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What could go wrong when closing on a real estate deal?

On Behalf of | Oct 12, 2022 | Blog |

Reaching closing day is a huge milestone in your property purchase. While it may seem like you have finally jumped through all the hoops and navigated all the challenges, surprises can still come up.

The last thing you want is to deal with issues when you are trying to close the deal. Zillow explains there are a few problems that can put a snag when finalizing your real estate purchase.

Title issues

You should be aware of any potential problems with the title. The title company will complete a report near the beginning of the buying process, which you have a right to see. Look it over and identify any possible issues. Make sure everything is clear when you go to the closing table.

Mortgage issues

Another common problem is getting to closing and your lender suddenly needs a missing document or is not quite ready with your mortgage. Check ahead of time that everything is ready to go. Make sure your lender is on top of things and has the paperwork ready to finalize when the day comes.

Home issues

You will do a final walkthrough to make sure everything with the home is ready to go and as agreed. If you notice something is wrong, it can set the whole process back. Make sure you have a plan in place to handle this type of situation, including how to hold the seller responsible for fixing any agreed-upon issues.

Problems popping up throughout the buying process are not really uncommon, but when you reach closing day, you want everything to go smoothly. When issues come up, it can be frustrating and could further delay finalizing the deal, so make sure you handle potential problem areas ahead of time or have a plan in place if they should suddenly appear on closing day.