Five Things that Might Delay a Home Closing
When a Cary, North Carolina property goes under contract, a closing date is generally outlined in the contract of when the house will be transferred from the old owners to the new ones. But sometimes, when the closing date officially arrives, not everything is in place for the final sale to occur.
This happens more often than you’d think, and it’s not that unusual for the closing date that is named in the contract to be pushed back a day, a week, or even a month due to previously unforeseen circumstances. And when it comes to what might make a closing date get postponed, there are a few top reasons and factors that can ultimately cause the delay.
Unrealistic Contract Dates
Sometimes, your initial contract date may be unrealistic, especially if there are items that need to be completed before the final sale, such as a home inspection or the buyer’s acquisition of a mortgage. Most closing dates should be set at least 30 days from the date of the contract, and this number goes up when there are other factors to consider. For example, if the buyers are getting a FHA or VA loan – which traditionally takes a little more time – a closing date that is 45 days away may be a more realistic goal.
Title and Survey
Titles and surveys can cause issues and delays, especially if problems or discrepancies are found in the days leading up to closing. Sellers can help mitigate these factors – and potentially speed up the closing process – if they ask their Realtor or attorney to arrange for a title search in advance, and / or order a new survey. This way, any errors or questions can be cleared up well before the home goes under contract.
A home inspection is a vital tool for buyers, and generally if there are maintenance issues found within the home, the buyers will request that the seller tackle these problems before the closing occurs. As such, when multiple repairs need to be made, the actual closing date may be postponed to give sellers ample time to address the tasks at hand. These delays can be avoided by the seller offering the home in “as is” condition, or by the buyers requesting money or a lower sales price to make the repairs themselves, after they have bought the property.
Getting a mortgage can come with its own set of challenges, as mortgage lenders must review the buyers’ credit history and score, finances and income, savings, and a host of other financial background information before the mortgage can be officially approved. But buyers can make this process easier by asking for pre-qualification and / or approval well before they make an offer. When you first talk to your lender, make sure you have your financial documents ready to go to save time, which includes your bank account statements, your annual tax returns, as well as several weeks of pay stubs.
Not Using a Cary, NC Realtor!
Regardless of whether you are buying or selling a home, a Cary Realtor will make your life infinitely easier! An experienced Realtor can spot potential issues before they become an actual problem, can line up reputable attorneys, home inspectors, and lenders, and can basically help every step of the way to the closing table.
So if you are buying or selling a home in Cary, NC, don’t go it alone! Partner with an established and experienced Cary Realtor to ensure that the transaction process goes smoothly, without unexpected or surprise delays.