Closing day is very critical for home buyer and home seller. It can be very stressful as well. We all make our best efforts to make sure no gaps happen during the closing. But the fact is different. No matter how well you plan and how hard you work, end minute glitches can happen. These end minute glitches are any unexpected and unforeseen things that can happen. If you are prepared to deal with these unforeseen circumstances, you can make the deal close successfully. There are always common sense solutions to these problems if dealt with calm and peace.
Unexpected circumstances can be in any form. These can be financial and others related to the physical environment of house.
Physical environment: During the last viewing, the seller finds that the furnace is not working properly. He has two choices. To ask the buyer to get the furnace fixed at his own expense or let all the hard work go down the drain and let the deal fell off. Similarly, during the last visit, the buyer finds that the house is not in the same way as it was when the seller bought it. Appliances are replaced with another brand or washroom tiles are damages. These are couple of examples that can be experienced by the buyers and sellers. At times, during the last visit, the buyer finds that the house infested by pest. There are just a few examples of the kinds of issues that can happen before closing and can lead to deal felling off.
Financial gaps: There are financial gaps that can also happen at closing. The most common type of gap is denial of mortgage. There is always a possibility that a buyer can be refused the mortgage even if it was pre-approved. Therefore, the buyer should not take any steps that can lead to disapproval of the mortgage. The buyer should not engage in any kind of over spending, changing jobs, undertake new ventures etc. Remember, you want have smooth and hassle free closing to your new house.
Lastly, unexpected things will always happen in real estate business. These can result in deals felling off. The good news is that these situations can be dealt with amicably. They just need patience and cooperation from both sides. For example, if the buyer is having some genuine issues/complaints about the furnace, the seller can get it replaced. In case there is a rodent issue, the seller can call the pest control agency and can get the pests removed. Never indulge in any overspending so that the finances are not disturbed.