When it comes to real estate, you should expect the unexpected. It's Murphy's Law, not Murphy's Theory afterall. We look at an almost endless list of spontaneous event out of your control that can kill a transaction, and what you can do to prevent it from happening. If you don't see your favorite on this list, then it may appear in a future list!
Here Are 4 Small Things That Can Kill a Real Estate Transaction
1. A monthly payment being slightly higher than waht the lender originally quoted
Mmphf. Thats all I have to say. Mmphf. Some people can be so analytical with the minute details, that a few dollars over the original quote sent from the lender can send them over the edge. How can you prevent this from happening? Simply either add a disclaimer when you send the quote or send a more accurate quote! (If possible)
2. Your buyer's financial history is iffy
How inconvenient is it to have buyers almost at the closing table, only to find out that the closing will not happen? Events out of your control can occur such as a spouse withdrawing money without telling the other, a bank failing to disclose important information about their mortgage application, etc. Again, one of the best ways to solve this is try to prevent it beforehand. When working with couples, ensure that they are on the same page when it comes to finances. And either you or your lender can educate them on exactly what they need to do in order to move into their dream home.
3. The other agent's ego
Hubris is the what lead to the demise of many of your favorite Greek heroes. You should check your own ego at the door as well. Sure, Icarus is a cautionary tale about flying too close to the sun...but don't forget his father is the one who build the wings in the first place. It was not all Icarus's fault. Likewise, if you are dealing with an agent with a bit of an ego...you can pick and choose your battles. Try identifying their egocentricity before negotiations begin. This way, you will be a little more prepared when approaching them.
4. Employment Changes
This is easily avoidable. Just tell your clients not to change their jobs before a closing! It's so simple! You would be surprised though... Sometimes it is out of their control too. So if they end up getting laid off, console them like a friend would. Helping them get through a rough time in their life can leave a lasting impression, and guess which real estate agent they will use once they are back on their feet? You.
Here's Something You CAN Control - Who You Use To Generate Leads.