The Silbernagel Realty Team
Keep Their Eyes Focused on
" 80 Possible Signs of Turbulence"
Our Intent is For
YOU to Have A Turbulent Free Experience
Possible Buyer Turbulence:
- Intent to complete without re-negotiating through conditional time period.
- Does not tell the truth on the loan application.
- Submits incorrect information to the lender.
- Has recent late payments on credit report.
- Found out about additional debt after loan application.
- Buyer loses job.
- Co-signer 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.
- Gift donor changes mind.
- Cannot locate divorce decree.
- Cannot locate petition or discharge of bankruptcy.
- Cannot locate tax returns.
- Cannot locate bank statements.
- Difficulty in obtaining verification of rent.
- Interest rate increases and buyer no longer qualifies.
- Loan program changes with higher rates, points and fees.
- Child support not disclosed on application.
- Bankruptcy within the last seven (7) years.
- Buyer/co-signer does not have steady 2-year employment history.
- Buyer switches to job requiring probation period just before closing.
- Buyer switches job from salary to 100% commission income.
- Family members or friends do not like the home that the buyer chooses.
- Buyer is too picky about property in price range they can afford.
- Buyer feels the house is misrepresented.
- Buyer has spent money needed for down payment and closing costs before closing date.
- Buyer does not properly “paper trail” additional money that comes from gifts, loans, etc.
- Does not budget for closing costs and down payment.
Possible Seller Turbulence :
- Loses motivation to sell (job transfer does not go through, reconciles marriage, etc.).
- Cannot find a suitable replacement property.
- Will not allow appraiser inside home.
- Will not allow inspectors inside home in a timely manner.
- Removes property from the premises the buyer believed was included.
- Is unable to clear up liens against their property - short on cash to close.
- Did not own 100% of property as previously disclosed.
- Thought getting partners’ signatures was “no problem,” but it was.
- Leaves town without giving anyone Power of Attorney.
- Delays the projected move-out date.
- Did not complete the repairs agreed to in contract.
- Seller’s home goes into foreclosure or power of sale.
- Misrepresents information about home and neighbourhood to the buyer.
- Does not disclose all hidden or unknown defects and they are subsequently discovered.
- Seller uncooperative or unreasonable with the remedy of items they should be responsible for.
- Builder miscalculates completion date of new home.
- Builder has too many cost overruns.
- Final inspection on new home does not pass.
- Seller does not appear for closing and won’t sign papers.
Possible Turbulence with a Realtor(s):
- Buyer Agent unaware of Buyers intent or motivation level to complete transaction.
- Have no client control over buyers or sellers.
- Delays access to property for inspection and appraisals.
- Unfamiliar with their client’s financial position - do they have enough equity to sell, etc.
- Does not get completed paperwork to the lender or lawyer in time.
- Inexperienced in this type of property transaction.
- Takes unexpected time off during transaction and can’t be reached.
- Does not do sufficient homework on their clients or the property.
- Buyer Agent doesn't deliver deposit according to Agreement.
- Buyer Agent uncooperative in returning phone calls and keeping Seller Agent informed.
The Subject Property Itself:
- Municipality will not approve septic system or well.
- Does not have permits or survey on file.
- Home was misrepresented as to size and condition.
- Home is destroyed prior to closing.
- Home is uninsurable for homeowners insurance.
- Property incorrectly zoned.
- Portion of home sits on neighbour’s property.
- Unique home and comparable properties for appraisal difficult to find.
- Fails to notify lender/agents of unsigned or unreturned documents.
- Fails to obtain information from beneficiaries, insurance companies, or lenders on time.
- Lets principals leave town without getting all necessary signatures.
- Loses or incorrectly prepares paperwork.
- Does not pass on valuable information quickly enough.
- Does not coordinate well, so that many items can be done simultaneously.
- Does not find liens or any title problems until the last minute.
- Is not local and misunderstands the market.
- Is too busy to complete the appraisal on schedule.
- No comparable sales are available.
- Is not on the lender’s “approved list.”
- Makes important mistakes on appraisal and brings in value too low.
- Lender requires a second or “review” appraisal.
- Inspector too busy to schedule inspection when needed.
- Inspector too picky about condition of property, hoping to create work for themselves.
- Home inspector not available when needed to consult with the results.
- Inspection reports alarm buyer and sale is cancelled.
The Silbernagel Team
Finds Solutions ~ You Are Never Alone