potential deal killing problems

7/30/2019 Potential Deal Killing Problems

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Potential Deal-Killing Problems

RE: Know What Kills a House Deal

It is the wise seller, selling his/her own home, who prepares for problems beforethey happen. I also believe in this concept for my business! That is why I wouldlike to share my problem checklist to alert you before signing anything. No sale isclosed until it is closed , and the following items are potential roadblocks to closing.

Ten years of experience and more than 500 successful closings have armed mewith the tools to solve every problem mentioned here. However, it would be unfair for me to say that every problem can be solved. I have placed a delay of closingestimate next to each problem. The ones with asterisks (*) are potential deal-killers. Please call me for help if you are experiencing any of these challenges.

LENDER PROBLEMS: DELAY:1. Lender does not properly pre-qualify borrower 2 weeks or *2. Lender decides at the last minute that he does not 2 weeks or *

like the borrower 3. Lender decides at the last minute that he does not like the 2 weeks or *

property4. Lender wants property repaired or cleaned prior 1 to 3 weeks

to closing

5. Lender raises rates, points, or costs 2 weeks or *6. Borrower does not qualify because of a late 2 weeks or *

addition of information7. Lender requires a last-minute reappraisal 2 weeks8. Borrower does not like the fine print in the 3 days or *

loan documents that are received three days before closing9. Lender loses file 1 to 3 weeks10. Lender asks buyer for information in bits and pieces,

instead of all at one time 1 to 4 weeks

1 Marc Cormier of Keller Williams Realty (703) 564-4026 (301) 660-6272


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Potential Deal-KillingProblems, Page 2

THE COOPERATIVE AGENT: DELAY:1. Will not return phone calls. 1 to 3 weeks

2. Transfers to another office. 1 week 3. Did not pre-qualify the client for motivation. 2 weeks or *4. Goes on vacation and leaves no one to handle file. 1 to 4 weeks5. Does not understand or lacks experience in real estate. 1 week or *6. Poor people skills. 1 to 3 weeks7. Gets client upset over minor points. 1 to 3 weeks8. Does not communicate with their client. 1 to 4 weeks

BUYER PROBLEMS: DELAY:

1. Does not tell the truth on loan application 1 week or *2. Does not tell the truth to the agent 1 week or *3. Submits incorrect tax returns to lender 4 weeks or *4. Lacks motivation 1 week or *5. Source of down payment changes 1 week or *6. Family members do not like purchase 1 week or *7. Is too picky about condition of property 1 week or *8. Finds another property that is a better deal 1 week or *9. Buyer is a nibbler (always negotiating) 1 week or *10. Hires an attorney 2 weeks or *11. Does not execute paperwork in a timely manner 3 weeks or *12. Does not deliver their cleared funds to the 1 to 2 weeks

closing agent13. Has job change, illness, divorce, or other financial 3 weeks or *

setback 14. Comes up short on money 1 week or *15. Does not obtain insurance in a timely manner 1 to 4 weeks

ESCROW PROBLEMS: DELAY:

1. Fails to notify agents of unsigned or unreturned 1 week or *documents so that the agents can cure the problems relating to same



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ESCROW PROBLEMS: DELAY:2. Fails to obtain information from beneficiaries, 1 week to *

lien holders, title companies, insurancecompanies, or lenders in a timely manner

3. Lets principals leave town without getting all 1 to 2 weeksnecessary signatures.

4. Incorrect interpretation or assumption of certain 1 week to *items then the confusion continues when the

paperwork is turned over to other related parties5. Too busy to process in a timely fashion 1 to 3 weeks6. Loses paperwork 1 to 3 weeks7. Incorrectly prepares paperwork 1 to 3 weeks8. Does not pass on valuable information quickly enough 1 to 4 weeks9. Poor transaction coordination, slowly other processes 1 to 4 weeks

PROBLEMS FROM YOUR SIDE: DELAY:1. You lose motivation (i.e., job transfer did not go 1 week or *

through, etc.)2. Illness, divorce, etc. 1 week or *3. The home has hidden defects that are subsequently 1 week or *

discovered before closing

4. Home inspection reveals average amount of small 1 week or *defects that you are unwilling to repair

5. You hire an attorney 1 week or *6. You remove property from the premises that the 1 to 3 weeks

buyer believed was included7. You are unable to clear up liens or other problems 1 week or *8. You have last-minute solvable liens 1 to 3 weeks9. You do not own 100% of the property as 1 week or *

previously disclosed10. You thought your partners signatures were 1 week or *

"no problem," but they were.11. You leave town without giving anyone power 1 to 4 weeks

of attorney



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Potential Deal-KillingProblems Page 4

PROBLEMS FROM YOUR SIDE: DELAY:12. The notary did not make a clear stamp when 3-7 days

notarizing your signature13. You have to delay the projected move-out date 1 day or *

ACTS OF GOD: DELAY:1. Earthquake, tornado, fire, slides, etc. 1 week or *

APPRAISAL PROBLEMS: DELAY:1. The appraiser is not local and misunderstands 1 to 3 weeks

the market2. No comparable sales are available 1 week or *3. Appraiser delays (too busy, etc.) 1 to 3 weeks4. Incorrect appraisal 1 to 3 weeks5. Appraisal too low 1 week or *

INSPECTION COMPANY PROBLEMS: DELAY:1. Too picky 1 day or *2. Scares buyer 1 week or *3. Infuriates seller 1 week or *4. Makes mistakes 1 to 3 weeks

5. Delays report 1 week or *

TITLE COMPANY PROBLEMS: DELAY:1. Does not find liens or similar problems until 1 week or *

last minute2. Poor service 1 to 3 weeks3. Loses paperwork 1 to 2 weeks

I appreciate the time you have spent to understand the challenges that can occur between contract, acceptance, and close. I wanted you to understand these potential problems for the following reasons:

1. To help you prepare for the problems of a real estate sale.



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2. To facilitate the process, since a transaction cannot close until escrow hascleared up all of the previously mentioned problems.

3. To let you know that I have a decade of experience in heading off these potential pitfalls. Feel free to call or email me if you need any help.

I would be happy to speak with you and answer any questions. I look forward tohearing from you.

Sincerely,

MarcMarc Cormier Keller Williams Realty(703) 564-4026(301) [email protected]


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