5 Things That Can Slow Down a Home Sale
The steps to buying a home include getting preapproved for a loan, searching for the right place and then negotiating a deal until it is accepted and they you are pretty much done, right? Well not necessarily. Even the cleanest, smoothest transactions have had a curve ball thrown that nobody saw coming. As so many factors are involved, there can be some surprises that can be unexpected. Here are 5 examples of things that can potentially come up and slow down a sale.
Past due water bills – Sometimes during the hectic time of packing and a lot of paperwork, sellers can either forget to pay their water bills or assume they don’t have to due to the sale. Most areas issue monthly bills while others do them quarterly so be sure you are all paid up and continue paying to avoid any issues with your closing.
Freebies – Always be sure you do your due diligence and homework when anything is offered as free. For example, be sure if you are using online lenders offering free title insurance that you be sure that there are no liens on the property. Things like this can push out a closing date while the issue at hand is resolved.
Last minute damage – Let’s face it, things happen. Anything from a significant plumbing problem to damage from a storm or hurricane. Any damage that happens right up to the closing is the responsibility of the sellers. Buyers be sure your home insurance policy begins on the day you close to avoid any potential disasters.
Survey issues – What you see is not always what you get. Having a survey done of the property so you know all details regarding driveways, fences and the like. This will clearly answer any questions that may arise. Additionally, having a good idea of what work has been permitted is also important to know.
Major purchases before closing – Getting the loan approved by the underwriter is usually the last hurdle for buyers. This can also be where problems arise as well. Not all buyers realize that their credit is often checked again at the end of escrow. If your credit has gone from great to mediocre, that can be grounds for losing your mortgage. Buyers should remain financially conservative and responsible until after closing. Avoid any major purchases until after you have closed on the home.