Common Closing Hurdles and How to Overcome Them

Once your offer has been accepted, the closing process can take anywhere from 7 days to a few months, but occasional delays are common. Here are the main hurdles that can impact your closing timeline:

• Lender Underwriting Delays: During underwriting, lenders may add requirements like verifying large recent purchases or ensuring income and employment stability. Staying on top of your finances and regularly checking in with your loan officer can help keep things moving.

• Appraisal Issues: If the home appraisal doesn’t match the agreed-upon price, buyers may need to provide extra funds, potentially slowing down the process.

• Home Inspection Findings: If you choose to do additional inspections, they have the potential to reveal issues that can lead to repair negotiations, credits, or even cancellations. Sellers can prepare in advance to avoid surprises.

• Loan Document Errors: Even small errors, like typos, can delay closing. Reviewing documents carefully and communicating quickly with your lender can help resolve issues.

• Title Defects: Occasionally, unexpected title issues arise. Title insurance offers protection, but resolving these issues may take time.

• Walkthrough Surprises: A final walkthrough may reveal unexpected problems, prompting last-minute negotiations and repairs.

• Scheduling Conflicts: Conflicts among parties can delay the closing date (last minute travel, etc.), so ensure availability and coordinate with all involved.

The best way to navigate these challenges is to stay organized, communicate often, and remain calm. Working closely with your real estate agent (like me!), lender/mortgage broker, and escrow officer can help streamline the process and minimize delays.

Source: Old Republic Title