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Does the closing process for your future home have you worried?

On Behalf of | Mar 4, 2020 | Firm News

Buying a home can come with mixed emotions. When you first started looking for a house, you may have found each visit enticing and adventurous. You may even have found a house or two right away that you thought you could love. Of course, looking at pictures of a home and seeing it in person are two different matters, and that love could wane once you see a house up close.

As a result, your excitement over looking at houses may have begun to seep away after months of looking with no luck. Then finally, you found a house you loved in person, that fit your budget and met your needs. Even better, the seller accepted your offer! While this event may have kicked up your excitement again, the time before closing is a murky period during which mishaps could lurk.

Problems before closing

As soon as the seller accepted your offer, you may have begun referring to the property as your house. However, a lot can still happen between the acceptance and closing, and in some cases, this time period could make or break a deal. Some issues that could put your real estate transaction on the line include the following:

  • The home appraising at a price lower than the amount you need for a mortgage loan
  • The seller finding reasons to back out of the sale, even if that means facing negative repercussions
  • Termite damage being present at the property
  • The home inspection showing serious safety issues or other defects that make you rethink your interest in the property
  • You being unable to obtain home insurance for the property for various reasons
  • Your financing not working out
  • The closing proceedings exceeding the amount of time agreed upon in the purchase agreement, which could void the contract or cause other problems
  • Issues with the title cropping up, such as liens, forged documents, ownership by another party or other complications

It can be difficult to remain upbeat during the closing proceedings because it may feel as if the process will never come to an end and as if you will never hold the keys to your home. Fortunately, if you work with an experienced real estate attorney in North Dakota, you may have a greater chance of ensuring that your closing proceedings move forward correctly and that you get to finally own the home of your dreams.

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