Damage caused by pests, low valuations, property claims, and defects detected during a home inspection can delay the closure. There may be cases where the buyer or seller resists or the financing fails. Other problems that may delay the closure include homes in high-risk areas or lack of insurance. One of the most common closing problems is an error in the documents.
It could be as simple as a misspelled name or a transposed address number, or as serious as an incorrect loan amount or missing pages. Either way, it could cause a delay of hours or even days. Problems with a bank valuation are a very common reason why the closing of a property can be delayed. The reasons why problems that arise from a bank valuation can delay closing can vary between a home that is in the process of being appraised and the buyer and seller unable to accept new conditions or due to repairs required by the appraiser.
When warning signs arise during home inspections, the buyer and seller should review the negotiations and decide what needs to be resolved before closing. Closures may be delayed if the seller does not complete the agreed repairs on time. A good real estate agent will keep track of the seller's agent to ensure that repairs are completed in time enough, but sometimes it's not in their hands. All parties must do their due diligence to ensure that this avoidable delay is resolved.
Most home purchases involve a home inspection, and if that reveals defects, this could cause the home purchase to fail or be delayed if the buyer thinks better. OVM Financial can help you finance your home purchase and help you every step of the home buying process.
