Step #12: Finish the Closing Process
But sometimes, not everybody wins. It’s not over till it’s over. Your new home isn’t technically yours until the closing process is fully complete. Sometimes the deal can suddenly fall apart at the last moment. While this isn’t common, it can still happen, and you should be prepared for this possibility. Some examples include last-minute home inspections gone wrong, a low home appraisal, or inability to obtain appropriate financing. Keep your emotions in check until the closing process is fully closed. But working with a buyer’s agent and being prepared and informed can make sure you’ve got the bases covered and you’re not left in such a disappointing situation. • Poor home inspection: If major damage is revealed during the inspection, the deal could be called off. • Low home appraisal: This can also be a deal breaker. If your target home’s appraisal is too low, the lender won’t give you a home loan to purchase it. • Financing: This can easily be avoided by ensuring you are financially prepared to buy a new home, which includes knowing your budget, understanding how much you can afford, and getting pre-approved for a loan, as discussed earlier in Step #2. Faltering in the finance department will probably sink the whole deal. It’s critical that you keep these potential pitfalls in mind before you get to the closing process. If something goes wrong, but appropriate contingencies are in place, the deal could still be saved. But it’s always better to be safe than sorry.
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