If you find yourself searching for the perfect residential property, you will have a lot of fun along the way. While there is sure to be a little bit of stress as well, everything typically works out in the end.
The final step of the buying process is the closing. This is when you sit down with the seller, sign all the paperwork and finally take ownership of the property. Yes, this is exciting. Yes, this signifies the end of the process. However, there are things you should expect during this get together. There are also things you should watch out for, ensuring that you don't get the "rug pulled over your eyes."
Generally speaking, most closings go off without incident. There are times when something goes wrong, such as:
-- Your lender pulling out, saying they are not interested in providing financing.
-- A seller gets cold feet, unsure if he or she really wants to go through with the deal.
-- A surprise regarding the agreed upon price of the property.
-- Inability to agree on a resolution resulting from a problem discovered at the final walk-through.
Everybody wants to close in a hurry, putting this in the past once and for all. Most people don't run into any issues, but that doesn't mean you should let down your guard. You need to be aware of what could go wrong, as this will keep you on your toes at all times.
Having the right team on your side, including an agent and attorney, can help you avoid a closing day disaster.
Source: Bankrate, "What to expect at the closing table," accessed April. 02, 2015