Possible Problems from Contract to Closing

The time between putting a home under contract and closing can present a variety of challenges. Being aware of these possible obstacles can help you prepare and even prevent some of these things from happening.

  • Acts of God such as tornadoes, earthquakes, flooding, fire, etc.
  • Appraisal is late
  • Family members are against the purchase or sale
  • Home inspection reveals unknown defects the seller is unwilling to repair
  • Home inspection reveals unknown defects the buyer is unwilling to accept
  • Leins are discovered prior to closing
  • Lender raises rates, points, or other costs prior to closing
  • Lender requires a second appraisal
  • Lender requires repairs prior to closing
  • The property does not appraise to the lenders satisfaction
  • Inspection reports are incorrect
  • Inspection report reveals radon, asbestos, mold or other environmental issues
  • The buyer is critical of the properties condition at walkthrough
  • Discrepancies in the buyers’ loan application
  • Buyer does not deliver earnest money according to the terms of the contract
  • Buyer does not execute paperwork in a punctual manner
  • Buyer does not agree with the terms of the loan
  • Buyer does not obtain insurance in a timely manner
  • Buyer does not qualify for financing
  • Buyer experiences change in employment, illness, divorce, or financial difficulty
  • Buyers motivation to purchase the property changes
  • Buyers source of down payment changes
  • Seller does not own 100% or the property as previously disclosed
  • Seller does not disclose defects that are subsequently discovered
  • Seller is unable to clear up problems or liens
  • Seller leaves town without giving power of attorney to anyone
  • Seller removes property from the premises that the buyer believed was included

 

These are just some of the many challenges buyers and sellers can face once their home is under contract. A REALTOR can help you navigate through these difficult situations. Give us a call and we can help you!