88 Types of Turbulence - Joe Stumpf's



88 Types of Turbulence

|Things That Might Go Wrong During Your Transaction |

|The Buyer/Borrower: |34. Cannot find a suitable replacement |The Property: |

|1. Does not tell the truth on loan |property. |62. County will not approve septic system |

|application. |35. Will not allow appraiser inside home. |or well. |

|2. Has recent late payments on credit |36. Will not allow inspectors inside home |63. Termite report reveals substantial |

|report. |in a timely manner. |damage and seller is not willing to fix. |

|3. Finds out about additional debt after |37. Removes property from the premises the |64. Home was misrepresented as to size and |

|loan application. |buyer believed was included. |condition. |

|4. Borrower loses job. |38. Cannot clear up liens – is short on |65. Home is destroyed prior to closing. |

|5. Coborrower loses job. |cash to close. |66. Home is not structurally sound. |

|6. Income verification lower than what was |39. Did not own 100% of property as |67. Home is uninsurable for homeowner’s |

|stated on loan application. |previously disclosed. |insurance. |

|7. Overtime income not allowed by |40. Encounters problems getting partners’ |68. Property incorrectly zoned. |

|underwriter for qualifying. |signatures. |69. Portion of home sits on neighbor's |

|8. Applicant makes large purchase on credit|41. Leaves town without giving anyone Power|property. |

|before closing. |of Attorney. |70. Unique home and comparable properties |

|9. Illness, injury, divorce or other |42. Delays the projected move-out date. |for appraisal difficult to find. |

|financial setback during escrow. |43. Did not complete the repairs agreed to |The Escrow/Title Company: |

|10. Lacks motivation. |in contract. |71. Fails to notify lender/agents of |

|11. Gift donor changes mind. |44. Seller’s home goes into foreclosure |unsigned or unreturned documents. |

|12. Cannot locate divorce decree. |during escrow. |72. Fails to obtain information from |

|13. Cannot locate petition or discharge of |45. Misrepresents information about home |beneficiaries, lien holders, insurance |

|bankruptcy. |and neighborhood. |companies or Lenders in a timely manner. |

|14. Cannot locate tax returns. |46. Does not disclose all hidden or unknown|73. Lets principals leave town without |

|15. Cannot locate bank statements. |defects and they are subsequently |getting all necessary signatures. |

|16. Difficulty in obtaining verification of|discovered. |74. Loses or incorrectly prepares |

|rent. |The Realtor(s): |paperwork. |

|17. Interest rate increases and borrower no|47. Has no client control over buyers or |75. Does not pass on valuable information |

|longer qualifies. |sellers. |quickly enough. |

|18. Loan program changes with higher rates,|48. Delays access to property for |76. Does not coordinate well, so that many |

|points and fees. |inspection and appraisals. |items can be done simultaneously. |

|19. Child support not disclosed on |49. Does not get completed paperwork to the|77. Does not bend the rules on small |

|application. |Lender in time. |problems. |

|20. Bankruptcy within the last two years. |50. Inexperienced in this type of property |78. Finds liens or other title problems at |

|21. Mortgage payment is double the previous|transaction. |the last minute. |

|housing payment. |51. Takes unexpected time off during |The Appraiser: |

|22. Borrower/coborrower does not have |transaction and can’t be reached. |79. Is not local and misunderstands the |

|steady two-year employment history. |52. Misleads other parties to the |market. |

|23. Borrower brings in handwritten pay |transaction – has huge ego. |80. Is too busy to complete the appraisal |

|stubs. |53. Does not do sufficient homework on |on schedule. |

|24. Borrower switches to job with a |their clients or the property and wastes |81. No comparable sales are available. |

|probation period. |everyone’s time. |82. Is not on the Lender’s “approved list.”|

|25. Borrower switches from job with salary |The Lender(s): |83. Makes important mistakes on appraisal |

|to 100% commission income. |54. Does not properly pre-qualify the |and brings in value too low. |

|26. Borrower/coborrower/seller dies. |borrower. |84. Lender requires a second or “review” |

|27. Buyer is too picky about property in |55. Wants property repaired prior to |appraisal. |

|price range they can afford. |closing. |Inspectors: |

|28. Buyer feels the house is |56. The market raises rates, points or |85. Pest inspector not available when |

|misrepresented. |costs. |needed. |

|29. Veterans DD214 form not available. |57. Borrower does not qualify because of a |86. Pest inspector too picky about |

|30. Buyer comes up short of money at |late addition of information. |condition of property. |

|closing. |58. Lender requires a last-minute second |87. Home inspector not available when |

|31. Buyer does not properly “paper trail” |appraisal or other documents. |needed. |

|additional money that comes from gifts, |59. Lender loses a form or misplaces entire|88. Inspection reports alarm buyer and sale|

|loans, etc. |file. |is cancelled. |

|32. Buyer does not bring cashier’s check to|60. Lender doesn’t simultaneously ask for | |

|title company for closing costs and down |all needed information. |[pic] |

|payment. |61. Lender doesn’t fund loan in time for | |

|The Seller: |close. | |

|33. Loses motivation to sell (job transfer | | |

|does not go through, reconciles marriage, | | |

|etc.). | | |

| | | |

© By Referral Only, Inc. All rights reserved. This material may not be reproduced without the expressed written consent of By Referral Only.

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download