Congratulations! You’ve made it to the closing. It’s time to sit back, relax, and watch your hard work pay of…or it would be, except for these mistakes buyers make during closing.
Here are the worst possible things a buyer can say that’ll cause hurt feelings, last-minute panic, and even failed deals.
Let’s Gut This Place!
For many sellers, parting with a beloved home is an emotional experience. So maybe don’t announce your intention to completely gut the interior. The thought of radical changes to a cherished place full of memories isn’t something the seller wants to dwell on, so even if your buyer plans to knock down walls immediately after closing, it’s best to keep those plans under wraps.
The New Car Will Look Great in the Garage
Credit scores are nothing to joke about, especially during the last stages of a home sale. A major change to the buyer’s score—if, for example, they took out an auto loan or purchased a houseful of furniture on credit cards—can prompt mortgage lenders to raise interest rates. According to TransUnion, the average person increases credit spending before closing, so it’s not an unusual problem to face. Make sure the buyer is aware of the consequences for taking out new loans or new lines of credit, however.
Could You Just Do One More Thing…
The offer is in, the final walk-through has been made, and everybody is on the same page regarding the sale. Except that the buyer wants just one more little change. This is a common mistake buyers make before closing, but trying to make an offer contingent on a change after the fact is a bad idea. In fact, anything that drags out the closing process is a bad idea, so make sure the buyer gets all their requests in before this stage.
We Got Such a Great Deal on the House!
When there’s a positive difference between the appraised value and the closing price, the buyer might very well be excited to have scooped up a bargain. But for one person to get a bargain, the other must lose out. There’s no need to taunt the seller about the appraised value, so if the buyer feels like they lucked out, encourage them to keep that information to themselves.
I Just Quit My Job
Oh dear. That’s not good news at all for a number of reasons. Getting laid off or fired right before closing is bad, but voluntary quitting is a very poor life choice. Many lenders require a signed document at closing to confirm that employment status has not changed—and they do double-check to make sure that information is accurate.