A good Realtor’s job is only half done when he or she finds a buyer and secures an agreement of sale. The other half is getting the sales contract closed. There are many obstacles in the way, from inspections and the appraisal to mortgage commitments and title insurance. The most common problems fall into seven categories.
Buyer’s Remorse. The buyer has a panic attack and backs out of the purchase or picks the home apart.
Inspection Issues. The inspection company determines there are significant necessary repairs. Other inspection issues include an inspector who is overly picky or an alarmist, an inspector who actually frightens the buyer with repairs, or an inspector who makes mistakes.
Mortgage Problems. The lender didn’t properly prequalify the borrower, the mortgage rates change, the mortgage program for the buyer is discontinued, or the mortgage company requires repairs to the home. Another mortgage problem is where the mortgage company pulls a bait and switch on the mortgage type, which puts a hardship on the buyer. In other words, they entice the buyer to apply for a mortgage with their company by offering a mortgage product that has a low interest rate or low closing costs, only to later change the borrower to a program with higher fees or a higher rate.