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88 types of turbulence things that might go wrong during your transaction. Buyer / borrower does not tell the truth on loan application. Loan program changes with higher rates, points and fees.
88 types of turbulence things that might go wrong during your transaction. Buyer / borrower does not tell the truth on loan application. Loan program changes with higher rates, points and fees.
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88 types of turbulence things that might go wrong during your transaction. Buyer / borrower does not tell the truth on loan application. Loan program changes with higher rates, points and fees.
Copyright:
Attribution Non-Commercial (BY-NC)
Verfügbare Formate
Als PDF, TXT herunterladen oder online auf Scribd lesen
Things That Might Go Wrong During Your Transaction
The Buyer/Borrower: 34. Cannot find a suitable The Property: 1. Does not tell the truth on loan replacement property. 62. County will not approve septic application. 35. Will not allow appraiser inside system or well. 2. Has recent late payments on credit home. 63. Termite report reveals substantial report. 36. Will not allow inspectors inside damage and seller is not willing to fix. 3. Finds out about additional debt after home in a timely manner. 64. Home was misrepresented as to loan application. 37. Removes property from the size and condition. 4. Borrower loses job. premises the buyer believed was 65. Home is destroyed prior to closing. 5. Coborrower loses job. included. 66. Home is not structurally sound. 6. Income verification lower than what 38. Cannot clear up liens – is short on 67. Home is uninsurable for was stated on loan application. cash to close. homeowner’s insurance. 7. Overtime income not allowed by 39. Did not own 100% of property as 68. Property incorrectly zoned. underwriter for qualifying. previously disclosed. 69. Portion of home sits on neighbor's 8. Applicant makes large purchase on 40. Encounters problems getting property. credit before closing. partners’ signatures. 70. Unique home and comparable 9. Illness, injury, divorce or other 41. Leaves town without giving properties for appraisal difficult to find. financial setback during escrow. anyone Power of Attorney. 10. Lacks motivation. 42. Delays the projected move-out The Escrow/Title Company: 11. Gift donor changes mind. date. 71. Fails to notify lender/agents of 12. Cannot locate divorce decree. 43. Did not complete the repairs unsigned or unreturned documents. 13. Cannot locate petition or agreed to in contract. 72. Fails to obtain information from discharge of bankruptcy. 44. Seller’s home goes into beneficiaries, lien holders, insurance 14. Cannot locate tax returns. foreclosure during escrow. companies or Lenders in a timely 15. Cannot locate bank statements. 45. Misrepresents information about manner. 16. Difficulty in obtaining verification of home and neighborhood. 73. Lets principals leave town without rent. 46. Does not disclose all hidden or getting all necessary signatures. 17. Interest rate increases and unknown defects and they are 74. Loses or incorrectly prepares borrower no longer qualifies. subsequently discovered. paperwork. 18. Loan program changes with higher 75. Does not pass on valuable rates, points and fees. The Realtor(s): information quickly enough. 19. Child support not disclosed on 47. Has no client control over buyers 76. Does not coordinate well, so that application. or sellers. many items can be done 20. Bankruptcy within the last two 48. Delays access to property for simultaneously. years. inspection and appraisals. 77. Does not bend the rules on small 21. Mortgage payment is double the 49. Does not get completed problems. previous housing payment. paperwork to the Lender in time. 78. Finds liens or other title problems 22. Borrower/coborrower does not 50. Inexperienced in this type of at the last minute. have steady two-year employment property transaction. history. 51. Takes unexpected time off during The Appraiser: 23. Borrower brings in handwritten transaction and can’t be reached. 79. Is not local and misunderstands pay stubs. 52. Misleads other parties to the the market. 24. Borrower switches to job with a transaction – has huge ego. 80. Is too busy to complete the probation period. 53. Does not do sufficient homework appraisal on schedule. 25. Borrower switches from job with on their clients or the property and 81. No comparable sales are salary to 100% commission income. wastes everyone’s time. available. 26. Borrower/coborrower/seller dies. 82. Is not on the Lender’s “approved 27. Buyer is too picky about property The Lender(s): list.” 54. Does not properly pre-qualify the 83. Makes important mistakes on in price range they can afford. borrower. appraisal and brings in value too low. 28. Buyer feels the house is 55. Wants property repaired prior to 84. Lender requires a second or misrepresented. closing. “review” appraisal. 29. Veterans DD214 form not 56. The market raises rates, points or available. 30. Buyer comes up short of money at costs. Inspectors: 57. Borrower does not qualify because 85. Pest inspector not available when closing. of a late addition of information. needed. 31. Buyer does not properly “paper 58. Lender requires a last-minute 86. Pest inspector too picky about trail” additional money that comes second appraisal or other documents. condition of property. from gifts, loans, etc. 59. Lender loses a form or misplaces 87. Home inspector not available 32. Buyer does not bring cashier’s entire file. when needed. check to title company for closing 60. Lender doesn’t simultaneously ask 88. Inspection reports alarm buyer costs and down payment. for all needed information. and sale is cancelled. The Seller: 61. Lender doesn’t fund loan in time 33. Loses motivation to sell (job for close. transfer does not go through, reconciles marriage, etc.).