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88 TYPES OF HOME TURBULENCE CHALLENGES YOU WANT TO AVOID WHILE BUYING A HOME IN BEVERLY HILLS LUXURY HOMES SALE
You know that Beverly Hills Luxury Home sale is on and you plan to buy one of them. Buying your luxury home in Beverly Hills is like taking an airline flight across country. When you start on your trip you have no idea how the trip will go. Neither does the pilot! You could run into 88 types of turbulence, or you could have a smooth flight and land on time. Certainly the pilots will try to use their experience to navigate around the storms and go for the smoothest flight plan, but if they're honest, they can't promise a turbulent-free trip. Their job is to get you to your destination in the least time and with the least aggravation, while keeping you informed throughout the trip.
Following is a somewhat humorous list of the 88 different types of turbulence we might run into while buying a home in Beverly Hills Luxury homes for sale or Beverly Hills Luxury Flats sale prepared by Erik Brown, an experienced realtor in Beverly Hills, Los Angeles, California. Erik has worked over the years in Beverly Hills Luxury Real Estate and has noticed the clients experiencing these 88 turbulences while dealing with buying a Luxury Home in Beverly Hills Luxury Real Estate.
This list is not all-encompassing, but it catches most of the common issues. While some of the items are "picky" to some, they are very real and fearful to others. Please take a minute to review the list. As your Real Estate Consultants, Erik and his team see themselves as the pilot of your plane. Our job is to find your home in Beverly Hills Luxury homes for sale, a good investment, negotiate and advocate for you and get you the keys within your timeframe, with the fewest aggravations.
We can't promise you no turbulence, but we can promise you that we'll utilize our experience and expertise to take you on the smoothest flight that we can. If we do hit turbulence, we won't bail out on you. We'll be your teammate throughout the flight until we get you safely to your destination. Rest assured your advocacy is our #1 goal, and that means you must be delighted with the product we provide and deliver beyond your expectations during the process. Have a look at these turbulences:
I) The Buyer/Borrower:
1. Does not tell the truth on loan application.
2. Has recent late payments on credit report.
3. Finds out about additional debt after loan application.
4. Borrower loses job.
5. Co-borrower loses job.
6. Income verification lower than what was stated on loan application.
7. Overtime income not allowed by underwriter for qualifying.
8. Applicant makes large purchase on credit before closing.
9. Illness, injury, divorce or other financial setback during escrow.
10. Lacks motivation.
11. Gift donor changes mind.
12. Cannot locate divorce decree.
13. Cannot locate petition or discharge of bankruptcy.
14. Cannot locate tax returns.
15. Cannot locate bank statements.
16. Difficulty in obtaining verification of rent.
17. Interest rate increases and borrower no longer qualifies.
18. Loan program changes with higher rates, points and fees.
19. Child support not disclosed on application.
20. Bankruptcy within the last two years.
21. Mortgage payment is double the previous housing payment.
22. Borrower/co-borrower does not have steady two-year employment history.
23. Borrower brings in handwritten pay stubs.
24. Borrower switches to job with a probation period.
25. Borrower switches from job with salary to 100% commission income.
26. Borrower/co-borrower/seller dies.
27. Buyer is too picky about property in price range they can afford.
28. Buyer feels the house is misrepresented.
29. Veterans DD214 form not available.
30. Buyer comes up short of money at closing.
31. Buyer does not properly “paper trail” additional money that comes from gifts, loans, etc.
32. Buyer does not bring cashier’s check to title company for closing costs and down payment.
33. Loses motivation to sell (job transfer does not go through, reconciles marriage, etc.).
34. Cannot find a suitable replacement property.
35. Will not allow appraiser inside home.
36. Will not allow inspectors inside home in a timely manner.
37. Removes property from the premises the buyer believed was included.
38. Cannot clear up liens – is short on cash to close.
39. Did not own 100% of property as previously disclosed.
40. Encounters problems getting partners’ signatures.
41. Leaves town without giving anyone Power of Attorney.
42. Delays the projected move-out date.
43. Did not complete the repairs agreed to in contract.
44. Seller’s home goes into foreclosure during escrow.
45. Misrepresents information about home and neighborhood.
46. Does not disclose all hidden or unknown defects and they are subsequently discovered.
47. Has no client control over buyers or sellers.
48. Delays access to property for inspection and appraisals.
49. Does not get completed paperwork to the Lender in time.
50. Inexperienced in this type of property transaction.
51. Takes unexpected time off during transaction and can’t be reached.
52. Misleads other parties to the transaction – has huge ego.
53. Does not do sufficient homework on their clients or the property and wastes everyone’s time.
54. Does not properly pre-qualify the borrower.
55. Wants property repaired prior to closing.
56. The market raises rates, points or costs.
57. Borrower does not qualify because of a late addition of information.
58. Lender requires a last-minute second appraisal or other documents.
59. Lender loses a form or misplaces entire file.
60. Lender doesn’t simultaneously ask for all needed information.
61. Lender doesn’t fund loan in time for close.
62. County will not approve septic system or well.
63. Termite report reveals substantial damage and seller is not willing to fix.
64. Home was misrepresented as to size and condition.
65. Home is destroyed prior to closing.
66. Home is not structurally sound.
67. Home is uninsurable for homeowner’s insurance.
68. Property incorrectly zoned.
69. Portion of home sits on neighbor's property.
70. Unique home and comparable properties for appraisal difficult to find.
The Escrow/Title Company:
71. Fails to notify lender/agents of unsigned or unreturned documents.
72. Fails to obtain information from beneficiaries, lien holders, insurance companies or Lenders in a timely manner.
73. Lets principals leave town without getting all necessary signatures.
74. Loses or incorrectly prepares paperwork.
75. Does not pass on valuable information quickly enough.
76. Does not coordinate well, so that many items can be done simultaneously.
77. Does not bend the rules on small problems.
78. Finds liens or other title problems at the last minute.
79. Is not local and misunderstands the market.
80. Is too busy to complete the appraisal on schedule.
81. No comparable sales are available.
82. Is not on the Lender’s “approved list.”
83. Makes important mistakes on appraisal and brings in value too low.
84. Lender requires a second or “review” appraisal.
85. Pest inspector not available when needed.
86. Pest inspector too picky about condition of property.
87. Home inspector not available when needed.
88. Inspection reports alarm buyer and sale is cancelled.
If you want smooth sailing during you real estate transaction in Beverly Hills Luxury Real Estate, and a pilot who can bring you in for a safe, smooth landing, trust… us! We are excited to share you many more details of how we can help you save time and money on your home purchase.
HOUSES AND FLATS FOR SALE IN BEVERLY HILLS
While we have worked upon the turbulences you might face during your dealing in Beverly Hills Luxury Real Estate you can focus on visiting the Luxury Homes for Sales in Beverly Hills with our featured listings at our website given below. It also includes listings on Beverly Hills Flats for sale which will give you the opportunity to seal the best deal for you. We are always there for your help. Take a full Beverly Hills Mansion Tour on this website also and get in touch with Erik Brown to have great assistance in dealing with property matters in Beverly Hills California.
Just visit: www.erikrbrown.com
Realtor/ Broker (BRE: 01958545)
Beverly Hills: 424-239-6519
The opinions mentioned above are based on our experiences, and do not happen with every home transaction. Consult with an attorney if needed.