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July
3
3
5 Things That Can Jeopardize Closing on Your New Home
You've scoured the local real estate market searching for Brighton homes for sale and found the perfect home: The one that makes you excited to envision your future life. But wait! It's not quite over yet. You still have to close on your new home to make it official, and there are a few things that can jeopardize that event. Make sure to avoid these five things:
- Low appraisal. One of the biggest factors that influences closing on your home is the appraisal. The mortgage company won't invest in something that is overvalued. That means you would start out owing more than your house is really worth, which is a bad situation for you and the lender. So an appraisal that comes in below the agreed-upon purchase price can really cause a problem. At best it will cause a delay until the seller agrees to the new lower price. At worst it will kill the sale entirely.
- Financing falling through. There is a reason you got pre-qualified for that mortgage. While it isn't a guarantee, it does make things easier. There are a lot of ways financing can delay or stop the closing process. Spending too much money during the home buying process, down payment issues, gathering additional information and documents, settling collections accounts changing jobs and opening new lines of credit are just a few examples. Not having options in place ahead of time and not being financially responsible during the house buying process can mean you risk not being able to get the house at all.
- You can't sell your current home. Since most people can't afford two mortgages, the purchase of a new home is often contingent on being able to sell your current home. If your buyer can't get financing, backs out or you just can't find one, it will mean you can't close on the home you're buying.
- Title issues. This can come in the form of a tax lien, an unreleased lien from a past mortgage that has been paid off, other liens or errors on the title. Depending on the issue there will at least be a delay, often at least a few weeks. If legal action is involved, it will cancel the sale entirely.
- Damage to the home. It is the responsibility of the buyer to make a reasonable effort to ensure the condition of the home is the same as it was when you agreed to buy it. If there is storm damage or other damage that occurs in the interim, it will have to be repaired prior to closing.
Our REALTORS® will be by your side throughout the process of buying a home. Contact us today to get started with your home search.