Picturing yourself walking away from the closing table with cash in hand? Sellers who list their homes have no guarantee of their home selling. Unfortunately, once you’ve found a buyer and agreed on a purchase price, there is still no guarantee of smooth sailing to the closing table. Right now we have a house under contract to be sold. It is supposed to close tomorrow, but because lenders are so busy, they had a 2-week delay in ordering an appraisal and then another 2 weeks to get the appraiser into the home. Needless to say, we are facing at least a one if not a two week delay.
There are a variety of reasons closings can be delayed. By being forewarned, you can be forearmed for these 6 things that can delay your home sale in Prairie Village.
Inspection
Unexpected issues found during the inspection of your home for sale in Prairie Village can cause delays in closing. This is why it pays to hire your own inspector. By facing any undiscovered issues head-on, you can deal with them in the best way for your set of circumstances. You can move forward with repairs or you can prepare ahead of negotiations by understanding the value each issue may have to the buyer, who will want to deduct this amount from the purchase price.
For the same house we mentioned above. The buyer had several inspection items that took us about 4 weeks to schedule different trades people to come over to the house and make repairs. We just got them done, but what if for example the window guy could not get the needed storm window replacement or we could not get a replacement microwave. Luckily we use our contractors on a regular basis and they will squeze us in between other clients. The average home owner can’t always get that done.
Appraisal
Appraisers let the lender know that the amount they loan on the mortgage note is secured by the real property, a low appraisal can cause a denial of the loan. Should the appraisal come back with repairs required before the closing can take place, this is another thing that can cause a delay in your home sale in Prairie Village.
We already mentioned we were facing delays because of the appraisal and many industry insiders are sharing with us that they are getting hit with delays for appraisals. The lenders and appraisers are so buy with refinances right now that they are backed up.
Credit
While your buyers may have been preapproved for the loan by their lender, sadly circumstances can change after the process of approving the mortgage actually begins. This can delay your home sale in Prairie Village. Buyers may have a change on their credit report which suddenly makes their qualifying status change as well. One issue may be that they have increased their debt to income ratio, by taking on more credit.
Title
Any issue that appears during a title search can delay your home sale in Prairie Village. Usually, the problem is with proving a clear title, due to liens from contractors. It could also be as simple as an error in the public records. Missing heirs can also cause issues should they suddenly come forward. Regrettably, forgeries can create an unclear chain of ownership which can be difficult to resolve. Another issue could arise during the survey process, other surveys than your own could show differing property lines. It’s best to clear any issue prior to listing.
We had this issue on a house a few months ago. We had to work an extra two weeks to resolve the poblem and on a house we purchased last week, we had to track down the seller’s divorce paperwork. We were lucky there because the paperwork had the right wording, but if it did not, we would have faced delays in tracking down the ex husband for a signature.
Open Permits
Open building permits on your property, even if the work was finished long ago, can delay your home sale in Prairie Village. You can simply walk into your county records department and find out ahead of listing your home about any open permits. Remember that patience is a virtue, and you’ll have plenty of chances to practice, due to the red tape you’ll likely encounter in updating your records, this process can take some time.
We had this once, we were upgrading electric of some sort for buyer requested repairs. We had to have a city inspector come take a look at our work and sign off on it and that raised a red flag that the furance did not have a permit. So we had to track down a furnace company who had installed the furnace a few years prior and get a copy of their permit to clear it all up.
Skip the Deadlines
Why wait at all? Don’t you want to avoid making simple mistakes that can delay your home sale in Prairie Village? Make it easy on yourself and sell to kcmoHomeBuyer instead! Send us a message or call (816) 408-3600 today to find out how we can help you!
HELPED ME THROUGH THE PROCESS
Words cannot express how Kim’s hard work has affected my family. After a death in my family, I was left with a home out of state that had been abandoned and no banks would even claim the loan! Kim helped me figure out how to determine ownership, what to do about the taxes, and how to clear up the loan status so the property could be sold. She helped me through the process every step of the way, despite my frazzled mindset after losing a loved one. There is no one better, she’s simply the best!