay your closing date. Boundary line or encroachment disputes are among the most common issues that arise during such a survey.
4. Lender review
The lender may decide to review credit and bank statements one last time, even if a buyer is pre-approved. This is a frustrating activity that could delay the closing.
5. Final walk-through hiccups
During the final walk-through, the buyer should find that everything works—HVAC, appliances, utilities and toilets—and that agreed-upon repairs have been made. Any outstanding issues could cause a closing date setback.
Looking ahead
Whether you are about to purchase your dream home or are looking to move on after a residential sale, you want the transaction to go as smoothly as possible. When you rely on a combination of legal guidance and real estate know-how, you can avoid a possible delay and look ahead to the closing with confidence.
