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Teresa Cowart Team | RE/MAX Accent
Teresa Cowart Team | RE/MAX Accent
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    • How To Overcome Closing Date Delays

    How To Overcome Closing Date Delays

    Common reasons why a home closing could be delayed, and how to help prevent it. The entire home buying process entails a lot of time and decision making. When it comes down to the real estate closing, it can almost seem like everything is finally in the clear.

    Unfortunately, as with most things, not all closings go perfectly and could have delays that might put buyers on edge.

    Below are some of the more common delays expected during the closing process and how they can be remedied.

    A real estate closing is the process of a buyer taking ownership of a property from a seller. It often involves a number of different people such as attorneys, real estate agents, lender representative, closing agents and title company representative. A great deal of paperwork will be signed, and money will be transferred. To say the least, it is not a quick process!

    Lender Additions

    In many cases a mortgage is not fully approved until right up to the very day of closing. For this reason, a closing may be delayed simply because the lender requires additional information. In situations like this, it is best for the buyer to communicate clearly with the lender to ensure they know exactly what is needed for the day of closing.

    Bonus! Anita Clark (Ga Realtor) gives us some tips on how to select a mortgage lender.

    Credit Issues

    Lenders, as mentioned above, will be finalizing the mortgage until the last moment and credit checks are an area that they can re-evaluate. It is advised not to make any large purchases during the home buying process that could affect your debt to income ratio or savings and checking totals.

    Even if it appears all is finalized with your mortgage, keep purchases at bay until the closing is finalized! You want your credit to look as it appeared in the earlier stages during the pre-approval.

    Bonus! Bill Gassett (Ma Realtor) provides this helpful article on the difference between a mortgage pre-approval and pre-qualification letter.

    Closing Date Chaos

    When the period between when an offer is signed by both parties and the closing date is too small, it is almost certain a delay will occur. The closing date is determined when the buyer submits an offer, and negotiations are made with the seller. There are a number of things to take into consideration in order to keep this date intact.

    Mortgage processes, home inspections and contingencies can all be timely and have to occur before closing. Making sure there is plenty of time to accomplish these items is key to preventing a delay. Real estate agents and lenders can help advise buyers and sellers to agree on a more realistic closing date.

    Bonus! Greg Hancock (SW Ohio Realtor) wrote an informative resource on closing date delays.

    Money Exchanging

    A buyer must come to closing with either a cashiers check or a wire transfer of money to officially purchase the property from the seller. It is very important that buyers know not only the exact amount needed for closing costs but also how long it will take to get the payment.

    Different banks may have different procedures in wiring money and the length of time may vary as well. Waiting until a few days before closing to secure the money may not be enough time. Reaching out to the bank and finding out these details in advance can help this situation.

    Appraisals

    Part of the home buying process is getting a home appraisal. If the home appraisal comes back at a lower than the agreed upon price, a delay can and will occur. Unfortunately when this occurs, somehow the difference from the appraised amount and the selling amount must be made up by either the seller or buyer.

    As a buyer, to prevent this it is important you work with a reputable real estate agent who can help advise you on offering a fair price on a home. Buyers can also request that lenders use more local and knowledgeable appraisers. This helps to ensure a more accurate appraisal is given. Another tip is to try and be there for the appraisal and inform the appraiser of any short sales or foreclosures that may affect the price of comparable homes sold in the area.

    Bonus! Debbie Drummond (Las Vegas Realtor) has put together an excellent article on how to handle low home appraisals.

    Home Inspection

    A home inspection is important for every home buyer to ensure the home they are purchasing is up to par and in sound condition. Once the inspection report comes back, the buyer can then request that the repairs be made or in some cases a seller concession may be offered. Getting the home inspected as soon as possible and communicating with the seller on the repairs regularly will help to prevent unexpected closing delays. It is better to know a week before closing that a repair is taking longer to accomplish than the day before!

    Bonus! David Cronin (Indiana Realtor) has written a helpful article on common home inspection questions.

    More Real Estate Closing Information

    • Top 10 Reasons Why a Real Estate Closing is Delayed – Kyle Hiscock
    • What Happens at a Mortgage Closing? – Bankrate

    More Articles for Home Buyers
    More Articles for Home Sellers

    Thanks for reading my blog! It is my goal as your full service real estate Realtor specializing in the Richmond Hill, Savannah, Pooler, and Hinesville – Georgia areas, to provide you with exceptional service at all times. My promise to you is to openly and honestly answer all your questions, help you navigate through the process and to make myself available to you day and night. I work for you and you are my priority. My local expertise and extensive real estate training and experience will benefit you whether you are serious about buying or selling a home at this time, or are a returning client checking out the many homeowner resources I offer. I am a “real” person and my reputation depends on every client, every deal, every day. I LOVE my job and it shows! You can also connect with me on my Facebook Page and/or Google Plus for area info and events, things to do, real estate news, home ownership tips, tips for both buyers and sellers, and so much more! I’m also on Pinterest!

    Written by Client Care Marianne McGinnity on November 15, 2016. Posted in Uncategorized
    Tags: Home Buying, Mortgage, Real Estate, Real Estate Closing, Teresa Cowart

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    Teresa Cowart Team is Savannah Area's most innovative real estate team.

    Teresa Cowart Team - Re/Max Accent
    7001 Chatham Center Drive, Suite 2400 Savannah, GA 31405

    Cell: (912) 667-1881
    Office: (912) 525-0900

    © 2021 Savannah Multi-List Corporation. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange program of the Savannah Multi-List Corporation. Information is deemed reliable but is not guaranteed accurate by the MLS or Teresa Cowart Team | RE/MAX Accent. Real estate listings held by brokerage firms other than Teresa Cowart Team | RE/MAX Accent are marked with the name of the listing brokers. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated: 2021-01-23T12:07:54.543.

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