How can closing on a house get complicated?
Closing on a house can be a long, complex process. There is a lot that can go wrong and it can be exceptionally frustrating to deal with. Though it can be a challenge, today we’re going to be going over some of the things that can come up so that you can prepare accordingly. Ready to take a look? Let’s begin.
When a buyer applies for a home loan, the bank may send someone to appraise the house. This is so that they can be assured that the home will be worth the investment. However, if the house is appraised and comes back at a lower price than what it is being sold for, there can be a problem. The bank may not wish to lend the amount of the loan that the home buyer applied for. In some cases, they may not lend anything at all. This will put a hold on the closing process until a loan can be found. A second appraisal can put the closing process back on track. The bank may also cancel the application if the mortgage paperwork is filled out incorrectly. Make sure that every protocol is followed to the letter to avoid this problem.
When there are issues with the title, the settlement may fall through. Claims from other parties, a contractor’s lien, or a federal lien can all create problems. Rather than leaving this up to chance, you can circumvent this problem with the proper title insurance. You can also contact us at Residential Title to help you estimate closing costs and help you through the process. There’s no need to navigate the complications of closing on a house by yourself.
Get In Touch With Residential Title and Escrow Today
At Residential Title & Escrow and Commercial Settlement Services, we bring peace of mind to the settlement table. If you are searching for a title company to help you through the closing process, please contact us today! You can also fill out our simple online title request form and one of our knowledgeable representatives will get in touch with you promptly. Be sure to follow us on Facebook, Twitter, and Google+ to stay up to date on news, and upcoming events as well as staff and client spotlights!
Tags: closing costs, closing on a home