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Problems that may prevent closing on a residential home

On Behalf of | Oct 24, 2019 | Real Estate

It can take years for a Tennessee family to pull together enough money to buy their own house. Owning a home comes with many responsibilities, but before a person can call a residence their own, they must find a way to pay for it, negotiate the purchase and close on the deal. Getting to closing can take a long time, and unfortunately, there are a number of problems that can come up that can derail a family’s purchase of a home.

One area of trouble that individuals can run into with closing on homes is with securing funding from their lenders. Banks often extend loans to individuals who wish to buy homes, and often those loans will cover the vast majority of the home’s purchase prices. When title problems, low appraisal and other issues arise, banks may elect to pay less than the original loans they stated they would provide.

Additionally, the closing of a residential home may be delayed or called off if a home inspection reveals significant deficiencies. Homes are subject to inspections before they are purchased to ensure that they are sound, providing buyers with information about the condition of the residences that they plan to attain. When inspections reveal deficiencies, closings can be put off.

Finally, buyers may find that their closings have been canceled if their sellers decide not to go through with the sales. Depending upon the problem that a buyer runs into, they may have a legal remedy to move their home purchase process forward. Those dealing with these or similar issues are encouraged to talk to a real estate attorney. This can provide you with necessary information to learn more about what they can do to buy the home of their choice.