You dread the thought of it, hoping you will never have to face these inevitable. But nearing that closing deal, you find yourself battling with anxiety. When something out of the ordinary strike, you’re immediately thrown off the edge.
The closing day can be relieving and anxiety-inducing at the same time. Finally, the stress will be over. But then again, what if something happens? In this article, you’re going to learn some common real estate closing problems and manage them.
- What Stays And What Goes?
It might not seem like a big deal, until when the new occupant shoves your favorite figurine into a box. This issue is common during real estate closing and can lead to no deal if the situation is not correctly handled.
If the item is not much of a big deal, you can let that slide. But if it isn’t, there are ways to solve the misunderstanding. To ensure something like this never happens, delineate in a contract what remains in the house. Be specific, so there won’t be any misunderstanding.
- Credit Challenges
Everything might be working pretty smoothly at first, only for red signs to start emerging from your credit scores. There have been cases; even approved mortgages can be withdrawn due to credit score problems.
Perhaps it might have been triggered by a job change, falling behind in paying bills, and even sudden cash infusions. To mitigate this issue, contact your lender day before the closing. You’re doing this to ensure there are no problems. Also, if there were, you would be able to discuss solutions.
- Title Insurance Issues
Most often, buyers and sellers are often ignorant of what title insurance is and why they are expensive. It could become a problem during the closing day and lead to the deal not going through since title insurance protects both parties and the transaction. Since costs are not often disclosed to buyers and sellers, it could become a problem on the closing day.
- Uncomfortable Closing Rooms
Although it might sound unlikely, numerous closing deals have failed to pull through due to a cramped room. If you’ve ever been in a stuffed place, you definitely wouldn’t want that to be the closing day.
There are lots of comfortable conference rooms you can hire. They will have comfortable seating and plenty of places to move around. With this, you eliminate the chances of this ever being a problem.
- Ugly Walk-Through
The inevitable can happen a day before closing, thereby pulling a surprise stunt as you walk into your property on the closing day. Perhaps there was a massive storm, or maybe a break-in. Whatever be the case, it amounts to one of the top problems of real estate closing.
No matter the magnitude of the issue, you can fix it. Don’t be shy to ask for a look-see after maybe a storm. If all fails, your recovery plan should be asking the seller to cover the cost of repairs.
Conclusion
Being ready for the inevitable has its advantages, as it eliminates surprises on the closing day. If you’re about to close a deal on the house, ensure, you’re one step ahead. Call Chang Legal Today!