WHAT ARE SOME POSSIBLE ISSUES DURING CLOSING?
March 21, 2020
Buying a house can be a very stressful process. Until you have the keys in your hand and all paperwork finalized, there is a chance that something could go awry. When you finally make it to the closing, you may have a false sense of security that everything will play out as you planned, but there are plenty of roadblocks that could still come up.
According to Zillow, you may be able to prevent issues in closing by making smart moves and taking certain steps throughout the other steps in the buying process. However, you should make yourself aware of the potential issues so that you can plan ahead.
Requests from Your Lender
Sometimes, when you think that your mortgage loan is ready to go, your lender will spring something else on you. It may request further documents or information. This can present some issues and delay your closing if you cannot get the requested items to lender fast enough. This often happens when you fail to stay on top of your loan. You should check in occasionally when your lender to make sure everything is in good shape and to avoid last-minute requests.
It is essential that you make sure you have every document you need before you go into your closing. You should work with your real estate agent to double-check you have everything you need. You also need to be sure all documents are accurate. Any error, even a small one, can set you back at closing.
Final Walkthrough Problems
Before your closing, you will do a final walkthrough of the property. This is to check that everything is still as it should be. You can also make sure that the seller did anything he or she agreed to do, such as painting or making repairs. If you find something is not right, this could delay the closing. It is tough to avoid this issue because you do not have control over what the seller does, but you can make sure your real estate agent stays in contact with the seller’s agent to check up on the progress of things.