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                                  Closing on a House Problems?
                       6 Common Things that Could Possibly Go Wrong


Now that you’re in contract , both buyer and seller may feel a bit anxious about possible things that could go wrong.
The good news is, 9 times out 10, there’s a solution..
But timing is super important!
Today  I going to talk about the 6 common things that Could go wrong and how you, both seller and buyer,  can keep the stress at bay! So let’s get started…

1. Title Issues
Once you have a fully executed purchase contract, your closing agent (either an attorney or title company) will do a title search  for the property.
This is done to make sure the title is clear and can be conveyed to the new owner.
 If the title search uncovers a lien or someone Other than the listed owner laying claim to the home, this would need to be sorted out immediately.
 The good news is, most of the time, it’s just a matter of determining if the liens actually belong to the property. And if not, your closing agent will simply  have you sign an affidavit at closing.

2. The Inspection Uncovers a Huge Flaw
The first thing the buyer will do is a home inspection.
There is a set time period (usually 7-15 days) to complete all inspections.
If a Major structural issue is discovered, this could effect whether or not the home even qualifies for financing..
 While negotiating the possible repairs, it is very important neither party breaches the inspection time period. Make sure your Realtor has the proper addendums ready to sign, in case you need to extend the inspection period.

3. The Appraisal is Too Low
If the buyer is financing, a bank will need to confirm whether the home is worth its estimated value.
The goal here,  is for the appraised amount to be equal or greater than the agreed contractual purchase price.
If the appraisal comes in low,  you’d need to get a second appraisal, challenge the original appraisers report or negotiate a reduced purchase price with the seller.
All of these solutions could effect your contractual time lines.
Again, it’s super important to make sure your Realtor is protecting you, by making sure there is no breach of any contractual time eliminates.

4. There’s an Issue on the Seller’s End
Sometimes the issue has nothing to do with the home itself.
Often a seller is buying Their new home contingent on the current home selling.
For example, the seller maybe building their new home.
 Say the builder has run into unforeseen circumstances that will cause the completion date to be extended.
The seller may ask the buyer to extend the closing date of your transaction.
In all cases when your closing date is extended, it is extremely important you have written agreements in place.
Although this issue may sound like a huge source of stress, it can actually be remedied to your benefit (but that’s another video).

5. Buyers Financing Falls Through
A mortgage isn’t locked down until the paperwork I signed.
 Even if a buyer has been pre-approved, there’s no guarantee that the bank is going to just hand over the money.
As a buyer, your lender should have advised you that any major change to your credit score or current employment could cause you to loose your pre-approval status.
Head off potential issues by fully understanding (before getting into a purchase contract!) what you, as buyer, Can and Cannot do during the closing process.
And  as Seller, make sure your Realtor stays in communication with your buyers lender and provides you with periodic (and reassuring) reports that as is going well on the buyers end.

 6. Problem found at the Final Walk-Through
The final walk-through is usually done the night before or day of closing.
This is to make sure the home remains “as you know it” and all items are remaining according to your contract.
 If you see damage that wasn’t there before, this will need to be addressed with the seller before closing can take place.
At this point , neither party wants closing to be delayed.
Usually there is a simple resolution to these rare  issues. Again, it is very important to have all remedies in writing and signed by all parties.

The purpose of this video is to help you go into your real estate transaction with wide open eyes!
I invite you to comment below with this…  Fill in the blank.. “What if _____ happens?”
Rest assured, Being prepared, educated and having experienced representation,  you can weather any storm that arises.
Oh, and if you ARE selling and buying at the same time?,  you’ll definitely want to check out this video.
And if you have not done so, please subscribe and hit the little bell. I have a new video every Monday, and you won’t want to miss a thing!
 

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What my clients are saying  

My experience while purchasing my first home was the best experience I've ever experienced. With Lisa's guidance it was a stress free experience. She made sure I was comfortable and understood every step. She gave her opinion from the heart. You can tell she genuinely wanted you to have the home you desired. She is very personable and that's great when you are purchasing a large investment. I am forever grateful of her help. So if you are looking to have a wonderful experience while purchasing or selling any property Lisa Kelly Realtor is the way to go.

