What are the most common issues that come up on the day of the closing? And how much of it is avoidable?
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Hello, LOs!
On Wednesday, my wife and I closed on our first home, a chalet-style house near a lake in the Pocono Mountains. The closing almost didn't happen.
About two hours before the scheduled closing, a Tobyhanna township inspector came to close out a permit on the new roof. The roof was fine. But the deck – which, like the roof, had been rebuilt after a tree fell on it during a storm – was not fine. The contractor didn't pull a permit and some of the work he did was not up to code, the inspector said.
We worked out a deal with the seller, and work is being done this week to correct the issues and have the permit issued. But last-minute problems like this happen all the time, forcing lenders, LOs, closers and agents to scramble to make it to the closing table that day.
LOs, I'm curious – what are the most common issues that come up on the day of the closing? And how much of it is avoidable?
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