Closing On Time
Over the course of the last two years, the Covid-19 pandemic has caused unique challenges. The real estate market has not been immune to these changes and challenges. Home sellers, in particular, have faced a unique set of obstacles, specifically in regard to closing on time. Below, we will list and discuss the most common reasons for delayed closing times on your Twin Falls home.
Financing Issues
It may come as no surprise that problems related to financing are the number one cause of closing delays. Financing issues can occur for any number of reasons. However, a couple of the most common are people making a large purchase before signing on a home or transitioning to a new job during the loan process. In these pandemic times, these two reasons are becoming more and more common as people transition jobs and take out loans for necessities.
Appraisal Issues
Roughly one fourth of all closing-related delays have to do with appraisal issues. Because an appraisal severely influences the value of a home, concerns and lower estimates can derail the home-selling process.
Inspection and Environmental Concerns
Though relatively self-explanatory, issues related to a home inspection, or the surrounding environment are a large factor in closing delays. While extreme findings in home inspections are rare, there are some that are quite common, such as mold, drainage issues, and old roofing. The good news is that most concerns that arise in an inspection can be fixed. Repair time, however, can cause unwanted delays in closing on your home in Twin Falls.
Other
The three most encountered reasons for delays are listed above. However, there are a few more potential causes that are important to understand and discuss.
Title and Deed Issues – This issue is usually more tedious than damaging. A problem with a title or deed most commonly occurs when there is an error in a record (whether in public records or a prior owner of the property).
Contingencies in Contract – Depending on the specific contract, there could be different contingencies that delay the close of a home. Some of the most common of these include home inspections, appraisals, and home sales. As discussed above, if a buyer requests an inspection based on the contract, the findings may warrant repairs and maintenance. This would cause delays in the closing process.
Unexpected Problems – With the volatility of the climate and the job market, unexpected problems can sometimes creep their way into the closing process. Though relatively uncommon, it is possible that a potential buyer may lose their job or an environmental problem may distress the property.
Discouraged yet? Don’t be! At Gateway, we have assisted with a wide range of concerns from both buyers and sellers trying to close on a house in Twin Falls. Our agents are trained, equipped, and ready to assist in alleviating the problems and stresses that inevitably arise during the home buying and selling processes.
