Once you find the home of your dreams and decide on a price with the sellers, the journey of closing has just begun. Below are three problems that could stop your real estate closing from going through.
- Financial Change
Many lenders keep track of your financials with an eagle eye once closing starts. If you lose your job or make a large purchase (like a car), then this can disqualify you for the loan that you were already approved for. Try not to make any drastic changes in your job or spending once the process has begun. If you happen to change jobs, notify the lender immediately and send the necessary paperwork (they will check before the final signing and if you’re not upfront with them it can cause legal problems as well as guarantee that they will never lend to you again).
- Unforeseen Home Damage
Once you sign on to buy a home, do not skip the inspection. There are several companies out there that perform whole-house inspections. This is crucial because sometimes the damage is invisible unless there is a trained professional looking for it. This could include raccoons living in the attic, carpenter ants, foundation damage, or damaged electrical wires.
Just because there is unexpected damage, a nest of carpenter bees, for example, it doesn’t always spell the end of a buyer’s journey. You can negotiate with the seller to repair any issues that come up during the inspection.
- Unable to Sell Current Home
Some sellers will allow a contingency for you to buy if you sell your current home. If you can’t find a buyer, then you can back out of the deal (whether you want to or not).
Closing Is A Process
Real estate experts like Paul Daneshrad knows that there’s nothing more exciting for a buyer than to get those keys and walk into their home for the first time. But it’s a process to get there. If you skip a step or overlook something, like a full home inspection, you could be paying for it for years to come. Give your closing the time that it needs so you can enjoy your new home without squirrels burrowing into your attic.