Picturing yourself walking away from the closing table with a big fat check in your hand?
It’s a great feeling, and I hope everyone who’s reading this article gets to feel it multiple times in their lives!
But sellers who list their homes have no guarantee of selling it quickly, or at all.
Even if you’ve found a buyer who tells you, or your Greenville NC real estate agent, that it’s their dream home and they’ve agreed on a purchase price, there is still no guarantee of smoothly sailing to the closing table.
There are multiple reasons that closings can be delayed and they can certainly happen to you…
By being forewarned, you can be forearmed for these 6 Things That Can Delay Your Home Sale In Greenville.
Unexpected issues found during the inspection of your home for sale in Greenville can lead to big delays in closing.
Even if the things you see happen to be in perfect working order, there are things that an inspector can pick up on that could cause problems…
That’s why we recommend that you hire your own inspector prior to listing the property.
Yes, it’s an additional $400, but get over it…
The information that you’ll gain from having them do a preliminary walkthrough of your house is invaluable!
They can spot things that you can go ahead and fix before your house hits the market, so as not to delay your home sale.
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.
Keep in mind that the buyer’s real estate inspector may find other things that your inspector didn’t notice, and that’s okay.
Just remember what your goals are and the problems you find along the way will seem small and easily fixed.
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.
And what is written in to most real estate contracts?
“Contingent on bank financing.”
But this makes sense.
Since very few people have cash on hand to buy properties outright, they have to go to the bank for financing.
I’m sure you’re doing the same thing!
That being said, if the appraisal comes back with repairs required before the closing can take place, that could cause more delays in your home sale.
Having your own appraisal done before hand is an option, but the bank will not use your appraisal for the buyer’s assessment, so you may as well not waste your money.
Having your Greenville NC real estate agent complete a Competitive Market Analysis (CMA) will work just as well and you’ll pay $50 or nothing at all for the service.
While your buyers may have been preapproved for the loan by their lender, circumstances can change after the process of approving the mortgage actually begins.
This act as a big drag on the situation and delay your home sale in Greenville.
Without notice, buyers may have a red flag pop up on their credit report…
This can change their “qualified” status in the blink of an eye and throw them into “not qualified” territory!
One issue may be that they have increased their debt to income ratio, by taking on more credit.
Regardless of what triggers the situation, you may soon find yourself looking for another buyer who can qualify to purchase your house.
This will add even more time onto the process and create a big headache for you…
Any issue that appear on a title search will delay your home sale in Greenville.
These come without warning because most of the time only attorneys will find these subtle nuances that are linked to your property.
It could be a contractor who completed some work and forgot to take the lien off of your property, but it can also be a loan that’s defaulted and is sitting in limbo.
It could also be as simple as an error in the public records.
Missing heirs can also cause issues should they suddenly come forward.
If you inherited the property and it wasn’t specifically documented in your loved one’s will that you’re the sole owner of the property, that property goes through probate and a part of its ownership is passed on to all heirs of the deceased.
Regrettably, forgeries can also create an unclear chain of ownership which is even more difficult to resolve.
Another issue could arise during the survey process, other surveys than your own could show differing property lines.
Having an attorney run a title search is a good idea before listing your property.
This could cost anywhere from $100 to $200 in Greenville NC.
Open building permits on your property, even if the work was finished long ago, can delay your home sale in Greenville.
You can simply walk into your county records department and find out ahead of listing your home about any open permits.
Unless you’ve specifically opened them yourself or hired a contractor, this may not be an issue.
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.
The wheels of government spin slowly, and that’s one thing you’ll definitely figure out when discussing permits with them…
When you are closing on a real estate transaction, there are deadlines for documents to be submitted that simply cannot be missed.
Many of these forms are required legally by either federal or state guidelines, so it’s best to become familiar with these forms and when each is needed, as well as where they should be directed.
Should a target date be missed, this can delay your home sale in Greenville.
This is a huge responsibility so you’ll want to be certain you stay on top of all the timeline requirements for the paperwork and be sure to beat the clock.
Why wait at all?!
Don’t you want to avoid making simple mistakes that can delay your home sale in Greenville?
Make it easy on yourself and sell to Pitt Home Buyers instead! Send us a message or call (252) 227-0274 today to find out how we can help you!