Prevent Real Estate Closing Delays


It is a jarring experience to find that, after weeks of planning for a certain move-in date, that your new home's closing has been delayed for whatever reason. If you're already in this situation, well you know how frustrating it is to have to deal with whatever legal or other blocks to your finally setting up residence in your own home is! If you're not, here are some tips (no doubt you delayed home owners are groaning and nodding your heads) to avoid frustration and loss of money while you try to find a place to live and storage for your belongings.

Closing delays can happen for a variety of reasons, which is why it 's hard to give general advice in dealing with them. We can only try to prevent undertaking a real estate transaction that is fraught with problems such as existing liens, prior claims to the houses including ex spouses that seem to pop up at inconvenient times, miraculously materializing lawsuits and other charming situations that can tie up a home for years while people argue over who gets what.

One of the best ways to prevent from getting into a transaction that could be hard to pull yourself out of is to engage a real estate attorney to conduct your legal affairs. The expense of this is well worth it when you think of the money you could have to spend finding temporary lodging or fighting someone who decides not to sell at the last minute it happens! A good attorney will look over all the paperwork and make sure that you are protected in case something untoward happens.

Ensure that your mortgage loan is aboveboard and has no problems with it. If you are preapproved, ask for a list of conditions that you need to remain so. Do not make large purchases in the weeks leading up to your home sale. Avoid making major changes in your life it is best to schedule a home purchase well ahead of or well after weddings, births, job changes, etc. if you can manage it.

Make your purchase of the home contingent on it passing the recommended inspections. You don 't want to be fighting with the owner over a case of mold or rot or some other unpleasant, expensive structural detail. Also, an inspection that shows some defects in the home may work in your favor when it comes time to bargain about price.

The final walk through should also be a part of the home 's sale. Don 't close the sale until you have ascertained that everything that was to be removed including the former homeowner is removed and the home is in the same condition that it appeared to be when you decided to buy it. Make the sale contingent upon the successful completion of the walk through.

The best way to prevent delays in closing is to be prepared and do all your homework beforehand. Many closings are delayed through the failure of a person to prepare for their purchase of their home and to guard against actions by the seller that could materially affect their taking possession.