 

~ Candace Engram

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Tom and Kim Manske

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Kim Manske

Sidney Wyland Lisa Kelly was our realtor that helped us with our move from Utah to Lakeland. She is a very good resource for us in Lakeland and helped us buy our new home. We found Lisa on the internet. She has helped us with all the contacts and scheduling to insure all things here went smoothly. The closing on our home was completed on time which was very important as we had are household goods being delivered from two different states. She also continues to be there for us for any referrals or help we may need here locally. I would highly recommend her to anyone buying a home.

 

~ Rick and Sidney Wyland

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee and Frankie Brown

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill and Patricia Crabb

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill & Patricia Crabb

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee & Frankie Brown

01/03/2017 - shunter317 Bought a Single Family home in 2016 for approximately $175K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is an exceptional agent as she knows real estate law and the local market. She communicates and is extremely responsive to her clients questions and needs. She walked us through a complicated contract. We consider Lisa a new friend.

 

~ What Others Had to say

Highly likely to recommend 08/09/2016 - HappyBuyerNEOH Bought a Single Family home in 2016 for approximately $225K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I highly recommend Lisa Kelly! She was awesome to work with through the whole process. Her communication and promptness went above and beyond my expectations. Working in the mortgage industry, I see all types of realtors, if you want a genuine, awesome, go getter- she is your girl!

 

~ What Others had to say

Highly likely to recommend 10/27/2014 - jessbparker Bought a Single Family home in 2014 for approximately $75K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I cannot say enough about Lisa Kelly. She helped my husband and I buy our first home when we had limited funds and difficult circumstances. She is extremely knowledgeable about homes, market, taxes- anything you could want to know. She is also an excellent advocate for her clients during negotiations, which really came in handy when you're a nervous first-time home buyer.Less

 

~ What others had to say

Highly likely to recommend 02/22/2014 - par167 Bought a home in 2014. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa Kelly is the hardest working woman I know! If you are in the market to buy or sell take it from my personal experience she delivers results!In Polk County or anywhere else for that matter you will be hard pressed to ever get better service. Paul Renner.....

 

~ What others had to say

Highly likely to recommend 02/25/2012 - user027478 Bought and sold a Single Family home in 2011 for approximately $275K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is the most professional realtor I've ever worked with... she's direct, honest, highly-knowledgable, very responsive and a consummate professional. She played fundamentally important roles in helping us to sell our house in a tough market. She's a hard worker and also gave us great advice and we were able to sell after listing for about 30 days. She then helped us find and close on our dream home. Her persistance and negotiating savvy helped us buy a house that was not a very convential listing. If we'd had an average realtor, we'd have been a lot less successful with both our deals. I'd recommend Lisa to anyone who wants to work with a genuine professional. She could write a book on what it takes to be an outstanding service provider.

 

~ What others had to say

02/09/2012 - Alyson7707 Bought a Single Family home in 2009 for approximately $125K in Bartow, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: We absolutely loved our experience with Lisa.. She is incredibly knowledgeable and dedicated to finding the home of your dreams. We couldn't be happier with the home she found us or the time we spent with her--she made the experience exciting and easy. We do not hesitate to recommend her to friends and family and will absolutely work with her in the future. Thanks again Lisa! -Michael & Alyson Elrod

 

~ what others had to say

Highly likely to recommend 02/08/2012 - AimeeWeed Bought a Single Family home in 2010 for approximately $100K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa was always quick to respond to my questions. I honestly think that my family and I would not be in this wonderful house without her hard work. She is honest, not afraid to give her opinion in a helpful way, and she is very knowledgeable in all aspects of her job.

 

~ what others had to say

Wonderful wonderful experience. Lisa is what I call a dream maker. I had the dream, and she made it a reality.Lisa's hard work, her quick response, her compassion in knowing I was a single mom purchasing my first house, has earned my loyalty in using her as my realtor for life.

 

~ what others had to say

Highly likely to recommend 03/09/2011 - reedswife11 Bought and sold a Single Family home in 2011 for approximately $75K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: This woman is amazing, we have run into every road block imaginable and she has negotiated our problems quickly and effectivly everytime. Always available and Always puts her clients first

 

~ what others had to say

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