Selling and buying real estate is a stressful process. On one hand there is excitement to move yet on the other hand there is the built in stress due to many components in the process that bring in uncertainty.
Many things can go wrong in a transaction. Some can be easily controlled, some are out of control for many reasons. So plan the move accordingly. Remember that the closing date on the contract is just a tentative date. Right professionals on the team to guide you properly are critical to help make this process as smooth as possible.
Here are few things that can go wrong and delay the closing or even kill the transaction!
1. Mortgage/financing issues: The buyer may not get a mortgage due to last minute discoveries, loss of job, lack of funds due to uncontrollable circumstances such as loss in stock market, etc.
2. Appraisal issues: The bank may not appraise at the price it sold for thereby putting the deal in jeopardy!
3. Inspection issues: This is one of the major sticking points in transactions. Seller thinks the home is perfect, the inspector thinks the home is falling apart, the buyer is nervous and does not want to proceed.
4. Certificate of occupancy (CO) issues: Not applying for inspection in timely fashion or failing inspection due to lack of permits or otherwise.
5. Lack of communication between parties: A good Realtor, a good attorney, a good mortgage rep, all are critical in the process. Their value is only known when the need arises.
6. Final walk thru issues: Often things are not completed as promised or new discoveries prevent the closing till an agreement is made to resolve the issues. And that results in a delay.
While these are few common reasons, there can be other unknown issues that come up. The best is to keep your Realtor in the loop and let them guide you based on their expertise.
Have questions? Ask us and we will do our best to help. Ontrack Realty is a licensed real estate broker serving clients with honesty and integrity since 1994. Call our team of full time successful Realtors at 732.494.2211 and Experience the Difference!
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Selling, buying, renting? There is only one number to remember, 732.494.2211.
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