Your offer to buy a house was accepted, your inspection was completed and other requirements have been met, so you might assume that your closing is just a formality.  Well, a few things could still go awry. Accordingly, it helps to be prepared by knowing about these potential snags ahead of time in anticipation of a seamless closing when all paperwork is signed and the keys to your new home are received.

Final Walk-through

Your final pre-closing walk-through typically occurs the day before or the day of your scheduled closing. Presumably, the seller has vacated and the house should be ready to go. However, you could find that everything is not exactly in order ... a storm could have caused damage, a new problem not previously noted might appear or possibly, items that you expected were included with the house are missing.

If issues surface, be prepared to resolve them at the closing with the seller who will likely pay the cost of repairs. Refer to your purchase contract which should itemize anything to be included in the sale so that errors can be corrected.  And as long as cool heads prevail, no deal breaker should result from these last minute concerns.

Credit Changes

Once you’ve been approved for financing, typically earlier on in the process, your credit would have been checked and reviewed.  Keep in mind that loan problems can surface if there are major changes in your credit history between the initial credit review and final quality-control analysis just prior to your closing. For instance, a new car loan, large charges on existing credit cards or new credit cards could cause concern for your lender. A new job loss or job change that alters your financial picture might likewise lead to problems. Thus, don’t make any substantive modifications of this type until after you successfully close.

Closing Funds

Be absolutely clear regarding what funds need to be brought to closing and in what form. You may need to bring a cashier’s check or the funds may need to be wire transferred electronically. Failure to adhere to required guidelines for closing funds could cause delays of at least a few hours or even to a different day until you can provide the correct funds.  Check with your real estate agent, attorney and/or Title Company for information regarding the amount and permitted practices allowed for payment.

Keep in mind that most issues on closing day are nothing more than little bumps on your path to home ownership. So, don’t panic.  Just be careful and attentive to details so that no major issues impact your plans. For additional information, reliable recommendations to trusted affiliates or to arrange a meeting to discuss your needs, please contact me today for a consultation. I will be happy to answer any questions you may have about the home buying process.


Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
[email protected]

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets. 

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