There are many things that can occur from contract to closing, but the most challenging items are those that pop up right before, or even at the closing table. Below are some possible scenarios that a Holly Springs Realtor mentions you could encounter.


Repairs not completed:

Occasionally repair items agreed to are not completed, and a buyer will need to make a choice with a few potential options. They can accept the property “as is” and close, knowing that they will need to handle the repairs themselves after closing, they can request an escrow hold so that the seller provides the closing attorney money to hold, so that the buyer can use it to complete the repairs after closing, or they can request the closing be delayed until the repairs are completed as agreed upon.


Tension at closing:

There are times that the buyer and seller disagree on things, or delays in settlement can cause tensions to be high. We always recommend the buyer and seller not sign together, so that they do not need to endure any tension. Even if initially it seems like it will be “fine”, it can get heated and turn negative quickly.


COVID-19 restrictions:

If your business is not considered “essential” and you own it, during a shut down, you may not qualify to close because the lenders do a last minute check of employment to verify the borrower still has a job.


Last minute underwriting condition(s):

When documentation is submitted to underwriting, they usually clear a file with “conditions”. Often these items are standard or common, but there are times that there is a wild card thrown in which can be potentially loan threatening. This can be overtime pay, issues with tax returns, etc. A skilled lender will assist in navigating these items.


Delay in funding wire from lender:

We never recommend a closing be later in the day, not only because the deed could not record the same day and delay closing by a business day, but some lenders do not release their funding wires for several hours after a buyer signs, which could delay recording. We also recommend you not close on a Friday, if at all possible, because in the unlikely event it does not record the day of closing, the buyer might not be able to move into the home until the following week.


Waiting until the deed is recorded before keys are released:

Many buyers believe that once they sign all the documentation, they will receive the keys and be able to move in, but the key word is recording. Not until the deed is recorded is ownership officially transferred, and most sellers will not release the keys until the deed is recorded, due to liability reasons.


Early closing and out of state lender (loan package or wire):

If a buyer does a very early closing, and the lender is out of state, say 3 hours behind, it is possible that the loan package will not arrive to the attorney’s office in time. If the attorney does not have enough time slots to move the closing to a later time, it could delay the closing to another day entirely. This is partly why a local lender is very important and should be considered.


Team Anderson Realty is located in the Historic Village District in Downtown Holly Springs, NC, and we would be happy to go over any questions you may have, either in person or on the phone. Please visit: or call: 919-610-5126.