Once you’ve decided on the home you want to buy, you generally want to close on it and OWN it as soon as possible. Home buying is strenuous, time-consuming, and stressful. Who wants to drag the process out for longer than absolutely necessary? Not you, I’m willing to bet. And yet, there are a number of issues that can come up and delay a closing for days, weeks, or even months! Some of these are avoidable with the help of seasoned professionals, and some are due to circumstances nobody can control. Here are some roadblocks to watch for on the road to closing. 

Avoid Big Credit Card Purchases

First, let’s talk about things that you can avoid doing to slow down your closing. You shouldn’t under any circumstances make big purchases on your credit card(s) during the closing process. It can be tempting to splash out on new furniture, a snazzy TV, or lots of home improvement materials in anticipation of moving in, but save all that for after the papers are signed. Why? Big purchases can ding your credit score. It’s checked when you first qualify for your mortgage, and again at closing. If your score has dropped, it can mean delays.

Set Aside Extra Cash for Unexpected Extra Closing Costs

Problems on your end can also involve paperwork issues or down payment problems. Fees and closing costs have a way of multiplying like bunnies in the weeks before you close, meaning that your cash to close figure may go higher than you were prepared for. This can slow down closing if you have to scramble for the money. If you happen to be self-employed, documenting your annual income can create more paperwork than a “regular” job and make things crawl too.

Pray it Doesn't Enter Probate

Then there are issues on the seller’s end. A big one, which obviously can’t be avoided, is the death of the original seller. This could be the case if you are purchasing a home from the family of someone that lives in a nursing home, for example. If the estate becomes tied up in probate, you can kiss your dreams of a fast closing goodbye. If the owner has outstanding liens or HOA fees at the time that the bank goes through the paperwork, you can also deal with lots of lag time while all that is sorted out.

Be Clear on the Contract Terms

Other closing roadblocks: issues with the contract, like the buyer and seller disagreeing on what items are going to be left with the house; scheduling issues (one party, be it the closing agent, attorney, title company representative, lender, buyer, or seller, can’t make the closing time), title issues, or property damage. To keep up your end of a fast closing, make sure that you complete any and all paperwork in a timely manner when it is requested of you and be sure that your funding and credit are in good shape before you head into underwriting.