Kenai Home Buyers: Watch for These 7 Things That Can Slow Your Closing

Kenai Home Buyers: Watch for These 7 Things That Can Slow Your Closing

It’s an exciting time for Kenai home buyers when the offer you made on a house is accepted. If you have spent months looking for the right house, or years saving up for a down payment, it can feel like you reached the end at last.

However, it’s really only the beginning of the real estate transaction process for Kenai home buyers. There is a lot to be completed still. As much as you want to pack up and move in quickly, there are several things that can slow your process.

While closings can go as quickly as 21 days if things are going right, the average closing time is actually 44 days. Here are some things that can slow the process.

1. Death of the seller

There is little that Kenai home buyers can do about a situation like this. If the owner of the house passes away before you reach closing, there is a chance that the home will have to go to probate court. The length of this process can be just a couple months or years.

2. Problems with the down payment

There are some circumstances where as the Kenai home buyers you need to come up with additional funds for the down payment. This can be a time consuming process if everything you had saved was already being used.

3. Scheduling delays

There are a lot of parties involved in the closing process – the title company, buyer, seller, agents, possibly attorney, and the lender. Everyone needs to be available to do their part at the right time for things to come together.

4. Last minute expensive purchases

Just because you are pre-approved for your mortgage does not mean you are in the clear with the lender. They will continue to check and verify your information.

If you run out and buy a new car, take on additional debt, or make a large purchase, they could end up not being able to give the final approval on your mortgage loan.

5. HOA drama

Homeowner Associations are serious about what they do. If the seller owes money, either in late dues or fines, then there could be a holdup in the process. Kenai home buyers can take on the responsibility of paying these yourself to keep the process moving, but it is the seller’s responsibility.

6. Additional insurance

You need to have the right insurance in place to own the house for your lender to approve it. That means homeowner’s insurance, but it could mean more depending on where you live. If you are required to pay for flood insurance, or another type of insurance, the process can take longer than expected.

7. Damage to the house

Right before closing Kenai home buyers get to do a final walk through of the house. If there has been any damage done to the property, you have time to address it; however, this can slow the process.

Unfortunately, there is little that Kenai home buyers can do about most of these things to keep the process moving along. Some things are out of your control.

However, what Kenai home buyers can do is be ready and quick to respond to any requests from the seller, agent, or lender. If you are organized and have all your documents prepared, you can keep the process moving along as best you can.