3 Things That Ruin Home Closings
When you’ve found the perfect house at the perfect price and your offer’s been accepted, the only thing that remains is the home closing. But a simple 30-minute process can go wrong in an instant, as Zillow.com writes. Here are three problems to watch out for so your ride into homeownership is nothing but smooth sailing:
Missing and erroneous documents: Sometimes the loan package may not arrive in time. Other times, there can be an incorrect or misspelled name, address, or even loan amount. Careful review and thorough communication leading up to closing day can help avoid these mistakes.
Show me the money! Money is essential to a home closing, and sometimes, there simply will not be enough. Or it will be late. When dealing with the downpayment, it is best to have it wired to the closing agent’s account a few days early or else bring it to the closing in the form of a cashier’s check.
Surprise Housewarming Gifts: On final walkthrough leading up to closing, you may be surprised to find last-minute parting gifts. This can be particularly common when purchasing foreclosures, where the homeowner is distressed and angry at losing their home. A hole in the wall, ripped-up wallpaper, or a litter-strewn kitchen floor can be an unwelcome sight for those about to take possession. Work out the issues before sitting down at the closing. Calculate the total repair or cleanup costs and hold a portion of the seller’s proceeds in escrow until the problems are fixed. You could also negotiate a discount on the cost of the home. Either way, buyers shouldn’t have to pay to clean up sellers’ last-minute messes.
