5 Common Real Estate Closing Day Surprises

photo by realtor.com

It’s finally closing day and you cannot wait to make the deal official and move in! While closing day can be an exciting time, there are some common closing day surprises that can make the day a lot more stressful. Check out this realtor.com article that breaks down these 5 closing day surprises and how you both deal and close on your property.

1. Final Walk-Thru Problems. Your contract should have a contingency for a final walk-thru of your property BEFORE you close. Always try to walk-thru with your Realtor. If major problems are found during the walk-thru, prepare to ask the seller to repair or hold back money in escrow for repairs to be made.

2. What stays with the home and what goes? Most of this should have been understood and in writing in your contract. However, there are sometimes that a seller takes something that should have stayed with the property. Either be prepared to let that one go or be ready to negotiate with the closing attorney.

3. Credit challenges. I always tell buyers to not make any large financial decisions or purchases until after the closing. Do not accept any large monetary gifts. This could affect your loan and allow the bank to deny funding your home purchase.

4. Closing money and how to pay. Most buyers have their funds wired to the closing attorney’s office. The attorney’s office should give instructions prior to closing. But I always tell buyers to bring a check book for incidentals.

5. Title trouble. The attorney’s office will run a title search to determine if there are any liens on the property such as unpaid tax notices. Many of these can be easily remedied by the seller at closing, but some may take more time and your closing date could be pushed due to this. You want all title problems to be corrected BEFORE you purchase the home.