If you want to buy a house, the first goal will be to search the real estate listings for a house to buy, and the second goal will be to close on it. Closing on the house is the day in which you take possession of the home you selected, but closing on a house is not always fast or easy. It can take several weeks for this to happen, but it might take even longer than this if there are delays in the process. Here are some of the things that can cause delays in the closing.
Your home inspector finds a big problem.
One thing that could cause a delay in your closing, or actually prevent you from closing altogether, is if your home inspector finds a big problem that was not disclosed on the original documents from the house listing. If there is a big problem with the house you want to buy, you have options. You may consider walking away from the deal, because inspection problems can allow you to do that without losing your earnest money. Another option is to have the seller fix the problem completely, but this could take time, delaying the closing of the house.
The appraiser comes back with an amount that is too low.
Another issue you could experience is a low appraisal. When a house's value is not high enough, the bank will often change the loan amount, and this could end up causing a delay in the closing. If the house you are buying is not worth what you are paying, you will either need to come up with more money for your down payment, or you may want to ask the seller to drop the price. In either case, this problem could cause delays in the process.
A problem is discovered with the title of the house.
Whenever a problem is discovered during the title search of a house, it will often lead to a delay in the closing on it. Title problems are big problems that must be completely fixed before the sale goes through, and there are times when deals fall through due to title issues.
Something is not right at the final walk through.
The other thing you could experience is finding a problem during the final walk through of the house. Performing a final walk through is a standard step in the process of buying a house, and you should not close on the house if you find a problem that should not be there.
Closing on a house can take time, as it requires a lot of steps beforehand. If you would like to avoid problems in this process, make sure you choose the right house and take the advice of your real estate agent.