Mortgage FAQ: Should I Be Worried About a Delay in Closing Because of a Financing Issue?
"HAPPILY, WE HAVE A BUYER FOR OUR HOME AND THE PURCHASE HAS BEEN SMOOTH. HOWEVER, THERE’S A DELAY IN CLOSING BECAUSE OF A FINANCING ISSUE. SHOULD WE BE WORRIED ABOUT THIS?"
Although most home sales do close on time and without any problems, delays in closing do happen on occasion and as a seller, you’ll just need to bide your time. According to the National Association of Realtors, 76 percent of all existing home sales in 2018 closed on time, while 19 percent were delayed and just five percent ended up not closing at all and were terminated. The number one reason for late/terminated closings was financing issues, so it’s not that uncommon.
Yes, it’s okay to be a little worried, but keep that five percent figure in mind and know that 95 percent of all closings do eventually go through. Also, you should know that a “financing issue” may not be as ominous as it sounds. A closing delayed by a financing issue could mean that the buyer took on extra debt before closing, had a change to their credit status, had a change in employment/income, or even something as simple as not getting the required paperwork done and processed in time. In the end, if you have concerns, take them to your real estate agent and mortgage professional.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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