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We have placed a delay of
closing estimate next to each problem and the ones with asterisks (*) are
potential deal-killers.
The Lender:
1. Lender does not properly pre-qualify borrower. 2weeks or *
2. Lender decides last minute they don't like borrower. 2 weeks or *
3. Lender decides last minute they don't like the property. 2 weeks or *
4. Lender wants property repaired or cleaned prior to close 1 to 3 weeks
5. Lender raises rates, points, or costs. 2 weeks or *
6. Borrower does not qualify because of a late addition of information. 2 weeks
or *
7. Lender requires, last minute, a re-appraisal. 2 weeks
8. The borrower does not like the fine print in the loan documents that we
receive 3 days before close. 3 days or *
9. Lender loses file. 1 to 3 weeks
10. The lender does not simultaneously ask for information from the buyer, they
ask for information in bits and pieces. 1 to 4 weeks
11. Lender pulls a "Bait & Switch" on the buyer. 2 weeks or *
12. Lender does not have the money, so makes up some excuse for rejecting the
buyer. 2 weeks or *
The Cooperating Agent:
13. Won't return phone calls. 1 to 3 weeks
14. Transfer to another office. 1 week
15. Did not pre-qualify the client for motivation. 2 weeks or *
16. Goes on vacation and leaves no one to handle file. 1 to 4 weeks
17. Does not understand or lacks experience in real estate. 1 week or *
18. Poor people skills with buyer. 1 to 3 weeks
19. Gets client upset over minor points.1 to 3 weeks
20. Does not communicate with their client. 1 to 4 weeks
The Buyer:
21. Did not tell the truth on loan application. 1 week or *
22. Did not tell the truth to their agent. 1 week or *
23. Submits incorrect tax returns to lender. 4 weeks or *
24. Lacks motivation. 1 week or *
25. Source of down payment changes. 1 week or *
26. Family members do not like purchase. 1 week or *
27. Is too picky regarding condition. 1 week or *
28. Finds another property that is a better deal. 1 week or *
29. They are "nibblers" (always negotiating). 1 week or *
30. The buyers bring an attorney into the picture. 2 weeks or *
31. They do not execute paperwork in a timely manner. 3 weeks or *
32. They do not deliver their money in a "check cleared" fashion to
the closing agent. 1 to 2 weeks
33. Job change, illness, divorce, or other financial setback. 3 weeks or *
34. Comes up short on money. 1 week or *
35. Does not obtain insurance in a timely manner. 1 to 4 weeks
Escrow:
36. Fails to notify agents of unsigned or un-returned documents so that the
agents can cure the problems relating to same. 1 week or *
37. Fails to obtain information from beneficiaries, lien holders, title
companies, insurance companies, or lenders in a timely manner. 1 week or *
38. Lets principals leave town without getting necessary signatures. 1 to 2
weeks
39. Incorrect at interpreting or assuming aspects of the transaction and then
passing these items on to related parties such as lenders, attorneys, buyers and
sellers.
40. Loses paperwork. 1 to 3 weeks
41. Incorrectly prepares paperwork. 1 to 3 weeks
42. Does not pass on valuable information fast enough. 1 to 4 weeks
43. Does not coordinate well so that many items can be done simultaneously. 1 to
4 weeks
Seller:
44. Loses motivation (i.e. job transfer did not go through, etc.). 1 week or *
45. Illness, divorce, etc. 1 week or *
46. Has hidden defects that are subsequently discovered. 1 week or *
47. Unknown defects are discovered. 1 week or *
48. Home inspection reveals average amount of small defects that seller is
un-willing to repair. 1 week or *
49. Gets an attorney involved. 1 week or *
50. Removes property from the premises that they buyer believed was included. 1
to 3 weeks
51. Is unable to clear up problems or liens. 1 week or *
52. Last minute solvable liens are discovered. 1 to 3 weeks
53. Seller did not own 100% of property as previously disclosed. 1 week or *
54. Seller thought partners signatures were "no problem" but they
were! 1 week or *
55. Seller leaves town without giving anyone power of attorney. 1 to 4 weeks
56. The notary did not make a clear stamp. 3 days or one week when notarizing
the seller's signatures.
57. Seller delays the projected move-out date. 1 day or *
Acts of God:
58. Earthquake, tornado, fire, slides, etc. 1week or *
The Appraisal:
59. The appraiser is not local and misunderstands the market. 1 to 3 weeks
60. No comparable sales available. 1 week or *
61. Appraiser delays (too busy etc.). 1 to 3 weeks
62. Incorrect appraisal. 1 to 3 weeks
63. Appraisal too low. 1 week or *
Inspection Company:
64. Too picky. 1 day or *
65. Scares buyer. 1 week or *
66. Infuriates seller. 1 week or *
67. Makes mistakes. 1 to 3 weeks
68. Delays report. 1 week or *
The Title Company:
69. Does not fine liens or problems until last minute. 1 week or *
70. Does not bend rules on small problems. 1 to 3 weeks
71. Poor service. 1 to 3 weeks
72. Loses paperwork. 1 to 2 weeks
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