5 Speed Bumps That Can Slow Down a Home Sale

Many things can slow a real estate transaction. Today I have the top five things which can slow down a transaction for buyers and sellers.

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Today I am sharing the five possible speed bumps that may slow down a home sale.

1. Last-minute damages. I once had a client who was about to close escrow and the wife backed her car into the garage, damaging the door and stucco. You must make sure that your insurance is paid through the close of escrow so that last minute damages can be fixed as soon as possible.

2. Ensure the home seller has all of their permits. Waiting until escrow to find out that you do not have the proper property profile through your title company and making sure that the city has permits could slow the process down.

If you are a seller, make sure that your home is in good condition before you list the house.

As a buyer, make sure that all the disclosures are given to you right away. And, as a seller, have your agent work with the title company and city to make sure that there is proper documentation for any additions that there may be.

3. Refrain from making any large, last-minute purchases. I have had past buyers purchase new appliances which they needed for their new house that was closing soon. However, it delayed the loan process. It also added balance to their credit cards to create a different debt-to-income ratio. While your lender is doing your final credit check, you need to make sure that there are no large expenditures on your statements.

4. Have all your documentation in line. You need to have all documentation accounted for before the lender does a final credit check. Money transfers from retirement accounts, parents, family, etc, need to be documented so there is a paper trail.  Do not wait until the last minute to do it because it can slow the closing process.

5. The home inspection. Make sure that the items you asked the seller to fix are completed and are in working order before you get the keys. If you are a seller, make sure that your home is in good condition before you list the house, if possible. This way you can avoid getting a request for repairs from the buyer which can delay the sale.

These are the top five speed bumps that could slow the sale of a home down. Making sure that all of these are done right prior to closing will make the sale go a lot smoother and everyone will be a lot happier.

If you have any additional questions or are interested in buying or selling, please feel free to contract me by phone or email. I look forward to speaking with you soon.