You have chosen your dream home, and you anxiously await move-in day. You look forward to the closing, but will it ever happen?
Here are six situations that could cause delays in your closing date.
1. Unrealistic date
The closing date that appeared in your purchase offer may have been unrealistic to begin with. Following an accepted offer, it normally takes 45 to 60 days for the closing to occur because there are usually a number of variables involved.
2. Appraisal problems
To obtain a mortgage for the home you wish to buy, you will need a bank appraisal. Make sure your real estate agent is following up with the lending institution to ensure they complete the appraisal in a timely fashion.
3. Instrument survey issues
Your attorney can perform a review of an instrument survey, which is basically a drawing of the land your home occupies. One of the most common problems is a boundary line dispute. The parties involved should at least sign an affidavit of understanding about the dispute, but they may be out of town or otherwise unavailable, which could delay your closing.
4. Additional documents needed
Even if you are pre-approved for a mortgage, the lender may require further documents at the last minute, such as more bank statements.
5. Neglecting to perform repairs
A delay in closing often occurs because the seller either forgets to make agreed-upon repairs or simply fails to do them. Once again, your real estate agent should be on top of this situation.
6. Walk-through blues
A final walk-through is critical for any buyer. You want to be sure the HVAC, utilities and appliances are functioning properly, that the toilets work and that agreed-upon repairs are finished. An unexpected glitch in any of these areas could delay the closing.
Rely on seasoned professionals to do their job, but depend on your attorney to oversee the whole process of purchasing your new home. You want to be well-prepared for your closing and that much-anticipated move-in day.