Buying or selling a home is like taking an airplane flight across the country. When you take off to fly from Boise to Minneapolis, you don’t really know how the trip will go. Neither does the pilot! You could run into some turbulence, or you could have a smooth flight and land on time.
Certainly, the pilot will try to use his or her experience to 
navigate around the storms and go for the smoothest flight plan, but if they are honest, they cannot promise a turbulence-free trip. Here is a partial list of some of the things that can create turbulence in your real estate transaction.
86 Types of Turbulence
The Buyer/Borrower:
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Does not tell the truth on the loan application.
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Submits incorrect information to the lender.
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Has recent late payments on their credit report.
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Found out about additional debt after loan application.
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Borrower loses job.
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Co-borrower loses job.
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Income verification is lower than what was stated on loan application.
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Overtime income not allowed by underwriter for qualifying.
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Applicant makes large purchase on credit before closing.
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Illness, injury, divorce or other financial setback during escrow.
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Lacks motivation.
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Gift donor changes their mind.
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Cannot locate divorce decree.
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Cannot locate the petition or discharge of bankruptcy.
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Cannot locate tax returns.
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Cannot locate bank statements.
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Difficulty in obtaining verification of rent.
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Interest rate increases and borrower no longer qualifies.
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Loan program changes with higher rates, points, and fees.
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Child support not disclosed on the application.
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Borrower is a foreign national.
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Bankruptcy within the last 2 years.
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Mortgage payment is double the previous housing payment.
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Borrower/co-borrower does not have a steady 2-year employment history.
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Borrower switches to a job requiring a probation period just before closing.
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Borrower switches to a job from salary to 100% commission income.
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Borrower/co-borrower/seller dies.
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Buyer is too picky about property in the price range they can afford.
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Buyer feels the house is misrepresented.
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Veterans DD214 form not available.
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Buyer has spent money needed for the down payment and closing costs and comes up short at closing.
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Buyer does not properly “paper trail” additional money that comes from gifts, loans, etc.
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Does not bring cashier’s check to the title company for closing costs and down payment.
The Seller:
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Loses motivation to sell (job transfer does not go through, reconciles marriage, etc.)
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Cannot find a suitable replacement property.
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Will not allow the appraiser inside the home.
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Will not allow inspectors inside the home in a timely manner.
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Removes property from the premises the buyer believed was included.
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Is unable to clear up liens against their property – short on cash to close.
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Did not own 100% of property as previously disclosed.
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Thought getting a partner’s signatures was “no problem.”
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Leaves town without giving anyone Power of Attorney.
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Delays the projected move-out date.
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Did not complete the repairs agreed to in the contract.
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Seller’s home goes into foreclosure during escrow.
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Misrepresents information about home & neighborhood to the buyer.
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Does not disclose all hidden or unknown defects and they are subsequently discovered.
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Builder miscalculates completion date of new home
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Builder has too many cost overruns.
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Final inspection on new home does not pass.
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Seller does not appear for closing and won’t sign papers.
The Realtor(s):
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Have no client control over buyers or sellers.
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Delays access to the property for inspection and appraisals.
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Unfamiliar with their client’s financial position – do they have enough equity to sell, etc.
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Does not get completed paperwork to the lender in time.
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Inexperienced in this type of property transaction.
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Takes unexpected time off during transaction and can’t be reached.
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Jerks around other parties to the transaction – has a huge ego.
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Does not do sufficient homework on their clients or the property and wastes everyone’s time.
The Property:
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County will not approve septic system or well.
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Termite report reveals substantial damage and the seller is not willing to fix or repair.
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Home was misrepresented as to size and condition.
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Home is destroyed prior to closing. (We had a listing burn down!)
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Home not structurally sound.
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Home is uninsurable for homeowners insurance.
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Property incorrectly zoned.
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Portion of home sits on neighbors’ property.
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Unique home and comparable properties for appraisal difficult to find.
The Escrow/Title Company:
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Fails to notify lender/agents of unsigned or unreturned documents.
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Fails to obtain information from beneficiaries, lien holders, insurance companies, or lenders in a timely manner.
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Lets principals leave town without getting all necessary signatures.
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Loses or incorrectly prepares paperwork.
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Does not pass on valuable information quickly enough.
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Does not coordinate well, so that many items can be done simultaneously.
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Does not bend the rules on small problems.
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Does not find liens or any title problems until the last minute.
The Appraiser:
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Is not local and misunderstands the market.
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Is too busy to complete the appraisal on schedule.
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No comparable sales are available.
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Is not on the lender’s “approved list.”
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Makes important mistakes on appraisal and brings in value too low.
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Lender requires a second or “review” appraisal.
Inspector:
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Pest inspector is not available when needed.
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Pest inspector too picky about condition of property, hoping to create work for themselves.
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Home inspector not available when needed.
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Inspection reports alarm buyer and sale is canceled.
In looking through this list, I have encountered 65 of the 86 items listed in my 15 years in real estate. Reading it makes me tired — and I do this every day!
As a real estate consultant, I see myself as the pilot of your plane and my team members are the crucially important flight crew. There are many things that must be handled behind the scenes of every real estate transaction, just like there are a lot of things that must be handled behind the scenes on your airplane trip. These are the types of things you expect your pilot and crew to handle so you don’t have to worry about them! So if you are selling your home yourself, who is navigating and helping to avoid all this potential turbulence?
Our job is to assist you in getting your home sold with the best service, in the least time, with the least aggravation. I cannot promise we will have zero turbulence, but I can promise I will utilize my considerable experience and the experience of our crew to take you on the smoothest flight possible.
And always remember, if you are interested in real estate, we are your Boise, Idaho and North End real estate experts. If you are interested in searching for your next dream home, the place to go is here!
