It is the wise client that prepares for problems before they happen! For this reason, we would like to share with you some of the things that can go wrong during a real estate transaction. Since no transaction is closed until it is closed, the folowing are potential road blocks. We have also given you a delay of closing estimate next to each problem. The ones with asterisks (*) are potential deal killers. Here we go!
Things that go wrong with the . . .
LENDER . . . Approx. Delay
1.Lender does not properly pre-qualify borrower .... 2 weeks to*
2.Lender decides last minute they don’t like borrower .... 2 weeks to*
3.Lender decides last minute they don’t like the property .... 2 weeks to*
4.Lender wants property repaired or cleaned prior to closing .... 1 - 3 weeks
5.Lender raises rates, points or costs .... 2 weeks to*
6.Borrower does not qualify because of a late addition of info .... 2 weeks to*
7.Lender requires, last minute, a reappraisal .... 2 weeks
8.The borrower does not like the fine print in the loan
documents they receive 3 days before closing .... 3 days to*
9.Lender loses file .... 1 - 3 weeks
10.Lender does not simultaneously ask for info from buyer,
they ask for info in bits and pieces .... 1 - 4 weeks
COOPERATING AGENT . . .
1.Won’t return phone calls .... 1 - 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, leaves no one to handle file .... 1 - 4 weeks
5.Does not understand or lacks experience in Real Estate...