The Wrong Agent Can be a Deal Breaker

Real estate professionals are trained in all aspects of a property sale from contract to closing. They counsel their buyers through every step of the lending process, mediate between buyer and seller while inspections and repairs are completed, and reassure nervous sellers that the buyers' financing will be sewn up tight by closing.

But the best laid plans of buyers and sellers can and do go awry from time to time, especially amid the stress and fatigue of a pressure-cooker deal between highly motivated buyers and sellers.  

A disappearing fixture, erroneous inspections and a "nosy" HOA are just a few of the last-minute deal breakers that have threatened or killed real estate transactions. And while deal breakers are not typical, they do tend to arise from several common areas.

The Credit Burning Buyer-  A typical home sale actually involves two contracts: one between the buyer and seller and another between the buyer and his or her lender. Where big money is at stake and the ticking clock is exerting additional pressure, there is no such thing as a sure thing.  

A deal can fall through because the buyers didn't maintain their financial status. Their loan was based on certain criteria, but since then, the buyers go on a shopping spree, max out their credit and their score drops below an acceptable level. Getting prequalified or preapproved is easy to do.

A strong agent already knows this and advises buyers under contract to wait until AFTER they buy the house before investing in a new living room set, new car, expensive vacation or 60" 3D HDTV.   

The Renegade Inspector- It goes without saying that unforeseen condition issues can sink a sale faster than just about anything else. because most inspectors' livelihoods are based on agent referrals, their reports tend to be fair, but rarely go off the deep end. However, there is the occasion where the inspector is flat out wrong.  

Stories of bad inspections and their outcomes are a part of real estate lore. Practically every agent knows someone, who knows someone, that a poor inspection cost them a big sale. Be sure when interviewing agents, that they have an inspector in mind that has years of experience and is well versed on the ever-changing building codes.

The Sticky-Fingered Seller- The seller, as they got closer to closing, became more attached to certain fixtures inside the home. They were so attached they felt the need to remove them. The buyer, on their pre-closing walkthrough, noticed these missing items and blew a gasket.

A good real estate agent keeps in constant communication with the sellers. They remind sellers that removal of certain fixtures and appliances cant be done. If the seller REALLY wants to keep the dining room fixture, this can usually be negotiated with the buyer so that the closing goes without a hitch and both parties leave the transaction with a smile.  

The Gestapo Homeowner Association- Many HOAs are reasonable and provide residents with benefits like community events, tennis courts and swimming pools, but they can have an ugly side. Many sales have fallen through at the last minute when the prospective buyer discovers unacceptable restrictions, such as "no pets.". Some potential buyers, will back out upon hearing that there is any form of HOA.

Working with the right agent gives prospective buyers and sellers the protection they need to confidently move forward to the closing. Although no transaction is without issues, working with a professional who is constantly looking out for potential traps, and helping you avoid them, will lead to success far more often than attempting to go it alone.