Unfortunately, when it comes to buying a Knoxville home, a close date is just something that all parties are aiming to meet.
The reality is that not all closings happen on time. The reasons why some closings happen on time and others don’t vary, some of the reasons are controllable while others are not.
Here are 3 things that can delay closing on your Knoxville home and how to prevent them.
Delays With Your Lender
One common place closing delays can stem from are from your mortgage lender. Some of these delays can be on the lenders end and some can be from the buyers end.
As far delays on the lenders end, it’s very important that you do your research up front on the lender. Talk with you agent about whether or not they’ve worked with them before or if they’ve had any experiences in the past with them.
As a buyer, to prevent delays with your mortgage, it’s important that you get them all of the documentation they need in a timely manage. In addition, it’s important to check in with your lender on a weekly basis to see how things are going and see if there is anything additional they need.
Finally, it can be important to pick a lender that’s local, that way if there is an issue, it’s much easier to resolve the situation.
Delays With The Seller
In some cases, the seller can be the source of closing delays.
One of the common reasons a seller can be the source of delays is due to repairs. If you’ve requested some repairs after the home inspection, it’s important to set a date that they need to be done that’s a bit away from closing. That way, if repairs are an issue there is time to resolve them prior to closing.
Sellers can sometimes also cause delays because they won’t be done moving out of the house in time for closing. In order to avoid any last minute delays, be sure that your agent checks in with the seller’s agent at least once a week to ensure that everything is moving along.
Things Beyond Your Control
Unfortunately, no matter how much you can plan, things can go wrong. Appraisals can come in low, things can get delayed with your lender due to busy time of year, and things can get missed. It happens. No amount of planning can prevent these issues some times. Still, as a buyer, it’s just important to take these issues in stride and keep the end goal in mind.
Are you thinking about buying a Knoxville home this year? Please let us know if there is anyway that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected]. Also, be sure to check out our Knoxville Home Search Page.
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