Things Buyers Do That Can Hold Up Closing On Homes
When buying a house, you might feel very excited when the seller of a home accepts the offer you make. This is an exciting event, but it is also something that will require some work. As the buyer of the home, you will have things to accomplish, and failing to do these things could prevent you from closing on the house on time. Here are several things you should avoid doing, as these things could hinder your ability to close on the home.
Failing to get inspections completed in time
It will be up to you to make sure the house gets appraised and the inspections get completed. If you forget to do any of these things before you close on the house, the closing might not take place. To avoid this problem, ask your agent for a list of inspections and duties you must do to ensure that the closing can take place.
Neglecting to turn in all required documentation to the lender
To buy a house, you will probably be borrowing money from a mortgage lender. The closing cannot take place until the lender approves it, and this will require submitting a lot of documents and other things to the lender. Your lender will tell you what they need, but it is your responsibility to make sure you do the things you are told to do.
Messing up your credit just before the closing
One big thing that can prevent house closings is when a buyer messes up his or her credit just before closing. For example, if you were approved for a mortgage but suddenly stopped paying your bills, your credit score is likely to drop. This could cause you to no longer qualify for a loan, and this would definitely prevent your closing. You must take steps to keep your credit score the same or better when you are buying a house.
Forgetting to purchase home insurance
The other thing that could cause problems is forgetting to purchase home insurance. You cannot close on the house without this, so make sure you purchase a policy before you go to your closing. You should bring proof of policy to the closing, too, simply to have evidence of the policy you bought.
Buyers have a lot of responsibilities once the seller accepts the offer, and you will need to make sure you get these done. If you would like to learn more about the responsibilities you have as a buyer, talk to a real estate agent today. Looking to buy single family homes in your area? Click here!