In this last installment of how home sales and purchases can be hurt, we’re going to take a look at how the actions of people outside the buyer and seller can impact the transaction.  Remember, these lists in no way reflect most Realtors.  Most agents and professionals make every effort to keep these types of surprises from occurring.  When they do happen, though, it’s not pretty.

The Realtor

• Takes time off and can’t be located.
• Fails to turn in all paperwork to lender on time.
• Unfamiliar with client’s financial position (e.g., too much house for buyer or not enough equity in home for seller).

The House

• Septic system not approved for number of bedrooms.
• Lots of termite damage.
• Home destroyed prior to closing (fire, flood)
• Home not structurally sound.
• Portion of home sits on neighbor’s land.
• Can’t find comparable property because of uniqueness of home.

The Escrow / Title Company

• Neglects to get information from lien holders, beneficiaries, etc. in time for closing.
• Loses or incorrectly prepares paperwork.
• Does not pass on valuable information quickly enough.
• Allows principal to leave town before all paperwork completed.

The Appraiser

• Is not local, so doesn’t understand market.
• Too busy to complete appraisal on schedule.
• Is not on lender’s "approved" list.
• Makes mistakes and values property too low.

Inspectors

• Pest inspector too picky about property in an effort to generate business.
• Home inspection written to alarm buyers so contract cancelled.

Relying on the expertise of a trusted professional should help you avoid these challenges!