The Buyer:

1)Giving incorrect or incomplete information on the application

2)Late payments on mortgage or rent

3)Loss of borrower or coborrower employment

4)Borrowers making large purchases on credit before closing

5)Lack proof of verifiable income

6)Borrower switching from salary to commission

7)Don't have required funds at closing

The Seller:

1)Loses motivation to sell/ cant find suitable replacement property

2)Will not allow appraisers or inspectors inside home in timely manner

3)Unable to clear liens on property

4)Misrepresents information about home

5)Isnt sole owner of subject property

6)Removes items included in the contract

7)Leaves town before closing

The Realtor:

1)Unfamiliar with clients financial situation

2)Contract written incorrectly

3)Does not do sufficient homework on property

4)Takes time off during transaction

5)Will not show property due to bias against particular office

6)Misinformation given to client

7)Inexperience with transaction process

The Property:

1)Termite report reveals surprises

2)Damage to home before closing

3)uninsurable property due to zoning or damage

4)Encroachments on property

5)Easements/Access to property inproperly recorded

6)Cant get approval for septic or well

7)Unique home or property(Dome, Loghome, etc.)

The Broker:

1)Under quotes closing costs to get the deal

2)Doesnt have access to loan product quoted

3)Inexperience and no company support

4)Overshops loan causing credit scores to drop

5)Unfamiliar with steps needed to clear credit problems

6)Does not verify with lenders who are approved vendors for appraisals and such

7)Loses documents

These are a few items from different people involved with the closing process that can go wrong. Good communication from start to finish can deter many of these problems. Make sure you do your homework on the people you choose for your mortgage needs. One of our AEs passed a similar list around a while back and it received good feedback from those who read it, so heres my version. Although Im sure I probably omitted quite a few pet peeves!