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What Could Possibly Go Wrong at a Closing?

Plenty if you don’t use Sun Title!

There are a million details involved throughout the home buying/selling process so it’s easy for issues to arise, and quite frankly, you can pretty much expect them to, even at the last minute. The trick is solving these problems fast, but while Sun Title is on issues like flies on you know what, other title companies may not notice red flags along the way, so be on the lookout for common problems like these:

Debt Delays

Say the Seller put a new roof on the house to ensure it sold, but the bill has yet to be paid in full. Contractors can put liens on houses until that debt is paid, and that can bring the closing to a grinding halt! Dealing with these issues can sometimes take a while, so it’s important to uncover any debts that need to be addressed – liens, outstanding taxes, etc. – and take care of them as soon as possible in the process. Otherwise, plan on bringing a pillow, snack, and maybe even a change of clothing to your closing.

Unclear Communication

The Buyer thought the Seller was leaving the appliances, but the Seller has taken them with – classic case of getting signals crossed, which can easily happen among all those involved in the transaction, including real estate agents, lenders and title insurance companies. To avoid miscommunication and the mayhem that ensues, it’s imperative that everyone is on the same page and communicate on a regular basis. Laying out all the agreed upon details and negotiations in writing in a purchase agreement and disclosure forms will keep things clear…and keep the closing on track.

Financing That  Falls Through

Not-so-fun fact: over one-third of closing delays are caused by Buyer financing issues. To make matters worse, this type of problem can arise at any time right up to the day you close (or, should we say, the day you were hoping to close). A loss of a job, overspending on a fancy something or other doodle dog, or a sudden desire to become a world traveler could result in the Lender having second thoughts as to the ability of the Buyer to make and keep up with mortgage payments. The best way to avoid this is by making sure your Buyer is not just pre-qualified, but actually pre-approved. This process requires a thorough application and more in depth criteria, like good credit scores and history. This way, you don’t get stuck still holding the keys!

Documents in Disarray

The closing documents include a big ‘ol stack of paperwork that outlines all the details of the sale, including the terms of the Buyer’s loan, closing costs, agreed upon negotiations, tax prorations and so on and so on. Basically, it’s all the legal mumbo jumbo necessary to close and it has to be reviewed by the Buyer at least three days prior to the closing or you’ll have to reschedule. If anything is missing, disputed, unaccounted for, spelled wrong, inaccurate, questionable, etc. you’ll have to reschedule. Now let’s face it…no one wants to have to reschedule! So, everyone needs to stay in communication, stay up to date and on the ball, ensuring all paperwork details are gone through with a fine toothed comb – incidentally, that’s the only kind of comb we have here at Sun Title.

If you want a problem-free closing that gets you in, out, and at the bar & grill in time for happy hour, call 616-458- 9100 today. You’ll enjoy your closing more and celebrate the sale faster…that’s a promise.

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1410 Plainfield Ave NE
Grand Rapids, MI 49505
(616) 458-9100
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