3 Reasons Your Closing Might Get Delayed in Chicago, IL: A Home Seller’s Guide

Imagine that you’re just about to close on the sale of your house when an unexpected issue pops up, and your closing gets delayed - sounds like a nightmare, right? However, knowing about common issues beforehand can help you avoid them, make more informed decisions about your transaction, and have more realistic expectations about your sale. Here are the top three reasons a closing might get delayed in Chicago, IL:

Mortgage Issues

Over 37% of delays are caused by mortgage-related issues that arise just around closing time. Even when the buyer has been preapproved for a mortgage, a lender might require extra documents before closing. There can also be disparities in figures or the mortgage application process that need explanations or adjustments and which may postpone the closing to ensure that those corrections are made.

Last-Minute Inspection Issues

Over 86% of home inspections will find an issue that requires fixing. But sometimes, home sellers will “forget” to make agreed-upon repairs or simply neglect the issues pointed out in the inspection report. And when the buyer is doing their final walk-through of the house and finds that the repairs weren’t done, that can delay the closing and even derail the sale.

Title Issues

The title isn’t just a piece of paper but a collective term for legal rights to own, use, and sell the house - hence, the buyer will undoubtedly order a title search. If they find issues like outstanding taxes, debts to contractors, bankruptcies, and child support liens, your closing might get delayed. In fact, home title searches will cause over 13% of closing delays. As a seller, you should pay off loans, debts, and taxes that might show up as title defects to avoid these delays.

We’ll Help You Avoid Delays During Closing!

Several legitimate reasons may cause delays – most avoidable, but others beyond your control. For more information about the reasons that can delay a closing when selling your home in Chicago, IL, feel free to get in touch with us today - our experienced experts will help you!

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