Have you ever had that nightmare where you didn’t wear pants during a speech or were ill-equipped to deal with a stressful situation? Well, your closing doesn’t have to be scary. With the right real estate agent and information, you will be well equipped to deal with these closing nightmares. Don’t throw up your hands and give up quite yet because there are some things you can do to go around the situation.
The Sellers Can’t Sell Their Home
While this situation is actually rare, you may actually be informed during a title search that the current sellers can’t actually sell their home. This may come about if they have a huge tax or mechanic’s lien on the home or if they don’t actually own the house. If the sellers have a lien on the home, in order for the home to be sold, the lien must be satisfied before it can be sold. If the seller won’t take care of the lien, then you will not be able to buy the home. If the seller doesn’t actually own the home, it could mean a long court proceeding to get it. This often happens when the heir of the former home takes ownership without going through the court system. If they believe they inherited the house but it has to go through probate court first, you can choose to extend closing past the court date or walk away.
Sellers Haven’t Completed the Agreed Upon Repairs
If you and the seller agreed on certain repairs to be done before closing, you expect them to be completed before reaching settlement. But in some cases, the seller has either neglected to do them, had a family emergency, or ran out of time to complete the repairs. Because the deposit is placed into escrow until repairs are completed, if the repairs are not finished by closing the seller won’t get the deposit money.
Your Walk-Through is a Nightmare
Doing a final walk-through is your opportunity to make sure you are buying the home you agreed to. Make sure you look around the house thoroughly to make sure all of the equipment included in the house is still there. The house should include things your seller agreed to leave including appliances, fencing, and items for the outside of your home like pool equipment and plants. You should also make sure the seller didn’t leave you with anything unexpected like furniture or trash. If this happens, don’t throw a fit and cancel the deal. Think about the money and time invested in the deal and go through with the transaction as long as it is something minor.
These are some of the nightmares buyers have about walking into closing. This process can be stressful but with the right agent on your side, your closing will go smoothly. For more information on buying a home, call Simply Referable today!
Avoiding the Closing Nightmares with Simply Referable
There are any number of obscure and strange real estate laws in Maryland. The small team of realtors at Simply Referable will be happy to help guide you through the thicket. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.