70 POSSIBLE DEAL KILLERS!! Christine and her team have personally had experience over the past 28 years with most of the items in this checklist. An inexperienced agent has not. We monitor these items closely so as to assure you of a smooth and quick closing to achieve your goals. Christine R. Willard DESIGNATIONS Graduate Realtor Institute Certified Residential Specialist Real Estate Cyberspace Society e-Pro (E-professional)™
Property Marketing Expert™ Licensed Mitigation Consultant Broker Realtor® Member Greensboro Regional Realtors Association Member Triad Multiple Listing Service Member North Carolina Association of Realtors Member National Association of Realtors Greater Triad Homes 1-800-234-0367 x 3815 Here is a problem checklist that keeps my staff and team and I busy every day. Since no transaction is closed until it is closed, the following items are our potential roadblocks. Successful closings have armed me with the necessary tools to overcome most every problem encountered here, however, it would be unfair for me to say that every problem can be solved. I have placed a delay of closing estimate next to each problem and the ones with asterisks (*) are potential DEAL KILLERS. Here we go: THE LENDER: DELAY 1) Lender does not properly pre-qualify borrower. 2 weeks to* 2) Lender decides at last minute they don’t like borrower. 2 weeks to* 3) Lender decides at last minute they don’t like the property. 2 weeks to* 4) Lender wants property repaired or cleaned prior to close. 1 to 3 weeks 5) Lender raises rates, points or costs. 2 weeks to* 6) Borrower does not qualify because of late addition of information. 2 weeks to* 7) At the last minute the lender requires a re-appraisal. 1 week to* 8) The borrower does not like the fine print in the loan documents that are received at closing. 3 days to* 9) Lender loses file. 1 to 3 weeks 10) Lender does not simultaneously ask for information from the Buyer, they ask for information in bits and pieces 1 to 4 weeks THE OTHER REAL ESTATE AGENT: 1) Won’t return phone calls. 1 to 3 weeks 2) Transfers to another office. 1 week 3) Did not pre-qualify the client for motivation 2 weeks to* 4) Goes on vacation and leaves no one to handle file . 1 to 4 weeks 5) Does not understand or lacks experience in real estate. 1 week to* 6) Poor people skills with buyer. 1 to 3 weeks 7) Gets client upset over minor points. 1 to 3 weeks 8) Does not communicate with their client. 1 to 4 weeks THE BUYER: 1) Did not tell the truth on the loan application. 1 week to* 2) Did not tell the truth to their agent. 1 week to* 3) Submits incorrect tax returns to the lender 4 weeks to* 4) Lacks motivation 1 week to* 5) Source of down payment changes. 1 week to* 6) Family members do not like purchase. 1 week to* 7) Is too picky regarding condition 1 week to* 8) Finds another property that is a better deal. 1 week to* 9) They are “nibblers” (always negotiating) 1 week to* 10) The buyer brings an attorney into the picture. 2 weeks to*
11) Does not execute paperwork in a timely manner. 3 weeks to* 12) Does not deliver “Certified Funds” to escrow agent 1 to 2 weeks 13) Job change, illness, divorce, or other financial setback 3 weeks to* 14) Comes up short on money 1 week to* 15) Does not obtain insurance in a timely manner. 1 to 2 weeks ESCROW 1) Fails to notify agent of unsigned or unreturned documents so so the agents can cure the problems relating to same. 1 week to* 2) Fails to obtain information from beneficiaries, lien holders, Title companies, insurance companies or lenders in a timely manner. 1 week to* 3) Does not find liens or problems until the last minute. 1 week to* 4) Does not bend rules on small problems. 1 week to* 5) Poor service. 1 to 3 weeks 6) Lets principals leave town without getting all necessary signatures. 1 to 2 weeks 7) Incorrectly interprets or assumes aspects of the transaction and then passes these items on to related parties 1 week to* 8) Too busy. 1 to 3 weeks 9) Loses paperwork. 1 to 3 weeks 10) Incorrectly prepares paperwork. 1 to 3 weeks 11) Does not pass on valuable information fast enough. 1 to 4 weeks 12) Does not coordinate items to be done simultaneously 1 to 4 weeks SELLER 1) Loses motivation (i.e. job transfer fell through, etc.) 1 week to* 2) Illness, divorce, etc. 1 week to* 3) Has hidden defects that are subsequently discovered. 1 week to* 4) Unknown defects are discovered. 1 week to* 5) Home Inspection reveals average amount of small defects that the seller is unwilling to repair. 1 to 3 weeks* 6) Gets an attorney involved. 1 week to* 7) Removes property from the premises that the buyer believed was included. 1 to 3 weeks 8) Is unable to clear up problems or liens. 1 week to* 9) Last minute solvable liens are discovered. 1 to 3 weeks 10) Seller did not own 100% of the property as previously disclosed. 1 week to* 11) Seller though partners signatures were “no problem” but they were! 1 to 4 weeks 12) Seller leaves town without giving anyone power of attorney . 1 to 4 weeks 13) The notary did not make a clear stamp when notarizing the Sellers’ signatures. 3 days-1 week 14) Seller delays the projected move out date. 1 day to* ACTS OF GOD 1) Earthquakes, tornadoes, fire, floods, wind storms, hall, etc. 1 week to* THE APPRAISAL 1) The appraisal is too low. 1 week to* 2) The appraiser is not local and misunderstands the market. 1 week to* 3) No comparable sales 1 week to * 4) Appraiser delays (too busy, etc.) 1 to 3 weeks 5) Incorrect appraisal. 1 week to* INSPECTION COMPANY 1) Too picky. 1 week to* 2) Scares buyer. 1 week to* 3) Infuriates seller. 1 week to* 4) Makes mistakes. 1 week to* 5) Delays report. 1 to 3 weeks I appreciate the time you have spent to understand the changing time between contract acceptance and close. I wanted you to understand these potential problems for the following reasons: 1) A transaction cannot close until escrow has cleared up any and all of the previously mentioned problems. 2) To let you know that I have great experience in heading off these potential pitfalls and thus can hopefully make you feel more secure in that you chose the correct broker. 3) To make these pitfalls clear to all the parties we are working with so that Problems can be discovered early. 4) To make you aware of these pitfalls so that you can warn me of any potential Problems. Once again, pre-congratulations or congratulations on the sale of your property. Please rest assured that my staff and I do and will closely monitor all the details. |