Your house has been on the market for a while, and you’ve finally gotten a solid offer. The price is right, and things are looking good. But be careful: The deal isn’t done yet and there are still things that can delay the sale of your home.
While some of the speed bumps on the road to closing are fairly common, such as a failed inspection or financing falling through, there are some unexpected things that can really delay the sale of your home in Simi Valley.
Here are 4 things you may not have thought of, and how you can avoid them slowing down your move:
PAST DUE UTILITY BILLS
In all the hustle and bustle of selling a home while keeping up with your daily life, especially if you’ve already moved into your new home, small things can slip through the cracks.
For many homeowners, the things that slip through the cracks include utility bills. Specifically, water bills.
But what does an unpaid water bill have to do with the sale going through?
If you have unpaid water bills, the title company can be prevented from obtaining a clean lien from the city. This means that a new mortgage can’t be issued as quickly, delaying the sale of your home.
To prevent this forgetfulness from causing a snag in your sale, the easiest answer is to make sure to stay on top of your bills.
However, as a stop-gap safety measure, consider opening an escrow account with your title company to cover any last-minute expenses. If the title company uncovers an unpaid water bill, they can use the funds in the escrow account to pay that bill and obtain the clean lien.
Don’t worry: Any leftover money in your escrow account after closing will be returned to you.
LAST-MINUTE DAMAGE
Finding damage in your home is never a good thing. However, if you’re days from closing on a house, unexpected damage from a fire or other emergency can be devastating.
No matter how close to closing damage occurs – even if damage happens the morning of closing – it’s the seller’s responsibility to fix.
Keeping a close eye on everything in and around the home, or designating a neighbor to check in daily if you’ve already moved, is important to stay on top of any damage that may pop up.
To avoid paying hefty out-of-pocket repairs, be sure your home insurance policy covers the home right up until closing so you can make a claim for damage repair if necessary.
SURVEY PROBLEMS
While it may seem that the house you’re buying smack in the middle of a residential neighborhood will be pretty straightforward, that isn’t always the case.
If you can’t provide documentation showing the property lines, especially when fences, driveways, or even sheds are concerned, then it can delay the sale of your home. This can be an especially common problem in older neighborhoods or in smaller towns where larger sections of land were split into smaller plots, sometimes on a handshake.
Keep your home’s sale from running into boundary issues by getting an official survey done early in your sales process if you can’t find documents. Leaving this item until near the end can certainly delay the sale of your home, potentially costing you the sale altogether.
MAJOR PURCHASES
Buying a home is exciting, and some buyers jump the gun a little by stocking up on new furniture or making other purchases before closing.
Even if they’ve been approved for a mortgage already, buyers’ credit is checked right before closing to ensure the safety of the loan company’s investment. If there’s been a major purchase or late payments have been made, causing a dip in the buyers’ credit score, it can jeopardize their funding.