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Here are typical challenges home sellers faces during a real estate transaction. I am prepared to counsel and guide you through these obstacles if they occur:
Delays in Financing
- Lender did not properly pre-qualify the buyer.
- Loan institution raised rates, points or cost prior to closing.
- Incompetent loan Officer.
- Did not qualify because of late information.
- Loan documents lost or misplaced.
- Lender went on vacation.
- Lender required property repairs prior to closing.
- Property did not appraise to Lender’s satisfaction.
- Lender required second appraisal.
- Lender did not explain loan terms to buyer.
- Lender overwhelmed by applications.
- Loan officer delayed ordering appraisal when buyer was having trouble qualifying for financing.
- Buyer did not tell the truth on loan application.
- Buyer misrepresented truth to agent.
- Buyer gave incorrect tax returns to lender.
- Buyer lacked motivation.
- Source of down payment changed.
- Buyer’s family or friends did not like house.
- Buyer was too picky about condition of house.
- Buyer found another property a “better deal”.
- Buyer kept negotiating until they angered the seller/lender/agents.
- Buyer brought attorney into negotiations.
- Buyer failed to execute paperwork in timely way.
- Buyer went to escrow without required cashier’s check or wired funds.
- Had job change, divorce or other setback.
- Buyer short on money they claimed to have.
- Buyer did not deliver earnest money according to contract terms.
- Buyer rejected terms of loan.
- Buyer did not obtain insurance binder in time.
- Buyer failed to qualify due to omitted information.
Escrow Problems & Title Shortcomings
- Failed to notify agents of problems to solve.
- Failed to obtain information regarding seller’s loan payoff(s).
- Principals left escrow without required signatures.
- Passed on misinterpretations or incorrect assumptions to parties.
- Lost paperwork.
- Prepared documents incorrectly.
- Loan officer gave escrow incorrect rates and loan terms.
- Calculated incorrectly the property taxes, insurance and liens.
- Missed dead lines, which slowed closing process.
- Poorly coordinated.
- Loan authorization so late that escrow documents were not ready at closing.
- Unwilling to bend on small problems.
- Failed to find liens or title problems until too late.
- Missed UPS or FedEx dead lines, which held up closing.
- Misunderstood local market conditions.
- No comparable sales.
- Workload delays.
- Made critical mistakes.
- Value too high/too low.
- Additional work orders.
- Scared buyer when too picky about conditions.
- Offended seller.
- Made mistakes.
- Delayed report.
- Revealed defects that seller’s would not repair.
- Homeowners lost their motivation to sell.
- Affected by job change illness or divorce.
- Discovered hidden or unknown home defects.
- Inspection required work orders that seller was unwilling to repair.
- Removed property that buyer expected to stay.
- Unable to clear liens or title problems.
- Discovered last minute liens to resolve.
- Did not own 100% of property as disclosed.
- Made false assumption that partners would sign off.
- Left town without assigning Power of Attorney.
- Delayed projected “moving out” date.
- Failed to correct items on structural inspection.
- Signed addendum to perform work orders but changed mind.
Acts of God