The steps of buying real estate include getting preapproved for a home loan, searching for the right property and then making an offer and that is pretty much it, right? Not necessarily. Even the smoothest home sale transactions have had curve balls that nobody saw coming. With so many factors involved, there can sometimes be surprises that are unexpected. Here are 5 examples of things that can potentially slow down the sale.
Past due water bills – During the chaos of moving, sellers can sometimes forget to pay their water bills or think they don’t have to due to the upcoming sale. Most towns or districts issue monthly bills where others do them quarterly. Be sure that you are all paid up and continue paying to avoid any issues with your closing.
Freebies – Anytime anything is offered as free make sure you do your homework. For example, if you are using online lenders offering free title insurance make sure that there are no liens on the property. Things like this can throw off a closing date while the issue at hand is resolved.
Survey issues – What you see is not always what you get so getting a survey done of the property is sometimes a wise idea so that you know all details. This will help answer any questions that may arise.
Last minute damage – Things can happen. Anything from a major plumbing problem to damage from a storm. Any damage that happens right up to the closing is the responsibility of the sellers. Buyers should make sure that their home insurance policy commences on the day you take ownership to avoid any potential issues.
Major purchases – Getting the loan approved by the underwriter is usually the last major step for buyers, but this can also be where issues arise. Not all buyers understand that their credit is often checked again at the end of the process before closing. If your credit has changed from great to mediocre, that can compromise your mortgage. Buyers should be financially conservative until after closing and not make any major purchases.