Ready to close but hitting unexpected delays?
Here’s why real estate closings can sometimes hit a snag:
1. Time-Related Issues:
A clear title is essential for property ownership. Unexpected liens or encumbrances can significantly delay a closing. Proactive measures like release tracking and curative services can help identify and resolve these problems early on.
2. Mortgage & Financial Hurdles:
Even with pre-approval, mortgage issues often arise. Required documentation, changes in financial circumstances, and discrepancies in closing figures can prolong the process. Timely communication between buyers, sellers, and lenders is crucial to avoid last-minute surprises.
3. Property Valuation Challenges
Appraisals play a pivotal role in determining a property’s value and influencing loan terms. If a home doesn’t appraise as expected, it can lead to delays as parties negotiate repairs or seek a new appraisal.
4. Survey and Property Boundary Disputes
Instrument surveys can uncover property boundary disputes involving fences, walls, or encroachments. Resolving these conflicts through signed affidavits is necessary before closing.
5. Inspection Findings and Repair Issues
While home inspections are typically conducted early in the process, issues may resurface during the final walk-through. Unresolved repairs or new problems can delay the closing as parties work to address the identified concerns.
Planning to make a move? Contact us now at SHEA PREFERRED REALTY GROUP
