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101+ Possible Types Of
Turbulence Or Stunts We Could Encounter…
Buying a home ,
Selling your home or getting a home loan is like taking an airline flight
across the country. When you start on your trip, you have no idea how the
trip will go. Neither does the pilot. You could run into 101 different types
of turbulence, or other passengers on the trip could pull stunts on you.
Ideally, you should have a smooth flight and land on time. Certainly the
pilot will try to use his or her experience to navigate around the storms
and go for the smoothest flight plan, but if they’re honest, they can’t
promise a turbulent-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.
Attached is a somewhat humorous list of the 101
different types of turbulence or stunts we might run into. This list is not
all encompassing, but it catches most.
Please take a few minutes to review the list.
As your Personal Real Estate & Mortgage Consultant,
I see myself as the pilot of your plane. My job is to assist you in finding
the best home at the best possible price in the shortest amount of time, on
time, with the fewest aggravations and to provide you with a wonderful
experience that not only saves you time but gives you the emotional support
you truly deserve.
I can’t promise you we won’t experience turbulence,
or that other parties to the transaction won’t try and pull a few stunts, or
do what you want them to, but I can promise you that I’ll utilize my
experience, expertise and all my charm to take you on the smoothest flight
that I can. And if we do hit turbulence, I won’t bail out on you. I’ll be
your teammate throughout the flight, until we get you safely to your
destination.
Rest assured your advocacy is my number one goal,
and that means you must be delighted with the product and service we deliver
beyond your expectations during the process. Please tape this to your
refrigerator or keep in a handy place - when anything goes wrong I will call
& say item # 42, 60, & 80 just happened.
As always, should you
have any questions or concerns, please don’t hesitate to call me. I
remain....
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Sincerely, |
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Teresa N.
Snyder |
| Teresa N.
Snyder |
| By
Referral Only® Real Estate & Mortgage Consultant, GRI |
| Town &
Country Realty |
|
tcrealty@cdsnet.net |
| Buyer's
Web Site:
www.buy-a-lovely-home.com |
| Seller's
Web Site:
www.sell-our-home-fast.com |
|
Company's Web Site:
www.t-crealty.com |
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P.S. Most
Realtors & Lenders spend 80-90% of their time marketing for new
"prospects" by placing ads, door knocking, & holding weekend open
houses. I have chose, instead , to work "By Referral Only" and Your
Referrals allow me to dedicate 100% of my efforts to my clients instead
of out chasing new business.
By Referral Only® means
that your satisfaction is my highest priority. I want to serve you in
such a way that you would be delighted to tell your friends, family
members, and co-workers to use my service when they have a real estate
or mortgage need.
Key to your dreams
since 1972 - Town & Country Realty has been helping Local Area Families
realize their dreams of home ownership. It all starts with you! |
101+ Possible Types Of Turbulence Or Stunts We
Could Encounter…
The Buyer/Borrower:
1. Does not tell the truth
on the loan application.
2. Submits incorrect
information to the lender.
3. Has recent late payments
on credit report.
4. Found out about
additional debt after loan application.
5. Borrower loses job.
6. Co-borrower loses job.
7. Income verification
lower than what was stated on loan application.
8. Overtime income not
allowed by underwriter for qualifying.
9. Applicant makes large
purchase on credit before closing.
10. Illness, injury,
divorce or other financial setback during escrow.
11. Lacks motivation.
12. Gift donor changes
mind.
13. Cannot locate divorce
decree.
14. Cannot locate petition
or discharge of bankruptcy.
15. Cannot locate tax
returns.
16. Cannot locate bank
statements.
17. Difficulty in obtaining
verification of rent.
18. Interest rate increases
and borrower no longer qualifies.
19. Loan program changes
with higher rates, points and fees.
20. Child support not
disclosed on application.
21. Borrower is a foreign
national.
22. Bankruptcy within the
last 2 years.
23. Mortgage payment is
double the previous housing payment.
24. Borrower/co-borrower
does not have steady 2_year employment history.
25. Borrower brings in
handwritten pay stubs.
26. Borrower switches to
job requiring probation period just before closing.
27. Borrower switches to
job from salary to 100% commission income.
28.
Borrower/co-borrower/seller dies.
29. Family members or
friends do not like the home buyer chooses.
30. Buyer is too picky
about property in price range they can afford.
31. Buyer feels the house
is misrepresented.
32. Veterans DD214 form not
available.
33. Buyer has spent money
needed for down payment and closing costs and comes up short at closing.
34. Buyer does not properly
"paper trail" additional money that comes from gifts, loans, etc.
35. Does not bring
cashier’s check to title company for closing costs and down payment.
New:
Buyer does not harass Creditors enough to get documentation required by
Underwriter
The Seller:
36. Loses motivation to
sell (job transfer does not go through, reconciles marriage, etc.)
