State Wide Realty: Top 5 Things that Delay Your Closing
Everyone is anxious to close on their home but many are amazed when they run into delays - first the lenders and the inspections, then the holidays roll around…..you find yourself thinking what's next? Here are some top things that can delay your closing so you know what to look out for.
1. Lenders – This can happen for a number of reasons, ranging from underwriter delays and appraisals not coming in as expected. Find out up front anything that you may need to provide to your lender and deliver requested paperwork in a timely fashion to avoid delays.
2. Inspections– or and can help prevent any delaysMany homeowners think that the home inspection covers it all. Don't make this mistake, although home inspections are important some contracts may require termite, well and /or septic inspections as well. Make sure that any problems reported in the inspections have been addressed before closing. * Be aware, most lenders require certain inspections such as termite/well tests to be completed within a certain number of days of closing and if closing happens after that they may require new tests to be done.
3. Holidays – Factor in extra time when scheduling your closing around a holiday. Many people forget about the minor holidays that close down city and county offices. Having your closing around such a holiday can delay the recording of your deed, which allows the seller and other parties involved to be paid.
4. Property not ready – Make sure that the seller has removed all items not conveying with the property out before closing. A walk-through with your State Wide agent before closing can help you see that the property is ready for you to move in. This should be done within a few days of closing so you can address any outstanding issues with the seller and not cause a delay in the closing date.
5. Time – the longer it stretches out the more likely the deal will never close!! If it doesn't kill it, time can still be costly. Many lenders charge the buyer a fee for every day past the closing date that a deal doesn't close….be aware of these clauses and make sure you meet the deadline or are ready to pay.
Let your State Wide Realty Agent help you through all of the steps to buying your new place. With over 375 years of combined experience they have been there and seen that when it comes to real estate transactions. Let our experience work for you by calling 434-392-6163 or visiting www.VaStateWideRealty.com today!