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What problems can arise during a closing?

Closing on the home of your dreams is an exhilarating experience, that is until something goes horribly wrong. Unfortunately, there are a lot of issues that can prevent a closing from going through, and it's important that you're prepared for any last-minute hangups to ensure you're able to purchase the home you've chosen. Zillow.com explains a few of the most common closing issues and what you can do to avoid them. 

Closing problems can sometimes involve the title. Undiscovered liens or money owed to contractors for past work performed can sometimes lurk in the background. Additionally, these problems will become yours once the property is in your possession. Make sure you're fully aware of any title issues by requesting a copy of the title report. Once it's in your possession, read through it diligently to identify any possible problems. 

You might also discover new issues on your final walkthrough. In this case, you'll need to contact the seller to negotiate a reasonable solution for any damage that's occurred to the home since your initial inspection. In some cases, the seller might opt to pay for the damage. You may also receive a credit for closing costs, which reduces your expenses. Most sellers are willing to work with buyers when it comes to these issues to ensure the home sale goes through. 

Even if you have the necessary funds for closing, there could be an issue transferring the money from your bank. Fortunately, there is a reasonable, easy solution to this common issue. Instead of relying on a bank transfer, bring a cashier's check to the closing if the closing attorney will allow it to ensure the payment can be made. You might also consider having the bank transfer completed a few days prior in case an issue arises.

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