Buying a house is a long and complex process with typically closing slowing it down. Even when you buy a house in Denver, one of the most bustling real estate markets in Denver, several factors can slow down the closing. This need not always be so if you have expert real estate professionals like Just Livin Realty helping you out.
In this post, we will look closely at six points that slow down closing when you buy homes in Denver and how to avoid them.
1. Financing Delays Holding Up the Sale
Financing is what will first come to your mind when you start to look for homes to buy in Denver, Colorado. Therefore, expect financing delays in the closing process to be on top of the list that will stop you from quickly getting your dream home. To get around this issue, get all your financial documents organized before you meet your lender. It might be stubs of any income or expense receipts, tax returns, bank statements, or anything else that a lender might require.
One of the most common causes of financing delays is missing or incomplete documentation. Visit our FAQ’s page for even more home buying details. If you start your loan application in a rush or are not complete and thorough, a lender and underwriter will request additional information or documentation during the loan process. Keep in mind, that it’s important to provide it as soon as possible to keep the process moving. Any delays in providing the required documents can slow down the loan approval process and delay the closing.
When you are organized and proactive, you ensure that the sanction of your mortgage loan will move at a fast clip and closing will not be delayed. Working with our sister company Friel-Good Mortgage means Bobby Friel handles your mortgage too. Which helps ensure that the process proceeds as planned and any issues are addressed promptly.
2. Title Issues Causing Delays
When you buy homes in Denver, title issues will be a major problem that might slow down closing. Clear title is important for the property you plan to buy as it shows that there are no other loans outstanding against it. Hence, a title search is a critical step in the home-buying process as it either identifies any potential issues or confirms that the title is clear.
When you are buying a house in Denver, the title search company will verify public records to know whether the seller has legal rights over it or it is under lien to a lender. Other issues in the title search that can slow down closing include judgments, unpaid taxes, or claims against the property.
How do you get around these problems that might slow down the closing process? You should work with an experienced real estate firm like Just Livin Realty. We will coordinate the search with the title company and make sure that any potential issues are resolved before closing.
3. Home Inspection Issues
Among the important tasks in the homebuying process is home inspection. Inspectors are trained to notice any issues that you might have missed out on during the showing. If the inspector points out any issues when you look for homes to buy in Denver, Colorado, and have picked a particular one, the problems need to be addressed as fast as possible. These can include major or minor repairs and renovations.
Get these resolved as soon as possible to avoid slowing down the closing process.
4. Appraisal Issues That Arise
Appraisals are another critical aspect of the home-buying process. The appraisal determines the value of the home and ensures that the price you’re paying is fair. If the appraisal comes back lower than the agreed-upon price, it can cause significant delays in the closing process. This is because your lender may require a new appraisal or ask you to come up with additional funds to make up the difference.
5. Closing Document Errors
Closing documents are a crucial part of the closing process, and errors can cause significant delays. It’s essential to review all of your closing documents carefully and ensure that everything is accurate. This includes your loan documents, title documents, and any other paperwork required for the closing. If there are errors, it can delay the process as the documents will need to be corrected and re-issued.
6. Buyer and Seller Scheduling Issues
Finally, scheduling issues between the buyer and seller can cause significant delays in the closing process. It’s essential to ensure that everyone involved in the closing is available on the scheduled date. This includes the buyer, seller, real estate agents, and any other parties involved in the transaction. If someone can’t make the scheduled closing, it can cause significant delays and may require rescheduling the closing altogether.
The closing process can be a challenging and time-consuming part of buying a house in Denver. However, by being aware of the potential issues that can slow down the process, you can take steps to ensure a smooth closing. Be prepared, stay in touch with your lender, review all documents carefully, and keep everyone informed of any scheduling conflicts. With these tips in mind, you’ll be well on your way to a successful closing. At Just Livin’ Realty Group, we handle all of the details to ensure there aren’t any delays during the closing process. Whether you are buying or selling a house in Denver, reach out to Just Livin’ Realty Group to find out how we can help you! 720-730-2289