Could my Closing Date be Delayed?

Arrowhead Title is the best title agency at the Lake of the Ozarks, and we are experienced in every type of real estate transaction. Today we have some great information on why your closing date might have to be delayed. It's never fun to have to change plans at the last minute, so being prepared can help you avoid these common issues. Read on to learn more!

1) Aggressive Timeline

Once you've made an offer on the house of your dreams and it has been accepted, then it is time to pick a closing date. If you are a first-time homebuyer, you may be surprised to find how far out this date can be. You have to make sure to provide enough time for the underwriters to request, receive, and review the materials they need. It is also important to allow inspectors and appraisers adequate time to perform the necessary inspections and report their findings. This timeframe can be about one and a half to two months depending on the details of the sale.

Plan for issues to come up during the closing process and give yourself plenty of time to adjust. It happens quite frequently that the date is set too soon and not everything is ready for closing. This means your closing date will have to be moved back, inconveniencing everyone involved including yourself. 

2) Issues with Inspection

Inspections are an important part of the real estate transaction process because they tell you a lot about the property you are buying and the condition it's in. During the inspection, something serious could come up that is a make-or-break issue for you. You can either back out of the sale, accept the issue, or ask the seller to fix the problem before the sale. This negotiation can take time itself, and the repairs can also take additional time to make. 

3) Problems Revealed in Underwriting

Underwriting is a complicated process that can make you feel very frustrated by the numerous questions, paperwork, etc. Underwriters have the job of making sure you are a reliable person to loan money to. They will review your credit history, banking statements, housing history, and much more. If any red flags come up, they will request more information or an additional explanation that is notarized to prove that what they have come across is not going to be an issue. This takes extra time with every additional request and can potentially delay the closing date. 

4) Closing Statement Discrepancies

Closing documents are given to both the buyer and seller ahead of time with specific closing figures that can be expected. You or the seller may have a disagreement about whose responsibility an amount is and object to the closing documents' accuracy. Negotiating the specific details of the finances can take quite a bit of time and delay the closing date. 

5) Title Issue

Arrowhead Title will do a detailed search to find out if there are any issues associated with the title on your property. While most title issues can be solved, it can take a long time and could potentially delay the closing date. The whole sale could even fall through if the problem can't be resolved or takes too long.

Title Resource at the Lake

Arrowhead Title does everything possible to make sure your closing is completed smoothly and on time. We are a trusted resource to have on your side for your next real estate transaction. Delays may happen during your closing process, but keep in mind that it isn't the end of the world. Even if the closing date is delayed by a week or two, you have found the home of your dreams and it is about to officially be yours. That's a great reason to celebrate! 


Popular posts from this blog

Title Commitment vs Title Report

9 Fun Facts About Title Insurance

Why Would I Need a Title Search vs Owners and Encumbrance