Having a home purchase offer accepted is one of the most exciting times in the buying process. But before you pop the champagne, understand there are hurdles you might face before closing. Fortunately, many of them aren’t a given, especially if you’re aware of the common issues that often set back closing dates.

Connie & Jamie is a Napa Valley real estate agency that can help ensure your closing goes through without a hitch. Our services go beyond listing and showing homes for sale in Calistoga, CA, and the surrounding area. We’re here to guide you through the escrow process and its potential pitfalls well before closing!

What Causes Delayed Closings?

California’s escrow process can be fairly complex and unpredictable. The more you know ahead of time about what could go wrong, however, the less stressful the experience can be.

Home Inspection Problems

Inspections protect you and the lender’s interest in the property. If a termite inspection shows damage or the home inspection uncovers serious defects, you might need to delay the closing while repairs are made, assuming the seller is willing to make them. You can sometimes avoid a delay by asking the seller to credit you money so you can handle the repairs yourself.

Clouded Title

Title insurance protects you and the lender against future claims to the property. If a problem like a legal claim by a third party or an IRS lien appears during the title search, the parties will need to resolve the issue before the transaction can proceed.

Too-Low Appraisal

The mortgage lender has an appraisal performed to ensure a property is worth at least as much as its selling price. When an appraisal comes in too low, the seller must lower the selling price or the buyer will need to pay cash for the difference.

Financing Falls Through

Even if a buyer’s been pre-approved for a mortgage, things can come up that prevent a loan from closing. Interest rates might increase sharply, credit scores may go down, and a job situation might change. To avoid such a problem on closing day, double-check there are no significant changes to your financial situation from the time you’ve submitted your loan application to the day of closing.

Final Walk-Through Issues

If you and your real estate agent notice problems during the final walk-through like unfinished repairs, damage that occurred while the sellers were moving out, or the removal of appliances or other items that were included in the sales contract, you might want to address these issues before closing.

Talk to Our Napa Valley Real Estate Agents Today

Delays are relatively normal when closing on a house, but the good news is that few result in contract termination. Most issues are generally worked out quickly if the buyer and seller remain cooperative through the process.

To learn more about potential closing day obstacles or to view our homes for sale in Calistoga, CA, contact Connie & Jamie online today! Our Napa Valley real estate agents can answer all your questions and put any concerns you might have about delayed closings to rest, making your dream of homeownership come true.