Five Obstacles that could Delay your Transaction
Before searching for a home in Wilmington, North Carolina or considering the purchase of Wilmington, North Carolina real estate, it's a good idea to get your financial house in order. This is due to the fact that many speed bumps have the potential to delay or derail a transaction, even after all of the pieces start to fall into place and it looks as though the loan will be approved:
- Previously undisclosed bank accounts – If some or all of the down payment funds arrive at the closing attorney’s office from a source that was not disclosed, it could cause a hiccup with the transaction.
- Mistakes with taxpayer address – If the professionals at the IRS are unable to verify the authenticity of a taxpayer’s return, since the address on the 4506-T was not a match for the address on file, the deal could fall apart.
- Too many new credit applications – If a potential buyer opens a new line of credit after the loan is approved and it reduces the credit score or causes excessive debt ratios, the possibility of the deal closing successfully could be annihilated.
- Mismanaged or shady HOAs – If information suddenly comes to light regarding a Home Owner’s Association, such as pending structural defect litigation brought forth by the current owners, the transaction may not be able to close successfully.
- Property tax lien detected – Especially if it is a property assessed clean energy property tax lien, it could be problematic to the deal. Fannie Mae and Freddie Mac will not approve a loan if this type of lien exists.
To find out more about the home purchasing process or ensure you know what you need to know in order to close on a home, give me a call at 858-692-5120 or email firstname.lastname@example.org.