Although closing on a house may seem pretty straightforward, many things can happen that hold up this process. If you're looking at Bakersfield homes for sale, you want to be sure you understand the ins and outs of house closings. Our agents are ready to answer your questions and can ensure this process goes smoothly during the purchase of your home in the Bakersfield area.

Here are five things that can hold up your house closing.

1. Approval of a loan
   Most buyers depend on getting a loan to buy a house. Failure to secure this loan by the closing date can delay the closing. The reasons why a loan can be delayed are varied, including spikes in interest rates, which affect qualification for the loan if it is not locked in, or suddenly the buyer's credit score or income changes, so the underwriter rejects the loan. Often, the seller must agree to an extension to keep the contract from expiring or being canceled. To avoid these situations, get a preapproved mortgage loan before submitting an offer; you can also try to be pre-underwritten for a loan.
   
   
2. Home inspection and repairs
   A home inspection by a qualified inspector is required before the closing so that serious issues, such as a compromised foundation or a bad pest infestation, can be identified for possible renegotiation of the contract. The buyer usually handles minor issues; the buyer can, for instance, ask the seller to make some repairs before the closing. The buyer might also negotiate for a price decrease, based on the cost of repairs, or ask for an exchange, such as adding appliances or furniture to offset the cost. The buyer might also ask for a home warranty to fix outdated areas of the home.
   
   
3. No homeowners insurance
   Homeowners insurance isn't required to sell the home, but it is for a mortgage loan. The lender requires insurance in case of natural disasters or other damage-causing events. Generally, a buyer should have homeowners insurance by the closing date. The lender won't sign off on a loan without proof of homeowners insurance. Buyers should shop for a policy once the purchase agreement is signed.
   
   
4. Closing costs
   Whenever you buy a home, there will be closing costs, totaling as much as 5 percent of the loan amount. If a buyer comes up short of the closing costs, they might not be able to buy the home. It's wise to plan for closing costs when you are shopping for a loan and a home. A buyer who is finding it difficult to come up with closing costs may need to shop for a less expensive vendor. Another option is for the buyer to ask the seller to contribute to the closing costs.
   
   
5. No real estate agent
   Buying and selling a home is a complex procedure. Those who try to get through the process without a real estate agent's expertise can get into trouble. Real estate agents are there to protect clients, so you want to be sure you choose one with a good reputation who will work in your interests. Real estate agents can help with all the issues listed above plus others, such as which repairs the seller should be asked to fix, closing costs negotiations, conducting a short sale (this is when a lender accepts an amount lower than the balance owed on a home), and recommending real estate attorneys. 

Got questions on your house closing? Contact us today.