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88 Types of Turbulence

By Todd Russell,2014-05-05 18:50
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88 Types of Turbulence

    Buying or even refinancing a home is like taking an airline flight cross country. When you start on your trip, you have no idea how the trip will go. Neither does the pilot! You could run into 50 different types of 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 storms and go for the smoothest flight plan, but if they’re honest, they cannot promise a turbulence free trip. Their job is simply to get you to your destination in the least time and with the least aggravation while keeping you informed throughout the trip.

    As your Lender for Life, I see myself as the pilot of your plane. My job is to help you plan for your home, get you through the mortgage process, and provide you with attention to detail. As my mission statement says: you will have my care, concern, and commitment. At the same time, your home loan terms will be fair, reasonable, and offered with the least possible aggravation.

    No turbulence is not something I can promise, but I can guarantee I’ll use my experience which began in 1988, and my expertise to take you on the smoothest flight possible.

And if we hit TURBULENCE…..I won’t bail out on you!

    I’ll be with you every step of the way, throughout your “flight” until I get you to your destination, HOME.

88 Types of Turbulence

34. Cannot find a suitable replacement The Buyer/Borrower: The Property: property. 1. Does not tell the truth on loan 62. County will not approve septic 35. Will not allow appraiser inside application. system or well. home. 2. Has recent late payments on credit 63. Termite report reveals substantial 36. Will not allow inspectors inside report. damage and seller is not willing to fix. home in a timely manner. 3. Finds out about additional debt after 64. Home was misrepresented as to size 37. Removes property from the loan application. and condition. premises the buyer believed was 4. Borrower loses job. 65. Home is destroyed prior to closing. included. 5. Coborrower loses job. 66. Home is not structurally sound. 38. Cannot clear up liens is short on 6. Income verification lower than what 67. Home is uninsurable for cash to close. was stated on loan application. homeowner’s insurance. 39. Did not own 100% of property as 7. Overtime income not allowed by 68. Property incorrectly zoned. previously disclosed. underwriter for qualifying. 69. Portion of home sits on neighbor's 40. Encounters problems getting 8. Applicant makes large purchase on property. partners’ signatures. credit before closing. 70. Unique home and comparable 41. Leaves town without giving anyone 9. Illness, injury, divorce or other properties for appraisal difficult to find. Power of Attorney. financial setback during escrow. 42. Delays the projected move-out date. 10. Lacks motivation. 43. Did not complete the repairs agreed The Escrow/Title Company: 11. Gift donor changes mind. to in contract. 71. Fails to notify lender/agents of 12. Cannot locate divorce decree. 44. Seller’s home goes into foreclosure unsigned or unreturned documents. 13. Cannot locate petition or discharge during escrow. 72. Fails to obtain information from of bankruptcy. 45. Misrepresents information about beneficiaries, lien holders, insurance 14. Cannot locate tax returns. home and neighborhood. companies or Lenders in a timely 15. Cannot locate bank statements. 46. Does not disclose all hidden or manner. 16. Difficulty in obtaining verification unknown defects and they are 73. Lets principals leave town without of rent. subsequently discovered. getting all necessary signatures. 17. Interest rate increases and borrower 74. Loses or incorrectly prepares no longer qualifies. paperwork. 18. Loan program changes with higher 75. Does not pass on valuable rates, points and fees. The Realtor(s): information quickly enough. 19. Child support not disclosed on 47. Has no client control over buyers or 76. Does not coordinate well, so that application. sellers. many items can be done 20. Bankruptcy within the last two 48. Delays access to property for simultaneously. years. inspection and appraisals. 77. Does not bend the rules on small 21. Mortgage payment is double the 49. Does not get completed paperwork problems. previous housing payment. to the Lender in time. 78. Finds liens or other title problems at 22. Borrower/coborrower does not have 50. Inexperienced in this type of the last minute. steady two-year employment history. property transaction. 23. Borrower brings in handwritten pay 51. Takes unexpected time off during stubs. transaction and can’t be reached. The Appraiser: 24. Borrower switches to job with a 52. Misleads other parties to the probation period. 79. Is not local and misunderstands the transaction has huge ego. 25. Borrower switches from job with market. 53. Does not do sufficient homework salary to 100% commission income. 80. Is too busy to complete the on their clients or the property and 26. Borrower/coborrower/seller dies. appraisal on schedule. wastes everyone’s time. 27. Buyer is too picky about property in 81. No comparable sales are available. price range they can afford. 82. Is not on the Lender’s “approved 28. Buyer feels the house is list.” The Lender(s): misrepresented. 83. Makes important mistakes on 54. Does not properly pre-qualify the 29. Veterans DD214 form not available. appraisal and brings in value too low. borrower. 30. Buyer comes up short of money at 84. Lender requires a second or 55. Wants property repaired prior to closing. “review” appraisal. closing. 31. Buyer does not properly “paper 56. The market raises rates, points or trail” additional money that comes from costs. Inspectors: gifts, loans, etc. 57. Borrower does not qualify because 85. Pest inspector not available when 32. Buyer does not bring cashier’s of a late addition of information. needed. check to title company for closing costs 58. Lender requires a last-minute 86. Pest inspector too picky about and down payment. second appraisal or other documents. condition of property. 59. Lender loses a form or misplaces 87. Home inspector not available when entire file. needed. 60. Lender doesn’t simultaneously ask 88. Inspection reports alarm buyer and for all needed information. sale is cancelled. 61. Lender doesn’t fund loan in time for The Seller: close.33. Loses motivation to sell (job transfer does not go through, reconciles marriage, etc.). ? BY REFERRAL ONLY, Inc. All rights reserved. This material may not be reproduced without the expressed written consent of BY REFERRAL ONLY.

rrogers@pinestate.com Rena Rogers 770-387-4504 www.renarogers.net

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