Discussing Real Estate Agent Services

If there is one thing about real estate buying that everyone will tell you is that the process goes slowly. However, this may leave you wondering why exactly this is the case. Here are some problems that can slow down the real estate buying process.

Mortgage Approval Issues

If there is any single part of the process that's likely to cause delays, it will be the mortgage approval process. It is often the first thing that you start and the last thing to be finalized, as underwriters are making a decision about how much you are allowed to borrow and if you'll get to borrow it at all. Not only is the process lengthy, but issues can come up along the way. It could be that the underwriter requires a second inspection to look for a red flag, or that there is a problem scheduling the appraisal and getting the report back to finish up the approval process.

Home Inspection Issues 

Sometimes the problems creep up soon after you have an offer accepted on a home since you will likely be getting a home inspection done. If the inspection comes back great, then there is not much to slow down the process. However, a poor home inspection can cause some major road bumps that delay when you get the keys. You may be doing more negotiating with the seller to resolve issues found with the home or even require that a repair is done as a contingency. Don't assume that a home is fine and these issues will not come up, because many can be hidden and out of sight. 

Title Search Issues

Part of buying a home is performing a title search, which is when the history of the home is researched to discover who may have a lien on the property and who is the true owner. Any problems that come up during the title search need to be resolved before you can purchase the home. For example, there may be back property taxes that need to be paid, or a court judgment was made against a previous owner and the house is being used as collateral. 

Seller Contingency Issues

Sometimes the seller of the home will have a contingency, stating that keys cannot change hands until the purchase of their next home is finalized. This can lead to your own home purchase being delayed as a result. Make sure you understand if the seller has this contingency and how it can impact you.

For more information, contact a company like Lake Cumberland Real Estate Professionals.