It can seem like a long road between when a seller accepts an offer and when you can close on the sale of the home. While acceptance is an important milestone, many situations can still cause the sale of a home to fall through.
Whether you represent the buyer or the seller, it is essential to help your client to get to a closing day that they can be happy about.
Here are some of the most common issues that come up before closing.
Getting good financial advice
Although you may know some of the common mistakes that people make when they are about to close on a house, you may not be the ideal person to provide that information. Instead, you may want to put your client in touch with a reputable financial advisor who can give them the guidance they need so that they do not make any mistakes that could create an issue with the lender.
At closing, the buyer should purchase title insurance and conduct a title search on the home. Title insurance protects the purchaser and the lender if any issues arise after closing.
When there are issues with the title before closing, it may not go through. The search will look for problems, such as:
- Mechanic’s liens
- State or federal tax liens
- Other claims on the property, such as a relative or co-owner
In some cases, the seller may be able to resolve issues with the title that come up. Still, title problems are a significant reason that a sale may not make it to closing.
Whether it is the official inspection or the final walk-through, several issues could come up that could delay the closing or cause the buyer to back out completely. When problems come up, you will want the buyer and seller to come to an agreement quickly and efficiently.
While some remedies may be simple and take only a few days, other issues could become a significant sticking point. Whether you represent the buyer or the seller, you should talk to your client about these potential issues and be prepared to help them negotiate a solution if they arise.
Your clients count on you to help them get through to closing on the home of their dreams. It is essential to have a skilled professional’s support when dealing with some of the issues that can get in the way of closing.