Generally, it is beneficial for both buyers and sellers to reach a fair agreement that can be closed efficiently. Often, this is how real estate purchases work out.
However, not every deal is smooth sailing and there are certain things that can get in the way. Outlined below are some common factors that can delay a real estate closing.
Mortgage issues
Typically, buyers are preapproved for a mortgage before making an offer on a piece of real estate. There are usually certain conditions attached to gaining full approval.
For instance, the buyer may have to provide further documentation to the mortgage company and proof of income before they sign off on the deal. If something goes wrong in this process, it can throw a kink in the works and potentially cause the transaction to collapse.
Problems highlighted by inspections
It’s not unusual for multiple home inspections to be carried out during a real estate transaction. Issues may have been highlighted early in the process, with the seller guaranteeing that they will be resolved by the time it comes to closing.
If a further inspection finds that the issues have not been fixed, or further structural damage or hazards have come to light, it could result in the deal being delayed or even falling apart altogether.
Whether you are buying or selling real estate, it’s important to recognize any potential obstacles that you may face. Seeking legal guidance will help you to prevent such issues and resolve them quickly should they arise.