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Top 5 Reasons Closing Dates Are Delayed

Buying a home is a huge, life-altering decision. It requires significant financial investment, planning, and effort. As such, most Calgary home buyers want to get to the closing date as soon as possible. However, sometimes closing dates are delayed for a variety of reasons. See the top five reasons closing dates are delayed here. 

Reasons Why Calgary Home Buyers Face Delays in Closing Dates

There are a few different reasons why closing dates can be delayed. Every home buyer in Alberta needs to know why these reasons are important, so they can take the necessary steps to ensure they don't affect the closing date. See what they are down below.

Financing Issues

One of the most common reasons for delays in closing dates is due to financing issues. Calgary home buyers need to secure financing to purchase a home. However, securing financing can take some time. It will be delayed if a buyer has not secured a loan or is not approved in time for the closing date. To avoid this issue, buyers should ensure they have the financing before setting the closing date.

Buyer or Seller Issues

Sometimes, closing dates are delayed due to issues on either the buyer's or seller's side. For example, the buyer may need more time to come up with the down payment, or the seller may need more time to move out of the property. These issues can cause delays in the closing process. To avoid this, buyers and sellers should communicate with each other and ensure that all conditions are met before the closing date is set.

Appraisal Delays

Another common issue that can delay closing dates is appraisal delays. An appraisal is a professional assessment of the property's value, and it's required by the lender to approve the loan. If the appraisal takes longer than expected, it can cause delays in the closing process. To avoid this issue, Calgary house buyers should book their appraisals as soon as possible and keep on top of the process.

Title & Documentation Delays

Closing dates can also be delayed due to title and documentation delays. When buying a home, several documents need to be reviewed and signed, and if any of these documents need to be included or completed, it can cause delays. Calgary house buyers can avoid this by ensuring all documents are in order before the closing date and that all parties involved have signed off on them.

Home Inspection Delays

Finally, home inspection delays can also cause delays in closing dates. Home inspections are an important part of the home-buying process, as they ensure that the property is in good condition and that there are no major issues. If the home inspection takes longer than expected, it can cause delays in the closing process. To avoid this, buyers should book their home inspection as soon as possible and keep on top of the process.

Closing dates are important milestones in the home-buying process, and delays can be frustrating and costly. Knowing why closing dates are delayed, and taking the necessary steps to avoid these delays, can help you stay on track and get to the closing date without any issues. If you're a Calgary home buyer, keep these tips in mind, and you'll be sure to get to the closing date without any delays.

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