As seen in Forbes, Here’s What Can Stop You From Closing On Time
Sharing my expertise on what can stop you from closing a property on time
Open Or Expired Permits
If the seller did home improvements, like a kitchen remodel, or new floors, there may be open or expired permits, says Romina Grinberg, realtor associate with Brown Harris Stevens in Miami. “It’s possible that they are not aware permits are still open until the closing agent gets a city/county report,” she says. “It’s in buyer’s best interest to have the seller take care of them before they close on the property.” That’s because if you close on the home, those permits become your problem.
Home Inspection Problems
If the home inspection reveals significant issues, such as structural problems or the need for major repairs, Grinberg says negotiations between the buyer and seller may be required, leading to a delay in closing. “Home inspectors may uncover hidden issues in less accessible areas, such as the roof or behind the walls,” she notes.
HOA/Condo/Co-op Boards
If the home is part of an HOA, also expect this process to take time. “Delays can occur if the HOA requires additional documentation, has a lengthy approval process, or requires an interview with new buyers,” Grinberg explains. Also, she says that in some condos, the board members may only meet once a month to review and approve applications.
Tips To Help You Close On Time
…It greatly helps if all parties work proactively to address problems on time. “This requires buyers and sellers to approach the real estate transaction process with transparency, realistic expectations, and a willingness to address and resolve issues that may arise,” Grinberg says.
Link below for the full article
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