Buying a home is an exhilarating experience filled with anticipation and excitement. However, it can also come with its fair share of challenges. One example is when a closing date is stalled or delayed due to an expected turn of events. In this article, we’ll discuss some of the factors that can affect the home purchase timeline and what you can do on your part to avoid them.
Common Reasons Why a Home Purchase May Be Delayed
The average time it takes to close on a purchase loan for a house is 50 days. That being said, it’s not uncommon for a home purchase to take longer than originally expected. Common causes that can delay a closing include financing issues, appraisal discrepancies, title searches, home inspection problems, and third-party involvement. At Mortgage Solutions Financial, we proactively address these challenges to keep your dream of homeownership on track.
Financing Issues
Securing a mortgage can be a complex process, and sometimes, unforeseen financial hurdles might emerge. To avoid financing-related delays, it’s essential to stay in close communication with our team. That way, we can address issues head-on as they arise and take care of them as quickly as possible.
Appraisal Discrepancies
Sometimes, an appraisal discrepancy can delay the purchase process. The home ends up being appraised for less than what you agreed to pay for it, resulting in an appraisal gap. When this occurs, our team can guide you through the steps needed to reach a resolution.
Issues with Title Searches and Property Liens
Title searches help uncover any legal issues tied to the property. Should any unexpected liens or title disputes arise, we’ll work diligently with all parties involved to address these concerns promptly.
Home Inspection Problems
Home inspections are essential for identifying potential problems with the property. Should inspection issues arise, our knowledgeable staff can help you navigate negotiations with the seller and reach a satisfactory resolution.
Other Causes
Occasionally, external factors beyond your control, such as the seller’s circumstances or the involvement of third parties, can lead to delays. While we cannot influence every aspect of the process, our team will communicate effectively with all parties involved to minimize any avoidable delays.
Staying Informed and Communicating Effectively
Delays can be frustrating, but they’re not the end of the world. What’s more, in many cases they can be avoided with effective communication and planning. It’s important that you check in regularly with our team and respond to any calls or emails in a timely manner. Failing to submit documents on time, meet deadlines, or respond to urgent matters could impact your closing timeline.
Connect with a Mortgage Expert
Purchasing a home is a significant milestone. At Mortgage Solutions Financial, we are committed to guiding you through the process with expertise and care. Stay proactive, patient, and positive, and soon enough, you’ll be celebrating the joyous moment of closing on your dream home. To get personalized assistance with your home purchase, contact us today!
