88 Things That Can Go Wrong
If you are in a big hurry to sell your house, did you know there are 88 things that can go wrong at closing? What can go wrong, you ask? According to Erick Blackwelder, there are at least 88 Things That Can Go Wrong In Real Estate Transaction. “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.”
Here are just 22 of 88 types of turbulence:
The Lender/Closing Attorney:
- Loses or incorrectly prepares paperwork.
- Does not coordinate well, so that many items can be done simultaneously.
- Does not find liens or title problems until the last minute.
The Buyer/Borrower:
- Borrower loses job.
- Income verification lower than what was stated on loan application.
- Overtime income not allowed by underwriter for qualifying.
- Applicant makes large purchase on credit before closing
- Illness, injury, divorce or other financial setback during escrow.
- Interest rate increases and borrower no longer qualifies.
Seller:
- Did not own 100% of property as previously disclosed.
- Seller’s home goes into foreclosure during escrow.
- Does not disclose all hidden or unknown defects and they are subsequently discovered at home inspection.
The Realtor(s):
- Does not get completed paperwork to the lender in time.
- Inexperienced in this type of property transaction.
- Takes unexpected time off during transaction and can’t be reached.
The Property
- Inspection report reveals substantial pest damage and seller is not willing to fix or repair.
- Home is destroyed prior to closing.
- Unique home and comparable properties for appraisal difficult to find.
The Appraiser
- Is not on the lender’s “approved list.”
- Makes important mistakes on appraisal and brings in value too low.
Inspectors
- Home inspector not available when needed.
- Inspection reports alarm buyer and sale is cancelled.
I’ve highlighted just 22 things can go wrong before you actually get your money when you sell. The rest can be seen at http://activerain.com/blogsview/3822028/88-things-that-can-go-wrong-in-a-real-estate-transaction.
The point of this blog post is to give you an idea of the possible things that can go wrong in a real estate transaction. Some reasons to want a quick close:
- You are facing foreclosure and want to sell fast to salvage your credit rating.
- You are going through a divorce. You want to sell fast and put this period in your life behind you.
- You want to downsize or retire and see the world. You are anxious to get started.
- You inherited your parent’s house here in Cedar Rapids and you live in Portland, Oregon. Going back and forth is a big expense.
If you are in a big hurry to sell, why run the risk of 88 things that can go wrong.
Harmony Property Solutions, LLC is here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Harmony Property Solutions, LLC is part of a nationwide group of thousands of investors who are helping tens of thousands of homeowners every year. We may not be the “traditional” route, but we CAN help and we can do it quickly!
Give us a call today at 319-343-6773 to let us know what YOU need help with!