6) Once A Settlement Date Is Set, Can It Be Changed?
Settlement is the last step in home buying -- before the moving begins, that is! Sometimes called closing, settlement is where the seller receives the funds from the buyer and the buyer gets proof of ownership. While everyone does their best to meet the settlement date, it is important to remember that many things can crop up to delay the settlement. For instance: Credit problemsProblems with buyer's credit history that must be explained. Paperwork delaysUnforeseen delays in processing lending paperwork. Appraisal problemsDelays in property's appraisal. ContingenciesInspections and/or repairs that must be completed before settlement. Unresolved liensLiens against the property that need to be resolved. Personal ProblemsPersonal problems (such as a death in the family) that lead to rescheduling. Remember, delays in settlement do not necessarily mean the transaction is falling apart. Most transactions do eventually go to settlement. Many problems can be straightened out in a day or so. The key is flexibility. |
Closing On My Home?
2) What Are Some Typical Closing Costs?
3) We're A Little Tight On Cash.
How Can We Shift Some Settlement
Costs To Reduce Out Of Pocket Expenses?
4) What Are Some Sources For Out-Of-Pocket
Cash To Pay Closing Costs?
5) What Should I Expect At The
Final "Walk Through?
6) Once A Settlement Date Is Set,
Can It Be Changed?