Kristi C. Fuller Law, LLC
REAL ESTATE CLOSINGS FOR MONTGOMERY AND ALL OF ALABAMA
~|icon_phone~|elegant-themes~|solid
CALL US FOR YOUR REAL ESTATE CLOSING NEEDS
WE CAN ASSIST YOU WITH BOTH BUYING AND SELLING OF REAL ESTATE
OUR OFFICE IS CONVENIENTLY LOCATED IN MONTGOMERY ALABAMA
~|icon_pin~|elegant-themes~|solid
Office Location

5 issues that could prevent your home closing

On Behalf of | Aug 10, 2021 | Real Estate Closing |

When you’re ready to close your home’s purchase, one of the things you have to be aware of is that there are issues that could prevent the closing from moving forward. Prior to closing, your buyer may want to have inspections performed, for example. If anything goes wrong, then your closing could end up being delayed.

The following are five common issues that lead to delayed closings and what you can do to mitigate the issues.

  1. Termite inspections

If the buyer has a termite inspection done on your home and discovers termites, this could put an end to the purchase then and there. You can help move along the purchase and keep them interested by discussing ways to handle pest damage and to take care of them for good. If you can remedy the issue quickly, then you’ll be in a better position to get escrow to close.

  1. Clouds on the title

Clouds on your home’s title will slow down the closing process. You need to make sure that a title search is performed and that the property has no titles. If it does, you may need to resolve the issues before selling. For instance, if you have a lien on the property, handling the debt leading to the lien could have it removed.

  1. Failed financing

If the financing for the buyer’s mortgage doesn’t go through, then your home won’t go through closing. It’s smart to ask buyers for preapproval letters before accepting any offers.

  1. The home can’t be insured

Another issue could be if your home can’t be insured. For example, if it’s a fixer-upper, not all mortgage lenders will want to give buyers the money to invest.

  1. General errors

Finally, there is the risk of general errors. Any errors on paperwork or forms may end up delaying closing. Depending on who is at fault, penalties could be involved.

These are five issues that may prevent a closing on your property. If you run into trouble, remember that there are methods of resolving disputes and problems, so you can move forward with the sale.