Closing on a new home in New York City is one of the most exciting events in a lifetime. All the stress and anxiety you felt as you approached this day feels like a distant dream when it is finally time to close.
What could go wrong in what is supposed to be the final hours of your home-buying journey? As it turns out, plenty! Although you have probably prepared for this moment, several things can happen to turn closing day into a nightmare.
Beware of these four real estate closing issues
When you know what can go wrong in real estate closings, you have a better chance of preventing problems or finding a fast remedy. The following section contains information about a few of the issues that could plague your closing.
- Eleventh-hour requests. Real estate lenders often request documents and other items at the last minute, resulting in closing delays.
- Documentation errors. Anything from a misspelled name to the wrong property address on your documents can cause delays and other problems.
- Cash shortages. You may have authorized your bank to transfer your down payment to the appropriate parties, but if the transfer falls through, it may delay the closing.
- Property issues. Sometimes, the seller may damage the home or take some items that were supposed to remain, all of which can impact closing day.
Now that you understand a few of the many things that can go wrong in a real estate closing, you can take steps to prevent these problems. To gain additional confidence in the success of your real estate closing, learn more about the issues that often affect home buyers.