For eight years, Nathaniel “Nathan” Brown led Auto House, a car dealership with a 4.9-star rating on cars.com, as owner. Under his leadership, Auto House grew to two locations, one in Salisbury, North Carolina, and another in Mooresville. Outside of running his own business, Nathan “Nate” Brown has worked in the real estate industry for more than a decade and is known for his ability to close deals quickly.
Below are several things that may delay the closing of a real estate transaction:
Issues with the title
The most common reason for a delayed closing is an issue with the title. Most sellers are unaware of existing property liens when they list their real estate for sale. In turn, this causes frustration for buyers who have to wait until title issues are resolved and delays the closing.
Unrealistic expectations
On average, it takes about 45 to 60 days for a real estate transaction to close. But buyers often underestimate this time and expect their deal to close much sooner. When the closing date isn’t realistic, buyers often have to push the closing date back.
Problems with the appraisal
Bank appraisals are a huge part of real estate transactions when buyers are seeking a mortgage. Despite the routine nature of this work, there are many common problems that may delay the bank appraisal. This can result in a delay in the closing date as well.
Last minute repairs
When buying property, it’s very important that individuals get an inspection done. Any necessary repairs are noted during these inspections and property owners often agree as part of the contract to complete the repairs before a final inspection. However, neglect, miscommunication, and other issues may keep these repairs from being done or being done properly. Further, the final inspection may reveal additional problems that must also be addressed.
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