81 Things FSBOs Need to Know

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	«
Please help me find a Realtor to sell my property! Save time, frustration, and investment by allowing us to let our experience work for you!
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