The business of real estate is often referred to as “high touch”. Not only is there lots of hand-holding that has to go on but most folks have no idea how many people really “touch” a real estate sale. When a transaction fails, of course, the Realtor® and (perhaps) the lender shoulder the blame. Truth is, every time someone touches the transaction, the opportunity for a real estate “road-block” occurs. Try as we might to anticipate the right course to take, market shifts and swings change the rules of the game almost daily. The experience is not unlike taking an airplane flight. Despite having the best tools available, no flight is completely smooth. I’ve been warned by one lender to expect termite inspections and (probably) surveys to be required with every loan. Just a few months ago, termite inspections were negotiable. A few years ago, they were absolutely required. What’s really interesting is that a lender is not a party to the contract yet they routinely dictate terms which are normally negotiated between buyer and seller. Expect mortgage companies to re-verify jobs, income and credit at the last minute. Expect them to independently confirm the buyer’s identity right before closing. The days of large buyer credits and buyer rebates have probably disappeared. Ever heard the adage that “buyer’s are liars”. Some say they have cash but don’t (or spend it), some say they are going to sell property to get their down payment. They forget, however, to disclose that they are going thru a divorce that will delay any sale (or purchase) indefinitely. Buyers sometimes change jobs or purchase a new car right before closing. And then there are those pesky liens and judgments that affect buyers and seller alike. These must normally be cleared before a sale can conclude. And what about the seller who forgets to inform their agent that another party has an ownership interest in the property. Of course, permit problems are never good news. Inspection companies sometimes report problems inaccurately. I’ve had inaccurate reports regarding hot and cold water lines, ground rods, doors; even settling. Such “findings” might cause the buyer to re-think the entire purchase. No house is perfect, not even a new one. Mortgage fraud cases nationwide have implicated several appraisers. Appraisals in today’s market are being scrutinized very closely. More than any time in recent years, appraisers are being held accountable for their reports. Fears of repercussions cause overly-conservative evaluations. Bad appraisal, no transaction. One appraiser even told me that it really didn’t matter what value he reported because the borrower has enough cash to make up the difference! Of course, an overpriced listing is a problem from the git-go! And as unbelievable as it seems, agents sometimes fail to insure they buyer is qualified (including credit). They sometimes fail to follow timelines putting the entire transaction in jeopardy. Surveys discover set-back and encroachment issues, termite companies discover un-disclosed termite damage, attorneys make errors on conveyance documents, insurance rates can be so high that the buyer no longer qualifies for their loan, even the cable guy who isn’t able to provide broadband service can spoil a sale. The list goes on and on. Blame or not, an experienced agent and lender are really the best defense against a failed transaction in today’s rapidly changing market!