Boise Real Estate Blog

I’ve often said that I earn my commission when a transaction goes into escrow.

Here are 36 common buyer challenges that I often must overcome to get a transaction closed.

Believe it or not, I’ve dealt with almost all of these items over my 44-year real estate career!

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1. Buyer misrepresents/omits information on the loan application.
2. Buyer’s credit report lists late payments and/or liens.
3. Buyer “forgets” to disclose all debts on the loan application.
4. One or both buyers lose their job during escrow.
5. The buyer’s income gets verified lower than stated on the loan application.
6. The buyer’s closing costs are to be covered with a gift from parents, but the parents fail to provide a gift letter.
7. Buyer is a salesperson with 100% commission/bonus income.
8. The lender refuses to consider the buyer’s overtime/bonus income.
9. The buyer buys and finances a new $60,000 Dodge Ram pickup (needed for moving!) before closing.
10. The buyer files for divorce before closing.
11. The buyer’s new job offer gets withdrawn or declined.
12. The buyers decide that moving is a big hassle and change their mind.
13. Aunt Tilly changes her mind about gifting the down payment to the buyers.
14. Buyer Fred knows he divorced Carol, but can’t find the divorce decree.
15. Buyers Ken and Barbi “think” they finished their Chapter 7, but lost the discharge paperwork.
16. Buyers Suzi and Max “think” they’ve filed tax returns for the past two years, but can’t find copies of them.
17. Buyer “forgot” to file tax returns for the past five years.
18. Buyer filed extensions for last year’s taxes and hasn’t paid taxes due.
19. Bank statements? What bank statements? We ain’t got no checking account!
20. Buyer’s landlord doesn’t “do e-mail” and is unable to verify buyer’s timely rent payments.
21. The Fed raises interest rates and the already-marginal buyer can’t afford another $20/month on their payment.
22. Buyer’s lender suddenly switches the buyer to another loan program with higher rates, points, and garbage fees, causing the buyer to no longer qualify for financing.
23. Buyer forgets to mention to the lender that he pays child support for his three children from a previous marriage.
24. Buyer thinks filing for Chapter 7 last month isn’t a problem.
25. Buyer has three part-time jobs with income that’s mostly commission and/or bonuses.
26. Buyer “forgets” to mention to lender and/or his agent that he lost his job 3 days before closing.
27. Buyers deliver handwritten pay stubs to lender with handwriting that’s curiously similar to their own handwriting.
28. Buyer changes jobs one week before closing and the new job has a 90-day probationary period.
29. Buyer dies in a car accident on the 42^nd day of a 45-day escrow.
30. The IRS files a tax lien against the buyer the day before closing.
31. The buyers think they can buy a 3,500 sq. ft. custom home on 5 acres in Eagle, Idaho for $250,000.
32. Buyer withdraws from the purchase because the listing agent stated four bedrooms and there are only three bedrooms and an office with no closet.
33. The buyer says they are a veteran, but lender is unable to obtain a copy of the DD214.
34. Buyer “invests” the down payment during a vacation to Las Vegas and lacks the funds to close escrow.
35. Buyer can’t document why extra money keeps showing up in checking accounts during escrow.
36. Buyer thinks it’s okay to write a personal check at closing.

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Phil Hoover is a licensed independent Idaho real estate broker, assisting both buyers and sellers in Boise Idaho, Meridian Idaho, and Eagle Idaho.

During his 44 years of full-time real estate experience, Phil has helped thousands of past clients buy and sell quality properties in the Western U.S.

Phil is one of only ten local Realtors^® (of nearly 5,500) honored with the coveted “Realtor^® Emeritus” award from the National Association of Realtors^®, recognizing 40 years in real estate.