Avoid these scenarios when buying or selling a home, and your closing process will be smoother. Even when a sale seems like it’s a no-brainer, stay vigilant until the closing day to avoid mistakes that will drag out your closing. Your real estate agent will be key to helping you stay away from potential pitfalls that might derail the sale.
- Final Walkthrough Issues: The final walkthrough ensures all agreed-upon repairs are completed. Address any issues identified in the initial inspection report promptly.
- Last-Minute Back-Out: Buyers may back out last-minute. While this is out of your control as a seller, the earnest money is typically forfeited to the seller as compensation.
- Financing Falling Through: Financing issues cause nearly a third of closing delays. Preapproval is key to avoiding last-minute surprises.
- Title Problems: Title issues can arise from unresolved fines or tax obligations. Review and clear any potential liens.
- Missing Closing Disclosure Form: The Closing Disclosure outlines the buyer’s loan terms and closing costs. Title company or lender should send it to the buyer at least three days prior to closing.
- Closing Document Errors: Errors in closing documents, such as misspelled names or unexpected fees, can delay the process. Request to review documents in advance to catch mistakes early.
Early preparation and collaboration with your real estate agent to avoid these issues, ensuring a smoother sale process.