Potential Problems During Closing

Buying or selling home is an exciting experience, but it can also be stressful. The closing process is the most nerve wracking part of it all, and sometimes things go wrong. Whether the buyer has backed out of the purchase, or you find unexpected problems with the house after the purchase, some problems can be avoided by following a few tips.

1. Money Problems

When it comes to buying a home, most of us don’t have the large sum up front, so we have to rely on loans from a bank. Sometimes things can go awry in this process, such as problems with your down payment not being directly sent to the closing agent in time. This delays the closing process. To avoid this problem, you can use a cashier’s check and give it to the agent directly. This way you know that the down payment is paid and you don’t have anything to worry about.

2. Finding Problems at the Last Minute

You are only a day away from the closing on your new home and you are so thrilled that you decide to do one last walk through.  But, you discover problems with the home that you didn’t notice before hand. This can be a serious issue, depending on how major the problem is. The best way to avoid this is by hiring a professional to inspect the home before completely committing to the home. If problems are found with the home, negotiate with the seller on closing costs, to make up for the money that you will have to put into repairs.

3. Problems with Documentation

There are many documents that are written up when buying or selling a home. There are many opportunities for typing errors on important information like your name and loan amounts. This can cause major problems and delays with closing. To avoid this problem, ask to see as much documentation as you can beforehand, look for any mistakes in spelling or information. If you catch it beforehand, it will save you precious time.