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What can go wrong in a closing?

The idea of buying a new home is among the highlights in the lives of millions of people throughout the United States, including those living in and near Fort Lauderdale, Florida, and Broward County. But as the old proverb goes, "haste makes waste." If you are on the verge of a real estate closing, there are several things you should remind yourself and do in order to prevent future issues down the line.

According to the National Association of Realtors, as many as 32 percent of all transactions inevitably encounter a dely. As much as 46 percent are due to financial issues, appraisal-related delays caused about 21 percent, and 14 percent were due to home-inspection issues. It is not uncommon for credit scores to change between the time of loan approval and the closing, which could make the mortgage ineligible.

Issues following a home inspection can also be a cause for concern. It is not uncommon that defects or property issues are found during an inspection, and how to resolve the issues could pose as a problem. The sell could repair the issues, lower the selling price or even set aside funds in an escrow account to be addressed later. Being mindful of such potential pitfalls could help prevent a delay during your transaction.

If you are planning a residential real estate transaction in the future or are currently facing issues with an existing transaction, it might be helpful to reach out for help from a firm familiar with real estate law. The proactive efforts you take today could prove to save you much aggravation and money down the line.

Source: The Real Deal, "Avoiding common closing pitfalls," Kenneth Harney, Feb. 1, 2016

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