Like with most things in life, there are a lot of little things that can go wrong when purchasing a new home. These issues come in all shapes and sizes and can severely delay or even cancel it all together. Fortunately, knowledge is power, and being aware of what could go wrong can help you to prevent it from happening. Here are the five most common problems that pop up during or just before closing that can really interfere with your home buying process.
- Document Errors: It may be something as minor as a typo or as major as a missing document, but either way, document errors can really slow the process down. To help prevent this, it’s helpful to read through all of your paperwork carefully and as soon as you can. It’s also vital that you get every document your lender asks for to them in a reasonable amount of time. This can take a lot of the stress out later and can help keep everything moving right on track.
- Contract Confusion: It is important that you read and discuss your contract so that there are no questions left about what’s staying and what’s going. Any disputes at all should be put in the contract and acted upon for things to continue going smoothly and for the house to close on time. If a miscommunication arises about properties being sold with the house, the whole thing could end up down the drain.
- Oops, Never Mind: Unfortunately, it is very common for buyers to change their mind last minute about buying a house, but there have also been times where the seller has simply decided not to sell. Whichever end of the sale you’re on, it’s important that you’re 100% sure especially once you’ve made it so far in the process.
- Inspection Issues: It is recommended that every buyer order an inspection for a house once they’ve gotten really serious about it, but sometimes these inspections can uncover issues that can completely ruin a deal. Things like structural damage, outdated electrical wiring, or plumbing problems are major red flags for many buyers. It’s smart for sellers to hire a pre-inspection once they decide to put their house on the market so that if these major issues come up, they can be repaired well before they end up as a problem for potential buyers.
- Change in Buyer Situation: Sometimes people make mistakes during closing, or for some reason their financial situation changes and they no longer qualify for their loan due to change in debt-to-income ratio or credit score. It’s important to pay attention to your spending, your bank statements, and to every one of your bills when buying a house so that none of your information is affected. Even good changes can negatively affect your loan qualifications, so postpone things if you can and try to keep all of your finances as constant and stable as possible until everything has fallen perfectly into place.