Perhaps you have found your dream home after a long search, and the closing is imminent.
This is a big day, an exciting day, but it may not happen. Here are four issues that could delay the expected date of your closing.
1. An unrealistic date
You may have been relying on the closing date that appeared in the purchase contract. While you and the seller may have agreed on that date for the closing, it is not official. Closing normally takes 45 to 60 days after acceptance of the purchase offer and various issues can cause a delay.
2. Bank appraisal problems
A bank appraisal will occur any time there is a mortgage in a real estate transaction. The appraiser may find the need for certain repairs, and you and the seller will have to agree on the price and terms. Depending on the nature of the repairs, the work could take longer than expected.
3. Request for additional documents
It is not unusual for a lender to request additional documents, sometimes at the eleventh hour. Even if you as the buyer are pre-approved the lender might want to look at your bank or credit statements one final time, which could cause a delay in completing the transaction.
4. Final walk-through issues
The final walk-through occurs just before closing. First, you want to make sure all the work on the repairs has been done. You also want to know that the HVAC system, the appliances and the utilities are functioning properly. Any problems you find could delay the closing. However, just as you expect to encounter no legal missteps during that process, you expect to find that your dream home is in the best condition possible.