Here we will count down the top 5 things than can go wrong with closing.
5. Walkthrough – you go to do your walkthrough before closing to make sure that everything is as it was when you signed the purchase agreement and any items that you asked to be repaired have been repaired. You get there and find out the stove doesn’t work, the seller took the refrigerator that they agreed to sell and none of the repairs we done. This will definitely hold up closing trying to get all of this sorted out. Money will need to be placed in escrow to cover any issues that still need to be fixed and deadlines will have to be extended.
4. Title Search – make sure that the title search has been completed with plenty of time to fix any issues that may arise. This is where your closing attorney has someone go through and make sure there are no defects on the title that would hold up the property from being sold. If the title search was done at the last minute and there are issues, these sometimes take a while to fix and will hold up closing.
3. Wire – the wire needs to arrive within a certain window of time for closing. If for some reason your lender has an issue with the wire, this can hold up closing or cause both parties to re-close. Double check with your lender and closing attorney to make sure all parties have the correct wire information and timelines.
2. Fees – make sure you get a copy of your HUD in advance so you can look over all fees and ask questions before closing. Your lender and closing attorney will have fees that will be charged on the HUD. Also, there will be charges from the city, insurance, surveys, and transaction fees, among other things that are charged on the HUD. You don’t want to go to the closing table and have a surprise fee on there that may hold up closing.
1. Lender Package not ready – one of the most common things that can bump a closing is the lender package not being ready. When the loan process comes to an end, there are a lot of loose ends that have to be met and this can sometimes cause delay. You may be scheduled to close at 11am, but your package isn’t ready until 3pm from the lender and the closing attorney already has closings booked for the rest of the day. This may bump you to the next day.
Our agents can help point you in the right direction to make sure that you have a lender and closing attorney that are working for you!