Recently, Realtor Magazine published an article called “Clearing the Closing Hurdles.” This article named the 5 of the most common problems that are causing closing delays. They are:
- Financing falls through at the last minute
- Appraised value doesn’t support contracted sales price
- New lending and closing regulations create delays
- Title can’t be transferred at closing
- A home inspection uncovers serious issues
You may ask “how common are these issues?” and I would answer that 7 out of 10 closings are delayed because of these very issues. In the last year we have experienced many delays in closing due to these items. If you are thinking of buying/selling a home, it is a good practice to prepare yourself that these items may come up. As your REALTOR I can help you minimize the chances for closing delays/hurdles. If you have any questions about how to diminish the chances for delays, contact me.