If you’re selling your home, you probably want to end up with payment as soon as possible. However, some things can delay your home sale.
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 Milwaukee.
If the inspection of your home for sale finds some unexpected issues, this can cause delays in the home sale. This is why you should always hire your own inspector beforehand. If you face any hidden issues in advance, you can have the time to deal with them and to prevent them. This way, you can either move forward with any necessary repairs, or to deduct this amount from the price. This will prevent any delays and enable you to have a precise closing date.
Another thing that can cause a delay in your home sale is a bad report from the appraiser. Appraisers will let the lender know that your house is worth the amount you’re selling it for. If the appraisal is low, the loan can be denied. On the other hand, the appraisal might also show that there are some repairs needed that you have to complete before a home sale.
While your buyers may have been preapproved for the loan by their lender, sadly circumstances can change after the process of approving the mortgage actually begins. This can delay your home sale in Milwaukee. Buyers may have a change on their credit report which suddenly makes their qualifying status change as well. One issue may be that they have increased their debt to income ratio, by taking on more credit.
Any issue that appears during a title search can delay your home sale in Milwaukee. Usually, the problem is with proving a clear title, due to liens from contractors. It could also be as simple as an error in the public records. Missing heirs can also cause issues should they suddenly come forward. Regrettably, forgeries can create an unclear chain of ownership which can be difficult to resolve. Another issue could arise during the survey process, other surveys than your own could show differing property lines. It’s best to clear any issue prior to listing.
Open building permits on your property, even if the work was finished long ago, can delay your home sale in Milwaukee. You can simply walk into your county records department and find out ahead of listing your home about any open permits. Remember that patience is a virtue, and you’ll have plenty of chances to practice, due to the red tape you’ll likely encounter in updating your records, this process can take some time.
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 Milwaukee. 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.