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I always, always, always advised my clients that anything could go wrong during the transaction…you aren’t settled until you have signed on the dotted line.
I’ve compiled a list below of 33 potential issues that can derail your home buying or selling transaction. These are but a few of the MANY issues that can come up in a real estate transaction.
Lender doesn’t fully qualify buyer prior to providing pre-approval letter.
Lender requires repairs late in the transaction.
Lender doesn’t supply the buyer with ALL loan documents at least 3 days before settlement.
Lender promises one interest rate but charges a higher rate at settlement.
Loan Officer leaves current company with no notice.
Transaction delayed causing rate lock to expire, buyer not happy with new rate and walks.
Buyer finds another house they prefer AFTER agreeing to purchase your home.
Buyer lacks motivation and responds to Lender request(s) slowly.
Buyer changes jobs, loses job, or gets demoted.
Buyer(s) separate/divorce, spouse no longer qualified to purchase home.
Buyer makes purchase via credit and causes debt to income ratio to be too high to qualify for loan.
Judgment or lien on the property.
Seller in foreclosure and didn’t alert anyone.
Seller filed for bankruptcy.
Seller doesn’t vacate property prior to settlement.
Seller doesn’t give notice to tenants to vacate prior to settlement.
Seller doesn’t disclose known latent defects.
Seller can’t find new home to purchase, backs out of his current home sale.
Home Inspection reveals issues that the Seller isn’t willing to repair, fix or correct.
Home Inspection reveals issues the Buyer doesn’t want to deal with, exercises right to VOID contract.
Home Inspector over-steps and advises Buyer not to purchase home.
Termites discovered, and Seller doesn’t want to pay for treatment.
Radon, Carbon Monoxide, or Mold current in home and Seller doesn’t want to pay for treatment.
Not enough coverage purchased by Buyer per Lender requirements.
Bad weather can cause builder issues for new construction.
Proper permits not obtained in a timely manner.
Inspector delays…too busy, weather, illness, etc.
Life in General
The potential purchaser of your property could lose their job in the middle of the transaction.
Fire or flooding of the property.
Hurricane, Tornado, or Earthquake damage.
Death in the middle of the transaction.
Seller or Buyer deemed incompetent before the transaction concludes.
Whether buying or selling residential real estate, ALWAYS hire a professional.