Between the time that you agree to a contract for the sale of the home and close the transaction, there could be a number of issues that could potentially threaten the deal. Here are some common real estate closing issues.
The major issue is that the buyer can lose their financing for the transaction. The lender may not fully approve the funding until near the closing date. The buyer could find out at the last minute that they no longer have the financing that they thought. In some cases, the buyer’s profile could have changed between the time that they were approved and the actual financing.
The home’s appraisal value could also have fallen short of the purchase price. This problem is becoming more common during this current volatile housing market. When that happens, the buyer may not be able to obtain a mortgage.
Another common problem is that the buyer’s inspection has revealed a number of issues with the home. The buyer may either try to cut the purchase price or may even try to walk away from the deal entirely. The two parties often need to scramble to renegotiate the transaction in order for it to close.
Finally, the title search may have revealed that the title is not free of defects. There could be a cloud on the title (such as a lien) or an easement that was previously undiscovered. Title problems are more common than you think, delaying one in every ten closings.
Contact a Miami Real Estate Attorney
Attorney Daniel Diaz PC represents buyers and sellers in the real estate closing process. We can help you resolve issues that may have otherwise delayed the closing. To speak with an attorney, contact us online or call us today at 786.697.1428.
