Go Ahead - Go on Vacation While Your Post Falls Home is For Sale Just…
You know you want your buyer pre-approved before taking your Post Falls home off the market to await closing.
But what if it’s your house that won’t qualify?
Yes, that can happen – without your knowledge. And while most of the issues that prevent closing can be cured, they can cause enough delay to send your buyer looking for a different home.
What kinds of issues disqualify a home from being sold?
IRS tax liens are a big one. These can generally be negotiated, but until they get permission from the IRS, the title company won’t clear for closing.
“Extra” people on the title can also cause a problem. If someone co-signed your purchase they might appear on title. If you’ve been through divorce and believed the house to now be entirely in your name, you could be mistaken. If your co-borrower is deceased and you haven’t been through probate, you will need to see a lawyer to complete the appropriate paperwork.
Old mortgage loans can cause the most time-consuming problem of all. These occur when a homeowner refinances and the original loan is not cleared from the title.
How could that have happened? Someone simply forgot to record the release.
I heard of one that took 6 months’ of the listing agent’s diligent follow-up (otherwise known as nagging). The original lender had sold to a larger bank a few years earlier and the records were in an archive somewhere in California. No one from the old bank remained and no one from the new bank was particularly interested in assisting.
It was one of those cases where the people in a position to solve the problem thought “What’s in it for me?” and the answer was “Nothing.”
To avoid these last minute surprises, order your title report as soon as you know you want to sell your home. It costs a few dollars, but if you use the same title company when you sell, they may be willing to apply those dollars as a credit at closing.
If you’re getting ready to sell and don’t know who to call, call me first. I can put you in touch with a Title Officer who will provide what you need.