Real Estate News About Woodbridge, Mount Vernon, and Lorton Virginia: 88 Things That Can Go Wrong In A Real Estate Transaction

88 Things That Can Go Wrong In A Real Estate Transaction

The 88 Types of Turbulence We Could Encounter During A Real Estate Sale

Buying your home is like taking an airline flight across country. When you start on your trip you have no idea how the trip will go. Neither does the pilot! You could run into 88 types of turbulence, or you could have a smooth flight and land on time.

Certainly the pilots will use their experience to navigate around the storms and go for the smoothest flight plan, butbuying a house in woodbridge va if they're honest, they can't promise a turbulence-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.

As your Real Estate Consultant, I see myself as your pilot. My job is to find your home, a good investment, negotiate and advocate for you and get you the keys within your timeframe, AND with the fewest hassles.

I can't promise you no turbulence along the way, but I can promise you that I'll utilize my experience and expertise to take you on the smoothest flight that I can. If we do hit turbulence, I won't bail out on you. I'll be your teammate throughout the flight until I get you safely to your destination.

The 88 Types of Turbulence

The Lender/Closing Attorney:

  1. Fails to notifylender/agents of unsigned or unreturned documents.

  2. Fail sto obtain information from beneficiaries, lienholders, insurance companies, or lenders in a

    timely manner.

  3. Lets principals leave town without getting all necessary signatures.

  4. Loses or incorrectly prepares paperwork.

  5. Does not pass on valuable information quickly enough.

  6. Does not coordinate well, so that many items can be done simultaneously.

  7. DoesnotgetHUDtobuyer/sellerforreviewandthereareerrors.

    Doesnotfindliensortitleproblemsuntilthelastminute.

The Buyer/Borrower:

9. Omits important financial information on the application. buy a house in woodbridge va
10. Submits incorrect information to the lender.
11. Has recent late payments on credit report.
12. Found out about additional debt after loan application.
13. Borrower loses job.
14. Co-borrower loses job.
15. Income verification lower than what was stated on loan application.
16. Overtime income not allowed by underwriter for qualifying.
17. Applicant makes large purchase on credit before closing.
18. Illness, injury, divorce or other financial setback during escrow.
19. Lacks motivation.
20. Gift donor changes mind.
21. Cannot locate divorce decree.
22. Cannot locate petition or discharge of bankruptcy.
23. Cannot locate tax returns.
24. Cannot locate bank statements.
25. Difficulty in obtaining verification of rent.
26. Interest rate increases and borrower no longer qualifies.
27. Loan programs changes with higher rates, points, and fees.
28. Child support not disclosed on application.
29. Borrower is a foreign national.
30. Bankruptcy within the last two years.
31. Mortgage payment is double the previous housing payment.
32. Borrower/co-borrower does not have steady two-year employment history.
33. Borrower brings in handwritten pay stubs.
34. Borrower switches to job requiring probation period just before closing.
35. Borrower switches to job from salary to 100% commission income.
36. Borrower/co-borrower/seller dies.
37. Family members or friends do not like the home buyer chooses.
38. Buyer is too picky about property in price range they can afford.
39. Buyer forgets to get PREPAID INSURANCE BINDER (not needed for condo.)
40. Veterans DD214 form not available.
41. Buyer has spent money needed for down payment/closing costs, comes up short at closing.
42. Buyer does not properly “paper trail” additional money that comes from gifts, loans, etc.
43. Doesn’t bring cashier’s check made out to “self” to the closing for down payment/bank fees.

Seller

44. Loses motivation to sell (job transfer does not go through, reconciles marriage, etc.)buy a house in woodbridge va

45. Cannot find a suitable replacement property.
46. Will not allow appraiser and inspector inside home.
47. Seller does not get final water/utility readings for closing attorney.
48. Removes property from the premises the buyer believed was included.
49. Is unable to clear up liens against their property- short on cash to close.
50. Did not own 100% of property as previously disclosed.
51. Thought getting partners signatures were “no problem,” but they were.
52. Leaves town without giving anyone Power of Attorney.
53. Delays the projected move-out date.

54. Did not complete the repairs agreed to in contract.

55. Seller’s home goes into foreclosure during escrow.
56. Misrepresents information about home and neighborhood to the buyer.
57. Does not disclose all hidden or unknown defects and they are subsequently discovered at home
inspection.

58. Builder miscalculates completion date of new home.
59. Seller has not moved out of property.
60. Seller is not prepared for final walk through of property. 61. Seller does not appear for closing and won’t sign papers.

The Realtor(s):

62. Has bad communication skills.
63. Delays access to property for inspection and appraisals.
64. Unfamiliar with their client’s financial position- do they have enough equity to sell, etc.buy a house in woodbridge va
65. Does not get completed paperwork to the lender in time.
66. Inexperienced in this type of property transaction.
67. Takes unexpected time off during transaction and can’t be reached.
68. Has huge ego that gets in the way of progress.
69. Does not do sufficient homework on their clients or the property and wastes everyone’s time.

The Property

70. Board of Health will not approve septic system or well.

71. Inspection report reveals substantial pest damage and seller is not willing to fix or repair.

72. Home was misrepresented as to size and condition.

73. Home is destroyed prior to closing.
74. Home not structurally sound.

75. Home is uninsurable for homeowners insurance

76. Property incorrectly zoned.
77. Portion of home sits on neighbor’s property.
78. Unique home and comparable properties for appraisal difficult to find.

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. Inspector too busy to schedule inspection when needed.

86. Inspector not experienced in representing accurate condition of property.

87. Home inspector not available when needed.
88. Inspection reports alarm buyer and sale is cancelled.

 

 

You and I cannot know which of these types of turbulence will happen to you during your real estate transaction.

When they DO happen, our goal is to fix the problem first, then call you and tell you how we fixed the issue.

I promise I won't bail out on you.

Text or call me right now to get your help you buy or sell a house in Woodbridge VA: 703-677-1120

You can be assured you will have a smooth transaction when you call Erick Blackwelder at 703-677-1120.

If you prefer email, use the link on the right side of this page.

Erick BlackwelderCall or text Erick Blackwelder right now for help finding a home, or help selling your house.  

Don't worry... Erick doesn't bite, and you won't get a sales pitch.  Text or call Erick now at 703-677-1120 for a FREE consultation.

CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge, Lorton, and Mount Vernon.

Exit Realty Associates
8998C Lorton Station Blvd
Lorton, VA  22079
Equal Housing Opportunity

 

 

 

 

 

 

 

"Hey Erick, tell me more about...."

Click the link above to email a question to me or call me now at 703-677-1120.  

 

 

Equal Housing opportunity.

Comment balloon 3 commentsErick Blackwelder • August 21 2013 08:16AM

Comments

Erick, I love your list. All FSBO's should have a copy.

Posted by Helen and Larry Prier- Re-Max Gateway - Residential Real Estate, Anacortes & surrounding Skagit & Island Counties (RE-MAX Gateway- Residential Real Estate Sales) almost 7 years ago

Helen and Larry, you are welcome to print the list and share it with whomever you choose.  It especially packs a punch with sellers.

 

Erick

Posted by Erick Blackwelder, Text or call Erick now at 703-677-1120. (Cell: 703-677-1120) almost 7 years ago

Thanks for this! Great list to hsare with prospectives.

Posted by Michelle Enciso, Exceptional Service for Exceptional People (Pikes Peak Dream Homes Realty) 5 months ago

Participate