10 Deal Breakers ... Revisited: Part 2

6. Lender changing the deal: This is a tough one to avoid, since this falls in the buyer’s court. Still, you can emphasize to your buyer the importance of working with a reputable and reliable mortgage broker, not someone’s cousin or a friend of a friend.

7. Spooked buyers: It’s very common for buyers today to get spooked by cocktail party talk. Jealous friends and relatives (who typically bought real estate at the peak of the boom and are suffering) tell buyers what a terrible time it is to buy a house, and they start to worry. Never forget that in real estate the best advice to follow is, “When the news is the best, sell it, and when the news is the worst, buy it.”

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8. Lender dragging the buyer over the coals: Today’s lending environment is very different from the environment even a year ago. Chances are good that your buyer will get scared by the everything-but-the-rectal-exam approach that lenders are taking these days. Many buyers take the lender’s tactics as a sign that they shouldn’t be buying a home. They fear they will not get approved and do not want to go through the humiliation. Reassure them that it’s normal these days, and they just have to get through it.

9. Lenders will close on the 30th: The 30th of which month? Always make sure you know the lenders closing date. Double and triple check it. 

10. Waiting too long to respond: Always get back to your buyer within 24 hours. Procrastination is a deal killer.