Why indeed? You have been working your way down the lkist of things necessary to own your new home. You made sure that the lender had everything they needed from you, including the rights to your first born child! All the utilities are set to switch over to you on the day of closing, check. You have looked over your preliminary closing statement (HUD1) nd everything is now in order. You walked through the house before closing and almost everything is in order. STOP! Almost?

At this point your real estate agent may advise you to delay your closing. If you have asked for repairs to be made to the property you are purchasing and they are not quite done, and you do not feel they will be complete by closing, it may be best to delay a day or two before you close. Why?

After you close on your new home you (and possibly the bank) now own the home. The obligations of the seller to make the agreed upon repairs has disappeared. The seller can walk away and the repairs may never be made. When your agent suggests that you should delay your closing, please listen closely to him or her. No one wants a delay, and it can cause some confusion for all parties, but by suggesting this delay, your agent is trying to protect your interests.

Make sure that when you do your final walk through of your soon-to-be-new-home that you check to make sure all repairs are final and done to your satisfaction. Otherwise you may find yourself finishing up these repairs. 

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

 
This post has been included in Georgia Real Estate News Cherokee County, GA Real Estate News
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3 Comments on Why would you cancel a closing?

APR
30
2012
269,968 Points 15 Featured Posts Localism Sponsor Outside Blog Called Shot Master

I just did a walk-thru for a realtor who is on vacation. I represent the seller and she represents the buyer. But I wanted to help out. All buyers should get the chance to view the home before closing.
10:35am • #1
468,135 Points 8 Featured Posts Outside Blog Called Shot Master

That is exactly what I told my client yesterday. Please trust me, I am here to advise you and help you. We are on the same team so when I tell you something please listen and do it.
7:56pm • #2
413,197 Points 16 Featured Posts Outside Blog Called Shot Master

It is all about the communication and working as a team!!!
8:24pm • #3


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