“oops”, that may delay your real estate closing

Reasons real estate closings are delayed

Here you are 30 days down the road from when you first made an offer on your dream home. You have jumped through all the financing hoops your lender has required and now the closing day is set. Nothing can go wrong, right? Wrong. The following list contains some of the most common delays buyers, sellers, agents and closing companies encounter on a daily basis.

1. You brought a personal check. Most closing agents in Florida will require that the funds a buyer or seller brings to closing be in the form of a cashiers check or pre-wired into the closing agents escrow account. If your agent forgets to remind you and you pull out your personal check book when asked for your settlement funds, chances are good your closing will be delayed long enough for you to rush to the bank.

2. WDO is not clear. You got the inspection and you were happy that no bugs were found. However, everyone missed the part about visible wood rot and now your closing agent, per the bank’s instruction is looking for the clear WDO. Often times the wood rot is little more than around a garage door jam or on a facia board. Regardless of how small, if the bank requires a clear WDO, the closing will be delayed until the work is done in most cases.

3. You forgot your personal ID. In order for the closing agent to fully execute the legal documents, they need to have a photo ID of anyone that will be signing the closing documents. While you would think that most everyone would have a driver’s licenses on them, this one simple oops will delay the closing until a proper ID can be obtained.

These are some of the most common oops that will delay a closing. Make sure you follow the instructions of your agent provides prior to the closing, ask the closing agent before hand if there is anything special you need to bring and check with your lender too. This will help you avoid the oops and close your transaction without delay.

Related Florida real estate views:

Make sure you review an estimated proceeds document before signing an offer to buy your home

What are my options when I receive an offer to purchase my home?

Do I still have to pay a commission if I list my home but then decide not to sell?

- Greg Staker, Watson Realty Corp. 407-304-0255