Generally speaking, a typical home sale journey spans anywhere from 35 to 60 days—a period which includes many bureaucratic-yet-necessary processes, such as inspections, title checks and contractual negotiations. While a timeline such as this is extremely common, a multitude of reasons exist as to why closings might hit unforeseen snags and encounter unexpected delays. To help you avoid these pitfalls, we’ve compiled the following actionable tips and insights for a hassle-free closing.
Without question, home inspections are a pivotal checkpoint in the home-selling journey. To get out in front of potential issues, it’s a good idea to consider conducting the inspection before actually listing your property. This proactive step allows you to root out and address any pre-existing issues while simultaneously enhancing your return on investment. Set yourself up for a seamless closing by handling all promised repairs from the inspection in a timely manner.
Title complications can throw a wrench into an otherwise straightforward closing process. From unpaid property taxes to relatively minor errors in public records, undiscovered issues related to a property’s title can create confusion and prolong the closing. However, these factors can be mitigated by enlisting the help of a real estate attorney who can meticulously track a property’s title history. Sellers can also take hands-on measures by seeing to it that all debts on the property are settled prior to listing. Likewise, buyers can safeguard themselves by purchasing title insurance, which provides a layer of protection against unanticipated title-related challenges.
Let’s Be Real
Being realistic when it comes to setting contract dates is a critical facet of the closing process. While the desire for an easy-breezy closing is more than understandable, unrealistic timelines—like the expectation to close in under 25 days, for instance—can ultimately lead to frustration and possible delays. The key, therefore, is to allow ample time for the various involved steps. A qualified real estate professional will have the expertise to distinguish between unrealistic and realistic timelines. At NMC Realty, our specialty lies in optimizing the process for a timely and efficient closing that aligns with your goals.
Consequences of Delayed Closings
Understanding the potential consequences of delayed closings is crucial—for both buyers and sellers. Case in point: A breach of contract due to a delayed closing grants either party the option to walk away, potentially leading to financial damages and even forfeiture fees. These consequences underscore the importance of taking proactive measures to prevent delays.
Embracing a well-informed strategy in navigating the closing process is essential to avoiding unexpected delays and their repercussions. NMC proudly serves as your trusted partner, delivering expert guidance and support to help ensure your real estate journey is a smooth one, from listing to closing.
Contact us today!