Here are common problems that can delay or prevent closing, many of which, should have been addressed prior to submission to an underwriter, but sometimes the ball gets dropped:
- Low appraisal or the underwriter orders a review appraisal that does not match the first appraisal.
- Additional debt found on the buyer’s updated credit report.
- Mistakes noted in the buyer’s credit report.
- New liens or judgments filed against the buyer or seller upon title update.
- Clouds on title.
- Marital status change for buyer or seller.
- Required updated bank statements or financial documents.
- Insurance information missing.
- Expired loan or program commitment.
As you can see, it’s very important for ALL parties to stay in constant contact to ward off as many issues as possible.