You might think you can relax now that you have a buyer and the sale is in escrow. But, if you don't know what to do about closing issues, you could find yourself back in trouble. You'll be able to sleep better if you are aware of the most common problems, their frequency, and what you can do about them.

Problem: Errors In Documents

An error in a sale document is one of the most common closing problems. An error in a sale document could be as simple or serious as a misspelled or misplaced address number. It could be a delay of up to 24 hours or even days.

Prevention: View All

Ask to see all paperwork in its entirety as soon as you can. You can fix a problem faster and keep your closing on schedule if you catch it early. Ask questions if you don't get it or if something is confusing. Double-check all information, including spellings and loan amounts.

Problem: Mortgage Delays

Sometimes the buyer's problems can become your problem during escrow. For example, it could cause delays in closing if your buyer's lender doesn't keep up with things for days or even weeks.

Prevention: Get In Touch With Everyone

It's difficult to control the situation because, technically, the mortgage lender isn't working on your behalf. You can only communicate with your agent and ensure that your agent remains in contact with the buyer. Communication is essential. Communication is key. If you experience a delay or problem, it is important to inform your team immediately.

Check in with your agent several days before closing to ensure that they contact the buyer and their lender and that everything is in order.

Problem: The Title Isn't Quite Clear

Perhaps the title company finds a lien on your property that you weren't aware of. Perhaps the home is being sued. Before closing, your buyer will demand a clear, unambiguous, and problem-free title.

Prevention: Please Read The Title Report

Before you put your house on the market, you can purchase your own title report. Get them fixed immediately if there are liens. You should have looked through the online records of your county for your home if you missed that step. Even if you didn't, the title company prepared a preliminary title report to the buyer shortly after opening escrow. This is often sent directly to the buyer's bank, but you can request a copy from the title company or the buyer's agent. It is important to get it as soon as possible.

Problem: There Is Something Wrong With The Final Walkthrough

The buyer is conducting a final walkthrough of their home the day before closing. The furnace broke two weeks ago, and it is freezing in the house. Or they notice that fixtures were left behind.

Prevention: Be Proactive

It's your responsibility if the furnace fails during escrow. The same applies to everything that remains with your house. You might be tempted to leave the repairs alone until they are resolved. But that could backfire on you. Before removing any drapery or light fixtures attached to you, make sure you consult your agent. The buyer may replace them. This should not be a problem. You don't want the wholesale to fall apart over a few drapes.