Special offer

Buyer's Tip: 5 Roadblocks to Closing

By
Real Estate Broker/Owner with State Wide Realty Co. 0225108792

Buyer's Tip:
5 Roadblocks to Closing

Everyone is anxious to close their first home but many are amazed when they run into delays - first the lenders and the inspections, then the holidays roll around…..you find yourself thinking what's next….TIME, it can kill a deal like nothing else!

  1. Problems with the lender –This can happen for a number of reasons, ranging from underwriter delays and appraisals not coming in as expected. Find out up front, anything that you may need to provide to your lender to avoid delays.
  2. Inspections not completed –Many homeowners think that the home inspection covers it all. Don't make this mistake, although home inspections are important, lenders may require termite, well and / or septic inspections as well. If you wait until closing to find out, you then have to find an inspector, get scheduled and then wait on their report.
  3. Holidays -Avoid scheduling your closing around a holiday. Many people forget about the minor holidays that close down city and county offices. Having your closing around such a holiday can delay the recording of your deed, which allows the seller and other parties involved to be paid. So, if the seller says "No check – no key", you may not get into your home for three or four days if you close around a holiday.
  4. Property not ready –Keep in mind when the writing your contract if repairs that you have put in as conditions are not completed the closing will not happen. Also many times homeowners will not complete other tasks requested by the buyer, so stay on top of any details that need to be completed by the sellers to close this may hold things up.
  5. Time Kills Deals –the longer it stretches out the more likely the deal will never close!! If it doesn't kill it, time can still be costly. Many lenders charge the buyer a fee for every day past the closing date that a deal doesn't close….be aware of these clauses and make sure you meet the deadline or are ready to pay.

Need An Agent that Can Help You
Keep On Track? Call State Wide Realty
at 434-392-6163 or visit
www.VaStateWideRealty.com today
To Get Started!

311 East Third St
Farmville, VA 23901
434-392-6163
www.VaStateWideRealty.com

 

Posted by

                                                        

 

 

Comments (5)

Gwen Fowler SC Lakes & Mountains 864-710-4518
Gwen Fowler Real Estate, Inc - Walhalla, SC
Gwen Fowler Real Estate, Inc.

Our latest thing was having to evict the owner after the sale, they refused to move even though they sold the property and got paid.  Their house was not ready for another 2 weeks and they thought they could just stay there until the new house was finished.  Their friends said it would take longer than that for the eviction.  We changed the locks and now are charging them rent for storing the furniture.  No one is happy.

Feb 16, 2024 12:27 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Larry Atkins those are all good points.  I would have probable not thought of the holiday one.

Feb 16, 2024 01:41 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Feb 17, 2024 04:49 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Larry and hate roadblocks but they happen and we need to explain what roadblocks could come up to our clients.

Feb 17, 2024 07:42 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Wow through the years I think I’ve experienced all of these (lol) ………………………….

Apr 03, 2024 06:24 AM