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What Mistakes Cause Deals to Fall Apart Right Before Closing?

#realestate #thekeringroup #tampa #florida #sellingyourhomefaster What Mistakes Cause Deals to Fall Apart Right Before Closing? Buying or selling a home can feel like crossing the finish line—right up until the very end. The inspection is done, the appraisal is complete, the loan is “clear to close,” and the moving boxes are packed. Yet every year, real estate deals fall apart days—or even hours—before closing. Why? Because the period between contract and closing is one of the most fragile stages of the entire transaction. A single mistake, financial change, or unexpected event can cause a lender to pull approval, a buyer to walk away, or a seller to lose confidence in the deal. Understanding what can go wrong right before closing is one of the best ways to protect yourself and keep your transaction on track. Why the Final Days Before Closing Are So Critical Many buyers assume that once their loan is approved, everything is set in stone. In reality, lenders re-verify everything right before closing. This includes: Credit Employment Income Assets Insurance Title Property condition Any change—no matter how small it seems—can raise red flags and delay or cancel the deal entirely. Common Buyer Mistakes That Can Kill a Deal Before Closing 1. Buying a Car or Making a Large Purchase One of the most common mistakes buyers make is financing a vehicle, furniture, or large appliance before closing. Why this is a problem: It increases your debt-to-income ratio It can lower your credit score It changes the financial profile the loan was approved under Even if the payment seems manageable, lenders must re-run the numbers. If they don’t work anymore, the loan can be denied at the last minute. 2. Opening or Using a New Credit Card Opening a new credit card—or even maxing out an existing one—can derail financing. Common issues include: Credit score drops Increased monthly obligations Unexplained credit inquiries Lenders often do a final credit check just before closing, and new accounts can force the loan back into underwriting. 3. Losing a Job or Changing Employment Employment verification happens more than once during the mortgage process. Deals fall apart when buyers: Lose their job Change employers Switch from salaried to commission-based income Become self-employed mid-transaction Even a promotion or job change can cause issues if income structure changes. Until the loan funds, employment stability is critical. 4. Large Bank Deposits Without Documentation Cash gifts, transfers, or deposits that are not properly documented can stop a loan immediately. Lenders must verify: Where funds came from That they are not borrowed That they comply with lending regulations Unverified deposits often lead to: Delays Additional documentation requests Loan denial if the source cannot be proven 5. Getting Into an Accident or Taking On New Debt Unexpected life events matter more than people realize. Examples include: Medical bills from an accident Legal issues Insurance claims Sudden financial obligations Any event that impacts credit, income, or financial stability can cause a lender to pause or cancel approval. Property-Related Issues That Can Cancel a Deal 6. Appraisal Problems If the home does not appraise for the agreed-upon price: The buyer may not qualify for financing The seller may need to reduce the price The buyer may need to bring extra cash If neither side can agree, the deal can fall apart right before closing. 7. Title Issues Title problems are often discovered late in the process. Common title issues include: Outstanding liens Unreleased mortgages Boundary disputes Probate or inheritance issues Unpaid taxes or HOA balances Some title issues take weeks—or months—to resolve, causing deals to collapse if deadlines can’t be met. 8. Insurance Problems Homeowners insurance is required to close, but issues can arise when: The property is deemed high risk The roof is too old There are prior claims on the home Flood insurance is required but not secured If insurance cannot be bound, the lender will not fund the loan. Seller Mistakes That Can Derail Closing 9. Making Changes to the Property After Inspection Sellers sometimes make repairs themselves or alter the property after inspections. This can be a problem if: Work was done without permits Repairs don’t meet lender standards The property condition changes from what was agreed upon Lenders expect the home to be in the same condition as when it was approved. 10. Not Completing Agreed-Upon Repairs FOLLOW US The Kerin Group (813) 530-1996 REAL Estate - REAL Fun - REAL Community http://www.TheKerin.com   / thekeringroup   https://thekerin.com/what-mistakes-ca...