Buying a home is supposed to be an enjoyable experience. However, if things take a turn for the worse at the closing table (or the days leading up to it), you’ll soon find yourself questioning the entire process.
The more you prepare for your closing, the easier it is to hedge off problems that could cause a delay. Here are some of the many things that could get in your way:
- Poor home inspection report: You’ll typically receive this well in advance of your closing, so it’s critical to take action without delay. For example, if there is termite damage or an issue with the foundation, quickly settle on a solution. This can include the seller agreeing to fix the problem or you walking away from the deal. Don’t let the issue linger to close to closing, as it will only result in a delay.
- Funding falls through: Most people use a mortgage to purchase a home, so you need to line up funding as soon as possible. Also, check in with your lender as your closing day creeps up, to ensure that everything is going as planned.
- Title issues: If there is any type of issue with the title of the home, take a step back. You don’t want to close on the home, as this could make you responsible for the issues. Even though title insurance protects you and the lender, it doesn’t mean you want to purchase a home with a cloudy title.
- The seller backs out: Maybe they have a good reason for wanting to back out of the deal, such as a job loss prohibiting them from buying another property. Or maybe they simply get cold feet. Regardless, this could happen at the last minute, thus leaving you with nothing more than lost time and money.
If anything goes wrong during the days leading up to the closing or on the closing day itself, don’t feel pressured to take action. It’s best that you learn more about the situation so you can devise a plan for moving forward.
Depending on what’s gone wrong, you may be able to take legal action as a means of protecting your financial interests. It’s important that you never let the seller get the best of you.