Whether you are a buyer or seller in a South Carolina home sale, you understandably want to do everything possible to get the best return on your investment or generate a high profit. However, a number of obstacles can delay or prevent a closing. Knowing them in advance allows agents to guide their clients proactively.
These issues will delay or prevent a real estate closing
- The home appraises for less than the listed price. When an appraisal comes in low, the buyer’s lender will not fund the full purchase price. Seller and buyer must either renegotiate or the deal may fall apart.
- A tenant is occupying the home and refusing to vacate. Sellers must ensure all occupants have legally vacated the property before closing. Tenant disputes can create significant legal delays.
- The seller is not legally able to sell the home. Title issues, probate complications, liens, or co-ownership disputes can cloud a title and prevent a legal transfer of ownership.
- The buyer cannot obtain mortgage loan approval. Pre-qualification is not the same as final approval. Employment changes, credit score drops, or debt increases between contract and closing can result in a denied loan.
- The seller files for bankruptcy. A bankruptcy filing places an automatic stay on most asset transactions, including real estate sales, potentially halting a deal indefinitely.
What you can do as an agent to prevent delays
As a buyer’s agent, encourage clients to obtain full loan approval — not just pre-qualification — before submitting an official offer. As a seller’s agent, use comparative market analysis and other appraisal-preparation tools to help your client price their home accurately. Emotional attachments can lead sellers to overprice; data-driven guidance protects the transaction.
When a delay involves legal issues
Title searches, lien resolution, and bankruptcy proceedings require the involvement of attorneys and cannot be rushed. When legal complications arise, a calm, informed agent who understands the process is invaluable to clients navigating stressful situations.
The good news is that most obstacles can be peacefully resolved in a fair and agreeable manner. Experience, preparation, and clear communication between all parties are the best tools an agent can bring to the table.