What’s Stalling Your Real Estate Purchase?

Camden Law - What's Stalling Your Real Estate Purchase?

If you’re in the residential or commercial real estate market, you know the purchase process takes time and patience. While some closings can happen within a matter of weeks, others can take months. If your closing is stalled, it’s important to consider why. Here are a few common reasons:

1. Financing issues: A loan application can take longer than expected to process, or the buyer may run into trouble securing financing. This could be due to inadequate income documentation, outstanding debts, credit score issues, etc.

2. Red flags on title work: Conducting a title search is essential when purchasing a home. If something arises during this process that needs to be addressed, like a lien on the property or an unresolved tax issue, your closing will likely be delayed until you can resolve the matter.

3. Appraisal issues: The bank requires an appraisal of the property to confirm its value before approving a loan. If the appraisal comes back with a lower amount than expected, it may jeopardize your sale if the seller won’t accept that price or you can’t come up with the difference.

4. Contractual issues: Contractual disputes between buyer and seller can occur anytime during the closing process and stall your purchase. This could include disagreements over price, repairs, or other conditions of the sale.

Closing on a real estate purchase involves many steps, any of which could lead to a stalled closing. It’s essential to remain patient and focused on resolving the issues that arise quickly and efficiently to get back on track.

No matter the reason your real estate purchase is stalled, working with a professional real estate lawyer is essential to help you navigate the process and get things moving again. Their knowledge and expertise can help ensure setbacks don’t cause a significant disruption in your purchase agreement.

At Camden Law Office, we understand how important it is to get your real estate purchase closed on time. Contact us at 630-568-6656 today to learn more about our services.

Camden Law Office

5330 S. Main Street

Suite 200

Downers Grove, IL 60515

630-568-6656

www.camdenlawoffice.com

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