Many folks think being a realtor is about driving around in a fancy car looking at pretty home. Being a real estate agent is a lot more than that. In fact, my job is really about two main things: people and problems. If you don’t like dealing with people during one of their most-stressful periods and you aren’t good at or don’t like solving problems, real estate probably isn’t for you!
Buying or selling a home is a complex and infrequently conducted transaction. And there are a lot of people involved. That complexity and the number of people involved in the process means there is a lot of potential for things to go wrong.
Below are some of the challenges a great real estate agent either prevents or solves during the course of a real estate transaction. While not all of these have happened on any one transaction, I have had ALL of the items happen on a transaction during my 17-year career.
So make sure you have the right agent helping you with your real estate transaction, it will go a lot more smoothly!
Challenges with the lender
- Lender does not properly pre-qualify borrower
- Lender decides last minute not to approve the borrower
- Lender decides last minute not to approve the property
- Lender wants property repaired prior to close
- Lender raises rates, points, or costs
- Borrower does not qualify because information is received late
- Lender requires a last-minute reappraisal
- The borrower does not like the fine print in the final loan documents
- Lender loses file
- Lender asks for information in bits and pieces
- Lender changes the buyer’s loan terms
- Lender goes out of business
- Won't return phone calls
- Transfers to another real estate company
- Did not pre-qualify their client regarding their motivation
- Goes on vacation and leaves no one to handle the transaction
- Lacks experience in real estate
- Poor people skills with their client or other parties
- Isn’t able to talk their client through difficult negotiations
- Does not communicate with their client or other parties
- Didn’t tell the truth on the loan application
- Didn’t tell the truth to their agent
- Submits incorrect or incomplete tax returns to the lender
- Lacks motivation to buy
- Source of down payment funds changes
- Family members do not like the home
- Is too picky regarding the condition of the home
- Finds another home they think is a better deal
- Want to ‘nickel and dime’ during the inspection negotiations
- Bring an attorney into the picture
- Doesn’t complete paperwork on time
- Doesn’t deposit their earnest money on time
- Changes jobs, becomes ill, files for divorce, or other financial setback
- Doesn’t have enough money for the down payment
- Doesn’t obtain property insurance in a timely manner
- Decides not to sell
- Changes jobs, becomes ill, files for divorce, or other financial setback
- Hides property defects
- Defects are discovered late in the transaction
- Refuses to make any repairs to the home
- Gets an attorney involved
- Removes items from the property that should’ve been included
- Has a federal tax lien on the property
- Has other last-minute liens on the property
- Doesn’t actually own the property
- Doesn’t realize all parties on title need to sign documents
- Leaves town without giving anyone power of attorney
- Doesn’t sign before a notary or doesn’t fedex signed documents on time
- Delays the projected move-out date
- Notates every single detail vs only items of health, safety, or structure
- Scares the buyer about the condition of the home
- Offends the seller by noting irrelevant negative items about the home
- Includes defects from a completely different property in the inspection report
- Delays providing the inspection report
- Appraiser isn’t local and doesn’t understand the market
- No comparable sales available
- Appraiser takes too long to conduct the appraisal
- Incorrect or inaccurate appraisal
- Appraisal comes in too low
- Fails to notify agents of unsigned documents in a timely manner
- Fails to obtain information from beneficiaries, lien holders, title companies, insurance companies, or lenders in a timely manner
- Lets parties leave town without getting necessary signatures
- Provides incorrect information to lenders, agents, buyers, or sellers
- Loses important documentation
- Incorrectly prepares signing paperwork
- Doesn’t relay valuable information fast enough
- Doesn’t manage all the balls in the air
- Doesn’t find liens or problems until the last minute
- Unable to resolve issues that come up
- Provides poor service/communication
- Loses paperwork
- Earthquake, hurricane, tornado, fire, flood, mudslides, and/or fedex delay
And always remember, if you or your friends or family have real estate needs, we are your Boise, Idaho and North End real estate experts. If you are interested in searching for your next dream home, please click here.