37. Cannot find a suitable
replacement property.
38. Will not allow
appraiser inside home.
39. Will not allow
inspectors inside home in a timely manner.
40. Removes property from
the premises the buyer believed was included.
41. Is unable to clear up
liens against their property – short on cash to close.
42. Did not own 100% of
property as previously disclosed.
43. Thought getting
partners signatures were "no problem," but they were.
44. Leaves town without
giving anyone Power of Attorney.
45. Delays the projected
move-out date.
46. Did not complete the
repairs agreed to in contract.
47. Seller’s home goes into
foreclosure during escrow.
48. Misrepresents
information about home & neighborhood to the buyer.
49. Does not disclose all
hidden or unknown defects and they are subsequently discovered.
50. Builder miscalculates
completion date of new home.
51. Builder has too many
cost overruns.
52. Final inspection on new
home does not pass.
53. Seller does not appear
for closing and won’t sign papers.
New
The Seller has to have control over all parties in the transaction or he
does not cooperate.
The Realtor(s):
54. Have no client control
over buyers or sellers.
55. Delays access to
property for inspection and appraisals.
56. Unfamiliar with their
client’s financial position – do they have enough equity to sell, etc.
57. Does not get completed
paperwork to the lender in time.
58. Inexperienced in this
type of property transaction.
59. Takes unexpected time
off during transaction and can’t be reached.
60. Jerks around other
parties to the transaction – has huge ego.
61. Does not do sufficient
homework on their clients or the property and wastes everyone’s time.
New:
Is so busy and distracted, details are being over looked.
The Property:
62. County won’t approve
septic system or well.
63. Termite report reveals
substantial damage and seller is not willing to fix or repair.
64. Home was misrepresented
as to size and condition.
65. Home is destroyed prior
to closing.
66. Home not structurally
sound.
67. Home is uninsurable for
homeowners insurance.
68. Property incorrectly
zoned.
69. Portion of home sits on
neighbors property.
70. Unique home and
comparable properties for appraisal difficult to find.
The Escrow/Title Company:
71. Fails to notify
lender/agents of unsigned or unreturned documents.
72. Fails to obtain
information from beneficiaries, lien holders, insurance companies, or
lenders in a timely manner.
73. Lets principals leave
town without getting all necessary signatures.
74. Loses or incorrectly
prepares paperwork.
75. Does not pass on
valuable information quickly enough.
76. Does not coordinate
well, so that many items can be done simultaneously.
77. Does not bend the rules
on small problems.
78. Does not find liens,
judgements, or any title problems until the last minute.
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/or bring in value too low.
84. Lender requires a
second or "review" appraisal.
New:
Is local and substantially under values property.
New:
Review Appraisal comes back way under initial appraisal value.
Inspectors:
85. Pest inspector too busy
to schedule inspection when needed.
86. Pest inspector too
picky about condition of property, hoping to create work for themselves.
87. Home inspector not
available when needed.
88. Inspection reports
alarm buyer and sale is cancelled.
Mortgage Broker:
89. Does not do as promised
or delays paperwork.
90. Does not order
information requested by Lender.
91. Does not cooperate with
real estate agent and has power/ego conflicts.
92. Has a Boss from Hell
93. New: Loan
Officer quits and Buyers loose financing.
94. New: Loan
Officer lies about true loan approval & Loan Amounts. - tries to pull common
bate and switch routine to leave us in a crisis at the closing table.
(Always request approval
letters or see the list of conditions needed for your approval).
95. Is very busy and puts
their time and energy only into the high commission loans.
96. New: Loan
Officer is unwilling to keep up to date with new programs coming out on the
market - ie; 100% & 103% programs
Lender/Bank:
97. New: Bank closes after
all closing documents were signed and can not fund the loan.
98. New: Will not allow us
to contest a Review Appraisal that was $20,000 under sales price & original
appraisal so we lost financing approval.
100. New: After closing,
underwriter decides he wants more information from the buyers or he won’t
fund the loan.
101. New: After closing,
underwriter decides he wants buyers to pay off credit cards or debts or he
won’t fund the loan.
102. Underwriter’s
assistant quits.
103. Underwriter quits.
104. Underwriter drags
their feet when receiving final conditions for the loan.
105. Underwriter and
Assistant lie and say "things are just fine."
This space is left open
for you to add new problems that occur during your transaction. A good way
to approach this experience is to be prepared to be disappointed - that way
when things do happen (And they do happen), you will be expecting them,
instead of being caught off guard.
And Remember, I also signed
a commitment to get you through this process so I am here to help you.
I just want you to
be prepared for things that could happen so post this some where near your
phone or computer cause if I need to call with a update - I will tell you
No. 1, 8, & 15 just happened - but do not worry cause I am on top of it.
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