You eagerly await to move into your dream home but know delays exist in the homebuying process. What could extend your timeline when you near the finish line?
Forbes explains situations that may delay a house closing. Learn about and expect setbacks so you know how to respond to them.
Issues with the appraisal
When appraisals do not match the property’s purchase price, the deal cannot advance. To get things moving again, you may need to offer more money for the home, or the seller could reduce the asking price or you could seek a second opinion. If the appraisal reveals repair issues, you and the seller must work together to get the property up to current standards.
Depending on New York’s real estate market and how many applications lenders must process, you may experience delays. Other than problems with closing, you could have a hard time setting up home inspections or appraisals.
Home inspection problems
If a home inspection reveals issues, you and the seller must negotiate a solution. On your end, you could cancel the deal. Sellers may handle the repairs, do nothing or lower the asking price. The seller could also give you a credit at closing so you can handle the repairs yourself.
Trouble insuring the home
Depending on how vulnerable the property is to damage from New York’s natural disasters, insurance companies may not want to cover it. If you notice the property has a history of several claims while reviewing its insurance history, that could make it hard for you to secure a policy.
Real estate transactions come with their share of headaches and hurdles. By understanding obstacles, you can develop a strategy to overcome them and become a happy homeowner.