Richboro Premier Homes

Potential Roadblocks To A Successful Closing

The following roadblocks could prevent or delay a successful closing.  I am committed to developing systems that will enable us to overcome these problems, resulting in a successful closing.  The first step is to educate you as to what the potential problems are so that you can anticipate them along with our team, and be fully educated as to what goes on behind the scenes in your loan application.

The Lender:

• Lender does not properly pre-qualify the borrower.

• Lender wants property repaired prior to closing.

• The market raises rates, points, or costs.

• Borrower does not qualify because of a late addition of information.

• Lender requires at last minute a re-appraisal.

• The borrower does not like the fine print in the loan documents.

• Lender loses a form or misplaces the entire file.

• The lender does not simultaneously ask for information from the buyer, they ask in bits and pieces.

• Lender pulls a "bait and switch" on the buyer.

The Buyer:

• Did not give thorough information on loan application.

• Did not give thorough information  to their agent.

• Submits incorrect tax returns to the lender.

• Is not fully committed to the transaction.

• Source of down payment changes.

• Family members or friends do not like purchase.

• Is too demanding regarding condition.

• Finds another property that is a better deal.

• Instead of following through with transaction, is always negotiating.

• They do not execute paperwork in a timely manner.

• They do not deliver their money at closing via a cashiers check.

• Job changes, illness, divorce, or other financial setback.

• Comes up short on money they stated they always had.

• Does not obtain insurance in a timely manner.

The Title Company:

• Fails to obtain information from beneficiaries, lien holders, or lenders in a timely manner.

• Fails to notify agents of unsigned or unreturned documents so that the agents can cure the problems.

• Principles leave town without signing all necessary documents.

• Incorrect at interpreting or assuming aspects of the transaction and then passing these items on to related parties .

• Loses paperwork

• Incorrectly prepares paperwork.

• Does not pass on valuable information fast enough.

• Does not coordinate well so that many items can be done simultaneously.

• Does not find liens or problems until last minute.

• Poor service.

 The Seller:

• Loses motivation

• Illness, divorce, etc.

• Has hidden defects that are subsequently discovered.

• Unknown defects are discovered.

• Home inspection reveals average amount of small defects that seller is unwilling to repair.

• Removes property from the premises that the buyer believed was included.

• Is unable to clear up problems or liens.

• Last minute solvable liens are discovered.

• Seller did not own 100% of property as previously disclosed.

• Seller thought partners signatures were "no problem", but they were.

• Seller leaves town without giving anyone power of attorney.

• The notary did not make a clear stamp when notarizing the seller's signature.

• Seller delays the projected move out date.

The Appraisal:

• The appraiser is not local and misunderstands the market.

• Can't find comparable sales available in the area.

• Appraiser delays.

• Incorrect Appraisal.

• Appraisal too low.

• Comparable's found are too low.

My team's job is to make sure none of these problems accrue.  We have just found that by making you aware of them, it helps us all.  Our success depends on your satisfaction and subsequent referrals.  We are committed to building strong, lasting, lifelong relationships one person at a time. My goal is to become...Your Personal Real Estate Advocate For Life.

Paul Rosso - Direct: 215-968-7402, Office: 215-968-7400, Cell: 215-778-9687