Plenty of good food, year-round warm weather, diverse culture, entertainment on your doorstep, and an affordable cost of living – there are innumerable reasons why life in Tampa Bay is top-notch! But if you’re a homebuyer purchasing your ideal home in the Sunshine State, here are a few hurdles you might face when closing on your new home:
A Low Appraisal
Appraisals are home valuations done by an authorized, neutral, third party. Typically, an appraisal is conducted to protect your mortgage lender’s interests in the house. Lenders want to ensure that the house is worth what you’re paying for it so that if a foreclosure happens, they can recoup their losses from the property. If the appraisal is too low, the lender may not finance the purchase, hence delaying the closing. In fact, appraisals account for at least 18% of home sale delays.
Any issues concerning how upgrades were made to the house, competing boundary lines, and easements that were agreed upon can prove to be too much of a headache down the line. So, you might want a property survey conducted to ensure that everything about the home has been done legally. If there are some claims or liens against the property, the issue will have to be resolved before the sale can proceed.
Financing issues are one of the most common delays in closing – in fact, they account for 37% of closing delays. They can happen if you’re late turning in required financial documents like paycheck stubs, bank statements, or tax returns, or if you provided incorrect information during the application. To avoid disruptions, ensure that you provide correct information during the application, and if the lender asks for additional forms or clarification, you should answer their inquiry fast.
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