Buying your home is like taking an airline flight across the country. When you start your trip, you have no idea how the trip will go. Neither does the pilot! You could run into 88 types of turbulence or have a smooth flight and land on time. Certainly, the pilots will try to use their experience to navigate around the storms and go for the smoothest flight plan, but if they’re honest, they can’t promise a turbulent-free trip. Their job is to get you to your destination in the least time and with the least aggravation while keeping you informed throughout the trip.
Below is a somewhat humorous list of the 88 different types of turbulence we might run into. This list is not all-encompassing, but it catches most of the common issues. While some of the items are “picky” to some, they are very real and fearful to others. You should consider your REALTOR® the pilot to your place. Their job is to find your home, a good investment, negotiate and advocate for you, and get you the keys within your time frame, with the fewest aggravations. That is why it is important to hire a professional real estate agent you can trust, so they can help you navigate the turbulence that may arise during one of the largest financial transaction in your life.
NewHomePrograms.com can not promise turbulence-free, but we can promise you that we’ll utilize our experience and expertise to take you on the smoothest flight that we can. If we do hit turbulence, we won’t bail out on you. We’ll be your teammate throughout the flight until we get you safely to your destination. Rest assured, your advocacy is our #1 goal, and that means you must be delighted with the service we provide and deliver beyond your expectations during the process.
88 Things That Could Go Wrong During Your Transaction
The Buyer/Borrower
1. Does not tell the truth on loan application.
2. Has a recent late payment on credit report.
3. Finds out about additional debt.
4. Borrower loses job.
5. Co-borrower loses job.
6. Income verification lower than what was state on loan application.
7. Overtime income not allowed by underwriter for qualifying.
8. Applicant makes large purchase on credit before closing.
9. Illness, Injury, divorce or other financial setback during escrow.
10. Lacks motivation.
11. Gift donor changes mind.
12. Cannot locate divorce decree.
13. Cannot locate petition or discharge of bankruptcy.
14. Cannot locate tax returns.
15. Cannot locate bank statements.
16. Difficulty in obtaining verification of rent.
17. Interest rate increases and borrower no longer qualifies.
18. Loan program changes with higher rates, points and fees.
19. Child support not disclosed on application.
20. Bankruptcy within the last two years.
21. Mortgage payment is double the previous housing payment.
22. Borrower/co-borrower does not have a steady two-year employment history.
23. Borrower brings in handwritten pay stubs.
24. Borrower switches to a new job with a probation period.
25. Borrower switches from job with salary to 100% commission income.
26. Borrower/co-borrower/seller dies.
27. Buyer is too picky about property in the price range they can afford.
28. Buyer feels the house is misrepresented.
29. Veterans DD214 form not available.
30. Buyer comes up short of money at closing.
31. Buyer does not properly “paper trail” additional money that comes from gifts, loans, etc.
32. Buyer does not bring cashier’s check to Title Company for closing costs and down payment.
The Seller
33. Loses motivation to sell (job transfer does not go through, reconciles marriage, etc.).
34. Cannot find suitable replacement property.
35. Will not allow appraiser inside home.
36. Will not allow inspectors inside home in a timely manner.
37. Removes property from the premises that the buyer believed was included.
38. Cannot clear up liens – is short on cash to close.
39. Did not own 100% of property as previously disclosed.
40. Encounters problems in getting partners’ signatures.
41. Leaves town without giving anyone Power of Attorney.
42. Delays the projected move-out date.
43. Did not complete the repairs agreed to in contract.
44. Seller’s home goes into foreclosure during escrow.
45. Misrepresents information about home and neighborhood.
46. Does not disclose all hidden or unknown defects and they are subsequently discovered.
The Real Estate Agent(s)
47. Has no client control over buyers or sellers.
48. Delays access to property for inspection and appraisals.
49. Does not get completed paperwork to the Lender in time.
50. Inexperienced in this type of transaction.
51. Takes unexpected time off during transaction and cannot be reached.
52. Misleads other parties to the transaction – has huge ego.
53. Does not do sufficient homework on their clients or the property and wastes everyone’s time.
The Lender(s)
54. Does not properly pre-qualify the borrower.
55. Wants property repaired prior to closing.
56. The market raises rates, points or costs.
57. Borrower does not qualify because of a late addition of information.
58. Requires a last-minutes second appraisal or other documents.
59. Loses a form or misplaces entire file.
60. Does not simultaneously ask for all needed information.
61. Does not fund loan in time for close.
The Property
62. County will not approve septic system or well.
63. Termite report reveals substantial damage and seller is not willing to fix.
64. Home was misrepresented as to size and condition.
65. Home is destroyed prior to closing.
66. Home is not structurally sound.
67. Home is uninsurable for homeowner’s insurance.
68. Property is incorrectly zoned.
69. Portion of home sits on neighbor’s property.
70. Unique home and comparable properties for appraisal are difficult to find.
The Escrow/Title Company
71. Fails to notify lender/agents of unsigned or unreturned documents.
72. Fails to obtain information from beneficiaries, lien holders, insurance companies or Lenders in a timely manner.
73. Allows the principals to leave town without getting all necessary signatures.
74. Loses or incorrectly prepares paperwork.
75. Does not relay valuable information quickly enough.
76. Does not coordinate well so that many items can be done simultaneously.
77. Does not bend the rules on small problems.
78. Finds liens or other title problems at the last minute.
The Appraiser
79. Is not local and misunderstands the market.
80. Is too busy to complete the appraisal on schedule.
81. No comparable sales are available.
82. Is not on the Lender’s “approved list.”
83. Makes important mistakes on appraisal and brings in value too low.
84. Lender requires a second or “review” appraisal
Inspectors
85. Pest inspector not available when needed.
86. Pest inspector too picky about condition of property.
87. Home inspector not available when needed.
88. Inspection reports alarms buyer and sale is cancelled.
If you want a smooth flight during your real estate transaction, and a pilot who can bring you in for a safe, smooth landing…NewHomePrograms.com!
