The period between the acceptance of an offer and the closing date is known in real estate circles as the time of due diligence. As a buyer, you have plenty of important tasks to accomplish and not a lot of time to do them during that time. Some issues that happen during due diligence are minor, but some could stall your deal and delay your closing. Read on and find out how to deal with some common due diligence disasters.

Home Inspection Hold-Ups

No matter how new your home is, a professional home inspection is a must-have, and the sooner you get it done, the better. While no home is perfect, some have hidden problems that can be both time-consuming and costly to repair. If the seller agrees to make the repairs, be sure to verify that the repairs have been done as your closing date comes closer. If not, phone your real estate agent right away. Sometimes, the closing has to be delayed when the work is incomplete.

Changes in Financing

Whatever information you used to get your home financed should remain sacrosanct. That means you cannot disturb the delicate balance of bank account balances, credit scores, credit card usage, and employment information. This is no time to change jobs — lenders need to see that your position has been stable for several years. Don't make large purchases, apply for any new credit, or be late on any bill payments either.

Vacant Homes Spell Trouble

It's surprising how much damage can occur when a home is left vacant. While no one is at home, pipes can burst, water heaters can leak, and pests can invade the home. That's why it's important for buyers to do a walk-through of the home a week or so prior to the closing and then again just before the closing. The seller is 100% responsible for any damage that happens before you take ownership, but big problems can delay the closing.

Limited-Time-Only Interest Rates

Often, interest rates have an expiration date of several weeks. Unfortunately, not only can events conspire to delay the closing, but your great rate can expire, too. Keep the date of the interest rate expiration circled on your calendar and contact your lender and your real estate agent when time gets tight.

Issues With the Property

A survey and a title search are important events during due diligence, but issues with either one of those can delay the closing. Surveys verify your property lines and tend to be uneventful unless another party insists that what you thought was your property is really their property. Title searches verify that the current owner is really the current owner and not someone else entirely.

When issues happen during due diligence, talk to your real estate agent, who will know what to do to help you achieve ownership on your dream home. Contact a real estate agent for help with finding homes for sale in your area.

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