5 Things That Can Go Wrong On Closing Day

You get a very satisfactory feeling when you finally achieve what you desire after putting in a lot of effort and patiently waiting. The same goes for purchasing property, especially for the first time home buyers. But consider how unfortunate it would be when you are finalizing on a house and the deal gets blown off at the last moment.

House closing failure has actually occurred with many buyers, and every house purchaser should have knowledge of the possible risks. Here are some issues that can possibly arise at the closing day:

Change in appraisal amount

The buyer and seller may agree on a particular price, but that would not suffice the lender. The lender has to ensure with certainty the actual worth of the property. Thus, the lender requires a separate appraisal of the property as well.  If that appraisal yields a value lower than the loan amount, the buyer may have to come up with the difference.

Insurance problems

Insurance problems can arise in the following manner:

  1. If the property has a history of claims on it, the insurance can become difficult to obtain.
  2. If you select a house which is located in a disaster prone area, the lender can ask you to choose high risk insurance for the property, which will protect it from any earthquakes or floods. This will result in an extra burden on your pocket that may hinder closing.

Financing issues

Your loan may be pre-approved but that does not stop last minute problems arising with the mortgage.

If any change emerge in the circumstances of the borrower, which would alter their repayment ability, the lender will change the terms and conditions of the loan, and might even possibly deny the amount.

Property lien

Before the closing day arrives, one of the most necessary things to do is a title search on the property, because:

  1. If the house had been put as collateral on a prior unpaid debt the sale cannot proceed.
  2. If the house had any renovations done in the escrow period, but the contractors are yet to be paid, the house may suffer delays in transfer.

Poor preparation

At the closing day, the home buyer has to bring the following:

  • Insurance policy of the property
  • Payment proof for insurance
  • Photo ID
  • Proof of payment for closingcosts

If there are any discrepancies in the documents or if any document is absent from the file the closing will most probably be postponed.

In Conclusion

Before any of the above happens with you make sure that you have done all your preparation. House closing is a very important day and no one deserves it to fail. You can find more information about house purchasing and everything related to it by browsing our blogs.

Homes for sale in Atlanta

Price
Beds
Baths
For Sale / All Types
New Listing - 3 weeks online
$294,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
7107 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$288,421
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,802
SQFT
673 Python Drive
Atlanta, GA 30349
Camden Manor Subdivision
$324,990
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
3,363
SQFT
7064 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
New Listing - 3 weeks online
$287,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
7067 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
Price Change - 3 weeks ago
$284,990
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,200
SQFT
7044 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$329,990
Single Family Home For Sale
Pending
6
BED
4
TOTAL BATHS
3,363
SQFT
663 Python Drive
Atlanta, GA 30349
Camden Manor Subdivision
$288,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
7027 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$312,478
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,544
SQFT
7014 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$299,990
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
3,040
SQFT
7007 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$289,990
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,635
SQFT
6997 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
New Listing - 7 hours online
$314,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,236
SQFT
6934 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$4,000,000
Single Family Home For Sale
Active
7
BED
9
TOTAL BATHS
15,159
SQFT
4690 Thompson Road
Atlanta, GA 30349
 
$8,900,000
Single Family Home For Sale
Active
9
BED
14
TOTAL BATHS
26,000
SQFT
4965 Butner Road
Atlanta, GA 30349
 
$310,235
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,443
SQFT
555 Dutchview Drive
Atlanta, GA 30349
WHISPERING WILLOWS Subdivision
Short Sale
$195,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,639
SQFT
432 Hammock Loop
Atlanta, GA 30349
 
New Listing - a week online
$277,303
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,260
SQFT
3216 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
New Listing - a week online
$290,182
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,545
SQFT
3217 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$306,071
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,525
SQFT
3208 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
New Listing - a week online
$280,112
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,545
SQFT
7147 Glaspie Way
Atlanta, GA 30349
Kingsland Subdivision
$310,500
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
3,033
SQFT
510 Dutchview Drive
Atlanta, GA 30349
WHISPERING WILLOWS Subdivision
$310,089
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
2,680
SQFT
3221 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$272,803
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,260
SQFT
3204 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$280,508
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
2,487
SQFT
3200 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$327,527
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
3,077
SQFT
455 Dutchview Drive
Atlanta, GA 30349
WHISPERING WILLOWS Subdivision
$239,900
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,972
SQFT
400 Dutchview Drive
Atlanta, GA 30349
WHISPERING WILLOWS Subdivision
$271,053
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,260
SQFT
3225 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$278,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,522
SQFT
3220 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$263,389
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,122
SQFT
3235 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
Open House 12/14 at 1PM
$267,389
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,122
SQFT
3243 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$271,500
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,487
SQFT
3239 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$286,258
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
2,487
SQFT
3247 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$267,389
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,108
SQFT
3251 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
$268,789
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,122
SQFT
7143 Glaspie Way
Atlanta, GA 30349
Kingsland Subdivision
$282,173
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,260
SQFT
7139 Glaspie Way
Atlanta, GA 30349
Kingsland Subdivision
$245,700
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
2,404
SQFT
3492 Dacite Court
Atlanta, GA 30349
Flat Shoals Manor Subdivision
New Listing - 2 weeks online
$194,990
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
6526 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$205,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
6517 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$206,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
6577 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 5 days online
$205,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
6501 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 7 days online
$205,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
6509 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$204,990
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
6522 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 5 days online
$205,990
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
6506 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$258,990
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
6538 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$218,990
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
6518 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$218,990
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
6513 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 5 days online
$218,990
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
6498 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 5 days online
$218,990
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
6510 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$258,990
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
6566 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$218,990
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
6521 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 5 days online
$218,990
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
6505 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
New Listing - 2 weeks online
$198,740
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
6605 Beaver Creek Trail
Atlanta, GA 30349
College Heights Subdivision
$165,990
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,800
SQFT
6857 Estepona Street
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,800
SQFT
6690 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
6683 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$167,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
2205 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$174,490
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,217
SQFT
6790 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,800
SQFT
6742 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
6735 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$176,490
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,217
SQFT
2281 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,800
SQFT
2273 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision