You always hope, when purchasing a home, whether it be your first, second, or even fifth, that everything will go smoothly. With so many different factors and parties being involved in the sale, it leaves plenty of room for hiccups or delays.
To ensure everything goes smoothly on your end, ensuring all of your documentation is in order and everything is included will be the best place to start. As far as the broker, the seller, and other parties involved, check out the possible delays below that each one could experience that will delay the closing of your home.
· Loses or incorrectly prepares paperwork
· Fails to notify lender of unsigned or unreturned documents
· Doesn’t get HUD to buyer/seller for review of errors
· Omits important financial information on the application
· Income verification is lower than what was stated on the loan application
· Delivering incorrect documentation
· Doesn’t have a full down payment
· Delays projected move-out date
· Did not complete repairs agreed to in the contract
· Does not disclose hidden or unknown defects and they are discovered in the home inspection
· Delays access to property for inspection and appraisals
· Inspection report reveals pest damage
· Home is destroyed prior to closing
· Home is not structurally sound
· Property is incorrectly zoned
· Appraiser is too busy to complete appraisal on schedule
· Appraiser is not on the lenders “approved list”
· Inspector is not available when needed
· Inspection reports alarms the buyer and buyer cancels the sale
Anticipating hiccups while purchasing your next home will lead to less disappointment. If there are no hold-ups or delays while all the paperwork is being handled and inspections are being done, you will be less-stressed and even happier that purchasing your home was easier than you expected! Getting a realtor involved in the process is crucial to helping things go smoothly. Not only can they help you get all of your paperwork in line, they also can advocate for you and make sure things on other people’s ends are getting done.