Find out the most common mistakes made when closing on a house
1. Buyers making a large purchase, e.g., furniture, appliances, cars, etc., shortly before closing which affects their credit and loan approval. Even “no payments until 2019” purchases will affect their ratings.
2. Buyers relocating to NY writing closing checks on out of state/town banks.
3. Buyers scheduling movers/airline flights/days off before confirming the actual closing date (which is not necessarily the date in the Contract) with their attorneys.
4. Sellers not getting septic system certificates before vacating the property.
5.Sellers and/or buyers using a non-real estate attorney for the closing. You can’t blame a solo attorney for giving priority to a trial/criminal matter/custody dispute over a real estate closing but this may cause unnecessary delays.
6. Sellers discontinuing utilities prior to closing, preventing the Buyer from testing the furnace and appliances at the final inspection.
7. Sellers not making agreed upon repairs in a timely manner which causes delays in closing or creates the need for funds to be withheld at closing.
8. Buyers not being diligent and timely in supplying their lender with requested documentation which may cause delays in the lender issuing a loan commitment.
9. Buyer and Seller not specifically agreeing on what items are included/excluded in the sale, e.g., riding lawnmower, custom drapes, lawn decorations. One must notate "no value" for lending purposes.
10. Buyers not testing everything during the Home Inspection. Every burner on the stove, all hot and cold taps, all electrical outlets, all windows, etc. If the Buyer later discovers that one of the burners does not work or there are no screens for some of the windows, if the Seller truthfully states that this was the condition at the time of offer, they will have no liability.
11. Keys' location should be worked out with the Realtor and the Buyer should know where they are prior coming to close.
If you need help closing on a house, contact HoganWillig today!