Once your offer has been accepted, the excitement kicks in, and the countdown to closing begins. But before you can get your keys, you’ll want to be cautious of any roadblocks or setbacks that could cause a delayed closing and postpone your move-in date. You’ll want to rethink purchasing that beautiful new couch and hold off on planning those backyard additions before the title has been cleared. From appraisal issues to home inspection roadblocks, there’s a lot that can go awry before finally closing on your property. So how can you avoid a delayed closing? Be aware of these 7 common issues that could set back your closing date.
What does delayed closing mean?
Unforeseen circumstances can arise throughout the homebuying process, and depending on how long it takes to resolve the issue(s), it could result in your home not closing on time. Sometimes when a homebuyer wants to close on the home as quickly as possible, it can lead to unrealistic contract dates. However, there are often unpredictable roadblocks that can arise during the closing process that will push back your closing and keep you from meeting your deadlines. For example, a termite inspection could show that there is damage that’ll require major repairs or the appraisal value of the home comes in lower than the price you offered on the home.
Although a delay in closing isn’t always the case, it’s best for both buyers and sellers to be aware of the common reasons for delayed closings.