Preparing for Potential Roadblocks in Your Real Estate Transaction

I’ve learned that a smooth transaction requires being prepared for every possible scenario. While I strive to overcome any issue that arises, it's important to acknowledge that not every problem can be resolved immediately. Below are some common challenges that can cause delays in the closing process, along with estimated delays for each issue. Items marked with an asterisk (*) are particularly serious and could even threaten the sale.

Lender Problems:

  1. Lender fails to pre-qualify borrower properly: 2 weeks*

  2. Lender decides last minute they don’t like the borrower: 2 weeks*

  3. Lender decides last minute they don’t approve of the property: 2 weeks*

  4. Lender requires repairs or cleaning before closing: 1-3 weeks

  5. Lender raises rates, points, or costs unexpectedly: 2 weeks*

  6. Borrower does not qualify due to last-minute information: 2 weeks*

  7. Lender requests a re-appraisal last minute: 2 weeks

  8. Borrower dislikes the loan’s fine print: 3 days*

  9. Lender loses the borrower’s file: 1-3 weeks

  10. Lender requests information piecemeal, causing delays: 1-4 weeks

Buyer’s Agent Problems:

  1. Fails to return phone calls: 1-3 weeks

  2. Agent transfers to another office mid-transaction: 1 week

  3. Doesn’t verify the buyer’s sincerity: 2 weeks*

  4. Goes on vacation without a backup: 1-4 weeks

  5. Inexperienced in real estate transactions: 1 week*

  6. Poor communication with the client: 1-4 weeks

  7. Agent causes client frustration over minor issues: 1-3 weeks

Buyer Problems:

  1. Buyer is dishonest on the loan application: 1 week*

  2. Buyer submits incorrect tax returns: 4 weeks*

  3. Buyer lacks motivation to close the deal: 1 week*

  4. Buyer’s source of down payment changes last minute: 1 week*

  5. Family members disapprove of the purchase: 1 week*

  6. Buyer gets cold feet about the property: 4 weeks*

  7. Buyer is constantly negotiating (a "nibbler"): 1 week*

  8. Buyer doesn’t execute paperwork on time: 3 weeks*

  9. Buyer doesn’t deliver funds properly for closing: 1-2 weeks*

Escrow Officer Problems:

  1. Fails to notify agents of missing documents: 1 week*

  2. Delays obtaining information from third parties: 1 week*

  3. Incorrectly interprets or assumes transaction details: 1 week*

  4. Too busy or unorganized, causing delays: 1-3 weeks

Seller Problems:

  1. Seller loses motivation (e.g., job transfer doesn’t go through): 1 week*

  2. Undisclosed defects or last-minute discoveries: 1 week*

  3. Seller refuses to fix minor issues found during inspection: 1 week*

  4. Seller delays move-out date: 1 week*

  5. Unexpected liens on the property: 1-3 weeks*

  6. Seller doesn’t own 100% of the property: 1 week*

Appraisal Problems:

  1. Appraiser isn’t local and misinterprets the market: 1-3 weeks

  2. No available comparable sales: 1 week*

  3. Appraisal is too low: 1 week*

  4. Appraiser delays the process: 1-3 weeks

Inspection Problems:

  1. Too many issues found during inspection: 1 day*

  2. Inspection report scares the buyer: 1 week*

  3. Inspection report infuriates the seller: 1 week*

  4. Inspection company delays report: 1 week*

Title Company Problems:

  1. Last-minute liens or problems discovered: 1 week*

  2. Title company has poor service or loses paperwork: 1-2 weeks

Natural Disasters:

  1. Natural disasters (earthquakes, fires, etc.): 1 week*

While no transaction is ever truly guaranteed until escrow closes, my years of experience have prepared me to foresee and navigate most challenges. Preparing ahead for these potential roadblocks can help ensure that your home sale progresses as smoothly as possible. Though some issues are out of our control, staying informed and proactive can make all the difference.