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! 

Location: VLG OF 4 SSNS, MO 65049, USA

Comments

Post a Comment

Popular posts from this blog

Title Commitment vs Title Report

Image
Do you know the difference between a title commitment and a title report? While these documents may sound similar at first, they actually serve very different purposes and should not be confused. As your trusted title company at the Lake of the Ozarks , Arrowhead Title is here to help clear up any misunderstandings you may have about title commitments and title reports. Title Commitments Title commitments are issued when someone is in the process of buying a home or piece of property. After the title search has been conducted (that is, after your title company has thoroughly researched the public documents for any pertinent information regarding the property), the next step is to issue the title commitment.  The title commitment is exactly what it sounds like: a commitment  to provide title insurance to the lender and the buyer under the terms described. The title commitment outlines the conditions and exceptions that will impact the title insurance policy. Conditions to
Read more

9 Fun Facts About Title Insurance

Image
Title insurance is a crucial part of buying real estate, whether a home, business, or commercial or residential plot of land. Without title insurance, your right to use and occupy your new property may be hindered by rights and claims asserted by others - potentially even years after the closing date. Despite its incredible importance, title insurance is largely misunderstood (if it's understood at all) in the general community. Arrowhead Title, Inc. is here to educate you on our unique industry by filling you in on these fun facts about title insurance. Fun Facts About Title Insurance 1.   Benjamin Franklin was the first person to come up with the concept of title insurance. 2.   Title insurance's primary focus is proactive, not reactive - it aims to prevent issues from ever arising in the first place. 3.   Title insurance is available in several other countries (not just the States). For example, it is used in Northern Ireland, Canada, Mexico, New Zealand, Austra
Read more

Why Would I Need a Title Search vs Owners and Encumbrance

Image
Purchasing your Lake of the Ozarks home can come with a few unexpected expenses.  When faced with the decisions of what title insurance to choose when buying your home, count on Arrowhead Title, Inc. , to help accurately answer the questions you may have.  O&E vs Title Search As a new home buyer, the question of whether to get a full title search or an owner and encumbrance (also known as a title report) may come up in your home search process.  It is important to first understand the difference between the two.  Owner & Encumbrance Owner and encumbrance reports are simplified non-insurance title reports designed for informational purposes only.  Also known as a property report, this report is a limited search of public records.  It does not provide any insurance. However, the title search does provide valuable information concerning the property such as the property’s most recent owner, taxes owed on the property, outstanding deed of trust, and possible liens. A
Read more