3 Mistakes That Can Stop The Closing On A Home
Posted on: 30 November 2016Share
When you have a house for sale, you may feel like the time will never come when you sell your home for cash. This feeling can increase when mistakes are made along the way. Try to be proactive about selling your home and avoid making these common mistakes that can stop your house from getting to the final closing.
Mistake #1: Ignoring a Possible Termite Infestation May Sabotage Your Efforts
Unbeknownst to you, termites may be literally eating you out of a house and home. If you have failed to find a termite infestation and it goes unchecked, termite damage might end up being so severe that the buyer ultimately decides not to close on your house. The buyer will likely be able to easily walk away if they fear that the termite damage makes your home no longer worth buying under the current terms. Older homes may be the most susceptible to this form of damage, so be sure to check for termites regularly and save yourself a lot of grief.
Mistake #2: Using an Appraisal That's Too Low Can Backfire
As a homeowner who wants to sell your house in a hurry, it can be tempting to trust the word of the first appraiser who looks over your home. When they estimate that your home is worth more than you anticipate it is, going with that higher figure is even more tempting. Seller beware, though! Once the home buyer is trying to finance the house to buy it, another bank-order appraisal will likely be done on the home. If it is discovered that the earlier appraisal was too high, the bank will likely not work with the buyer. You may then need to lower the price of your home to empower the buyer to finance your home, but that is not always agreeable to both parties. In any case, it can sabotage the planned closing on your real estate.
Mistake #3: Failing to Make Sure the Title is Clear Can Spell Disaster for a Closing
You may just assume that your home title is clear. Many home sellers don't both to check on the title of their home. However, if you have had a problem paying property taxes or owe money to previous contractors, you may be surprised to know that there is a pesky lien on your property. The lender and home buyer will insist on a clear title before going through with the closing. Do yourself a favor and check out that possibility well before you sell your home.
Finally, set yourself up for home-selling success by taking great care in preparing your house for sale. Ask a real estate agent like Jed Gwynn LLC if you have any questions about preparing to put your home on the market.