Picturing yourself walking away from the closing table with cash in hand? Sellers who list their homes have no guarantee of their home selling. Unfortunately, once you’ve found a buyer and agreed on a purchase price, there is still no guarantee of smooth sailing to the closing table. There are a variety of reasons closings can be delayed. By being forewarned, you can be forearmed for these 6 things that can delay your home sale in Southwest Michigan.
Unexpected issues found during the inspection of your home for sale in Southwest Michigan can cause delays in closing. This is why it pays to hire your own inspector. By facing any undiscovered issues head-on, you can deal with them in the best way for your set of circumstances. You can move forward with repairs or you can prepare ahead of negotiations by understanding the value each issue may have to the buyer, who will want to deduct this amount from the purchase price.
When an appraiser assesses the value of a property, they inform the lender that the loan on the mortgage note is secured by the real property. A low appraisal can lead to the denial of the loan, creating a significant obstacle to the home sale process in Southwest Michigan. Moreover, if the appraisal report indicates that repairs are necessary before the closing can occur, this can cause further delays. In such cases, it’s essential to work closely with the lender and the appraiser to address any issues that arise and ensure a successful transaction. Engaging with experienced professionals in the real estate industry can help homeowners navigate appraisal challenges and ensure a profitable sale in Southwest Michigan.
Despite being preapproved for a loan by their lender, circumstances can change for buyers during the mortgage approval process, leading to delays in the home sale process in Southwest Michigan. Changes in a buyer’s credit report can affect their qualification status, such as an increase in their debt-to-income ratio due to taking on more credit. These changes can lead to a denial of the loan or require additional time for the lender to reevaluate the buyer’s financial standing. As a result, it’s essential for sellers to work closely with their real estate agent and the buyer’s lender to address any issues that arise and ensure a successful transaction. Understanding the potential challenges of the mortgage approval process can help homeowners prepare for the unexpected and ensure a smooth and profitable sale in Southwest Michigan.
Issues that appear during a title search can significantly delay the home sale process in Southwest Michigan. Proving a clear title is crucial, and liens from contractors can pose significant obstacles. Other common issues may include errors in public records or missing heirs, which can create uncertainty in the chain of ownership. Forgeries can also lead to unclear ownership, making it difficult to resolve the issue. Additionally, surveys conducted by parties other than the seller may reveal differing property lines, causing further delays. To avoid these issues, it’s best to clear any title-related issues before listing the property. Working with experienced professionals, such as a real estate agent and title company, can help homeowners navigate potential title challenges and ensure a smooth and profitable sale in Southwest Michigan.
Open building permits on a property, even if the work was completed long ago, can significantly delay the home sale process in Southwest Michigan. Before listing the property, it’s essential to check for any open permits by visiting the county records department. However, resolving open permits can be a time-consuming process due to the bureaucratic red tape involved. Homeowners must practice patience and allow for ample time to update their records and resolve any open permits before listing the property. Working with experienced professionals, such as a real estate agent and local government officials, can provide valuable insight into the permit process and help homeowners ensure a smooth and profitable sale of their property in Southwest Michigan.
When you are closing on a real estate transaction, there are deadlines for documents to be submitted that simply cannot be missed. Many of these forms are required legally by either federal or state guidelines, so it’s best to become familiar with these forms and when each is needed, as well as where they should be directed. Should a target date be missed, this can delay your home sale in Southwest Michigan. This is a huge responsibility so you’ll want to be certain you stay on top of all the timeline requirements for the paperwork and be sure to beat the clock.
Why wait at all? Don’t you want to avoid making simple mistakes that can delay your home sale in Southwest Michigan? Make it easy on yourself and sell to I Buy SW MI instead! Send us a message or call (231) 392-3262 today to find out how we can help you!