Common issues during a house closing

On Behalf of | Jan 6, 2020 | residential real estate | 0 comments

Most soon-to-be homeowners in Florida look forward to closing day and about owning a new home. However, there are common issues that can crop up in the days leading up to the closing, and even on the day itself. Knowing what these potential problems can be often helps the buyers clear them up quickly.

According to U. S. News, the final walk-through is one area in which problems can arise that may delay or even cancel the sale. A common issue is that the sellers did not complete the agreed-upon repairs. There are times when the sellers need more time to finish them, but they should communicate this much earlier than the day of the walk-through.

Utilities, HVAC system and appliances should be working, and the sellers should grant an allowance for repair if they are not. Some other issues buyers may discover during a walk-through include:

  • Major wall damage
  • Messy house
  • Items that should come with the house are missing
  • Unmaintained lawn

FindLaw discusses additional issues the buyers may come across around closing day. A big one relates to money. If the appraisal comes in lower than the mortgage loan, the buyers will need to come up with the difference. The bank may also refuse to grant the loan based off incorrect or fraudulent information on the mortgage application.

During the title search, there may be issues that thwart the closing. Buyers should also keep in mind that the sellers may change their mind. They may choose to stay in the house, refuse to make repairs or even sell to a different buyer. Frequent and honest communications among the buyers, sellers, mortgage lenders and realtors can help mitigate potential issues.