THE TIME BETWEEN CONTRACT ACCEPTANCE AND CLOSE CAN BE MOST CHALLENGING. THESE ARE POTENTIAL ROADBLOCKS KEEPING ME BUSY EVERY DAY! REMEMBER THAT A TRANSACTION CANNOT CLOSE UNTIL ESCROW HAS CLEARED UP ANY AND ALL OF THE FOLLOWING PROBLEMS.
LENDER PROBLEMS:
1. Lender does not properly pre-qualify.
2. Lender decides in the last minute he does not like borrower or
property.
3. Lender wants property repaired or cleaned.
4. Lender raises rates, points, cost.
5. Borrower does not qualify because of late addition of information.
6. Lender requires last minute re-appraisal.
7. Borrower does not like fine print in loan documents which we receive
shortly before closing.
8. Lender loses file.
9. Lender does not ask for all information at the same time, loosing time.
COOPERATIVE AGENT:
1. Won’t return phone calls.
2. Transfers to another office.
3. Did not pre-qualify client for motivation.
4. Goes on vacation and leaves nobody in charge.
5. Poor people skills.
6. Gets client upset over minor problems or does not communicate with client.
BUYER:
1. Did not tell truth on loan application.
2. Did not tell truth to agent.
3. Submits incorrect data.
4. Family members do not like purchase.
5. Is unreasonably picky regarding condition.
6. Finds another property, which appears to be better deal.
7. Lacks motivation.
8. Source of down payment changes.
9. Does not execute paperwork in timely fashion.
10.Does not deliver money in form of cashier’s check at closing.
11.Job change, illness, divorce, financial setback.
12.Does not obtain insurance in timely fashion.
ESCROW
1. Fails to notify agent about unsigned or returned documents.
2. Fails to obtain information from beneficiaries, lien holders, insurance companies or lenders in a timely fashion.
3. Lets principal leave town without getting necessary signatures.
4. Incorrect at interpreting aspects of the transaction and passing these items on to other parties.
5. Too busy.
6. Loses paperwork.
7. Does not coordinate well.
SELLER
1. Loses motivation (job transfer did not materialize).
2. Illness, divorce, etc.
3. Has hidden defects that are subsequently discovered.
4. Unknown defects are discovered.
5. Home inspection reveals average amount of small defects that seller is unwilling to repair.
6. Removes property from premises that buyer believed to be included.
7. Is unable or unwilling to clear up lien or other problems.
8. Last minute liens are discovered.
9. Seller does not own 100% of property as previously disclosed.
10.Seller thought partner signatures were no problem but they were.
11.Seller leaves town without giving anyone power of attorney.
12.Seller delays move-out date.
APPRAISAL
1. Appraiser misunderstands market.
2. No comparable sales available.
3. Appraiser delays.
4. Incorrect appraisal.
5. Appraisal too low.
INSPECTION COMPANY
1. Too picky.
2. Scares buyer.
3. Infuriates seller.
4. Makes mistakes.
5. Delays report.
TITLE COMPANY
1. Does not find liens or problems until last minute.
2. Does not bend rules on minor problems.
3. Poor service.
4. Looses paperwork.
ACTS OF GOD
Earthquake, tornado, fire, mudslides, etc.
YOU HIRE ME TO TAKE CARE OF THESE PROBLEMS!!!
ELISABETH DOUGLAS, GRI, ABR
SELLING AUSTIN WITH ART! ™
512-789-7507