There are many ways that a closing can fall through in the Pekin Illinois Real Estate Market. Here is a list of what can go wrong on the buyers side to kill a deal.

Buyer...

1. Does not tell the truth on the loan application.

2. Submits incorrect information to the lender.

3. Have recent late payments on credit report.

4. Found out about additional debt after loan application.

5. Borrower loses job.

6. Co-borrower loses job.

7. Income verification lower than what was stated on loan application.

8. Overtime income not allowed by underwriter for qualifying.

9. Applicant makes large purchase on credit before closing.

10. Illness, injury, divorce or other financial setback during escrows.

11. Lacks motivation.

12. Gift donor changes mind.

13. Cannot locate divorce decree.

14. Cannot locate petition or discharge of bankruptcy.

15. Cannot locate tax returns.

16. Cannot locate bank statements.

17. Difficulty in obtaining verification of rent.

18. Interest rate increases and borrower no longer qualifies.

19. Loan program changes with higher rates, points and fees.

20. Child support not disclosed on application.

21. Borrower is a foreign national.

22. Bankruptcy within the last 2 years.

23. Mortgage payment is double the previous housing payment.

24. Borrower/co-borrower does not have steady 2-year employment history.

25. Borrower brings in handwritten pay stubs.

26. Borrower switches to job requiring probation period just before closing.

27. Borrower switches to job from salary to 100% commission income.

28. Borrower/co-borrower/seller dies.

29. Family members or friends do not like the home the buyer chooses.

30. Buyer is too picky about property in price range they can afford.

31. Buyer feels the house is misrepresented.

32. Veterans DD214 form not available.

33. Buyer has spent money needed for down payment and closing costs and comes up short at closing.

34. Buyer does not properly "paper trail" additional money that comes from gifts, loans, etc.

35. Does not bring cashier’s check to title company for closing costs and down payment.

For more informations about the Pekin Illinois Real Estate Market, visit us at www.livinginpekin.com or reach us directly at 309-241-0313