81 Things You Should Know . . .
before you begin selling your home on your own!

Vision Realty in Mena, Arkansas,
is your home buying headquarters.

A wise and prudent seller should be prepared in advance for problems
that may occur during the contractual process.

For this reason, we are sharing a problem check list which keeps Realtors busy daily monitoring their transactions files.  A Realtor's job is to anticipate the following issues that are encountered during the home selling process from the accepted contract date until your property has closed and you as the seller have received your money.

After considering the potential blocks listed below, you as a Seller may want to consider the benefit of hiring and experienced agency, such as Vision Realty, to market your property.  Not all of the problems can be solved and we have noted potential "deal killers' with the following symbol:  «. 

We have also estimated how long it may take to cure certain problems along the way.  For this reason you as a seller and buyer may want make allowance when writing a contract to set the actual closing date out a couple of weeks beyond the anticipated closing date.

Lender Problems
1 Lender does not properly pre-qualify borrower/buyer 2 weeks or «
2 Lender decides at last minute that they do not like the borrower 2 weeks or «
3 Lender decides at last minute that they do not like the property 2 weeks or «
4 Lender wants property repaired or cleaned prior to closing 1 - 3 weeks or  
5 Lender raises rates, points or costs 2 weeks or «
6 Borrower does not qualify due to additional of late information 2 weeks or «
7 Lender requires a last minute re-appraisal 2 weeks or «
8 The Borrower does not like the fine print in the loan documents that we receive 3 days before closing 3 days or «
9 Lender does not simultaneously ask for information from the buyer, asks for parts in an untimely manner 1 - 4 weeks  
Cooperating Agent
10 Does not pre-qualify their client for motivation to buy/sell 2 weeks or «
11 Upsets client over minor points 1 - 3 weeks  
12 Does not communicate with their client 1 - 4 weeks  
13 Isn't organized in closing paperwork, needs signatures, more info, etc. 2 weeks or «
14 Poor skills with client - unable to satisfy their needs 2 weeks or «
The Buyer
15 Not truthful on loan application 1 week or «
16 Miss-communicated their motivation to buy 2 weeks or «
17 Submits incorrect information to agent and lender 2 weeks or «
18 Source of down payment changes 1 week or «
19 Changes their mind 1 week or «
20 Finds another property better suited for them 2 weeks or «
21 They are "nibblers" (always negotiating) 2 weeks or «
22 The buyers bring an attorney into the picture 3 weeks or «
23 Paperwork is not executed in a timely manner. 2 weeks or «
24 They do not deliver proper funds to the closing agent 2 weeks or «
25 Job change, illness, divorce, or other financial set back. 1 week or «
26 Short on closing money. 1 - 4 weeks or «
27 Does not obtain insurance in a timely manner 1 week or «
28 Family members change their interest in the property 1 - 3 weeks or «
Acts of God
29 Earthquake, tornado, hurricane, flood, fire, slides, etc. 1 week or «
Transaction Period (Escrow)
30 Fails to notify agents of unsigned or un-returned documents 1 week or «
31 Fails to obtain information from beneficiaries, lien holders, title companies, title lien holders, insurance companies or lenders in a timely manner. 1 week or «
32 Incorrectly delivers paperwork 1 - 3 weeks  
33 Incorrect at interpreting or assuming aspects of the transaction and then passing these items on to related parties such as lenders, attorneys, buyers and sellers 1 week or «
34 Buyer doesn't follow the transaction properly at closing 1 - 3 weeks  
35 Doesn't coordinate well with all parties for signature, needs and transaction requirements. 1 - 4 weeks or «
The Seller
36 Loses Motivation - e.g., job transfer did not go through 1 week or «
37 Illness, divorce, change of mind 1 week or «
38 Has hidden defects that are subsequently discovered 1 week or «
39 Home inspection reveals average amount of defects in which they are unwilling to repair 1 week or «
40 Gets an attorney involved in the transaction 1 week or  
41 Removes property from premises that buyer believed was included 1 - 3 weeks  
42 Is unable to clear up problems or liens 1 - 3 weeks or «
43 Last minute solvable liens are discovered 1 - 3 weeks  
44 Seller did not own 100% of property as previously disclosed 1 week or «
45 Seller though partners signatures were "no problem" but were! 1 week or «
46 Seller delays moving date 1 day or «
The Appraisal
47 The appraiser is not local or misunderstands the market 1 - 3 weeks  
48 No comparable sales available 1 week or «
49 Appraiser's appointment is delayed 1 week or «
50 Incorrect appraisal - really out of line 1 week or «
51 Appraisal to low 2 weeks or «
Inspection Company
52 Too picky 1 day or «
53 Scares buyers 1 week or «
54 Infuriates sellers 1 week or «
55 Makes mistakes 1 - 3 weeks or  
56 Delays report 1 week or «
Title Company
57 Does not find liens or problems until last minute 1 week or «
58 Does not bend rules on small problems 1 - 3 weeks  
59 Poor Service 1 - 3 weeks  
60 Loses paperwork 1 - 2 weeks  
Surveyor
61 Delays appointment 1 - 3 weeks  
62 Finds encroachments on property 1 week or «
63 No easement to property for ingress and egress 1 - 4 weeks «
64 Finds boundary disputes 1 - 3 weeks or «
65 Incorrect amount of acreage or square footage is found 1 week or «
Termite Inspection
66 Delays appointment 1 - 3 weeks  
67 Finds major repairs needed from termite infestation 1 - 4 weeks or «
Percolation Test or Septic System
68 Soil does not perc 1 week or «
69 Septic System is not in working order 1 - 3 weeks or «
Utilities
70 Electricity is not able to be turned on until it meets fire code 1 - 3 weeks  
71 Water cannot be turned on due to water leaks 1 - 3 weeks  
72 Gas cannot be turned on due to gas leaks or incorrect material for lines 1 - 4 weeks  
73 Utilities are not available to property 1 - 3 weeks or «
Insurance
73 Buyer unable to obtain insurance due to prior claims, credit scores 1 week or «
74 Property not insurable unless repairs are made 1 - 4 weeks or «
75 Property in flood plain 1 week or «
EPA or Environmental Problems
76 Storage tank found buried on property 1 - 4 weeks or «
77 Noise nuisance not disclosed Seller 1 - 4 weeks or «
78 Odor nuisance not disclosed by Seller 1 week or «
Zoning
79 Property incorrectly zoned for usage 8 weeks or «
Water Quality Test
80 Water quality test does not pass 1 week or «
81 Water needs filtration system installed 1 - 4 weeks or «

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This Community Web Site, www.VisionMena.com has been brought to you by
Vision Realty in Mena Arkansas, REALTORS®
500 Mena Street, P O Box 192, Mena, AR 71953
479-394-1111 ~ Fax:  479-394-0003 ~ Copyright 2001 through 2014
01/20/14 10:55 AM

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