Fred's favorite ways a deal can get killed in Escrow...

I just love all those Real Estate shows on the TV lately where an accepted offer arrives and the Realtor declares, "You got the house!"

HOLD THE PHONE!  It's about at this point when I start screaming "NO YOU DON'T!" while simultaneously throwing something at the tube.

There's a long way to go once a deal hits escrow before it's actually closed, so lets look at just a few ways a deal might actually fail post mutual acceptance:

Fred's favorite ways a deal can get killed in Escrow...

• Inspector makes it his mission to find anything and everything wrong that he possibly can.  Nice job Mr. Inspector; you certainly are thorough.  I'll make sure to recommend you.

• House won't appraise.  Sometimes this is due to some of our own creative Monkey Business like asking the Seller for closing costs and bumping up the purchase price as an offset.  Nice job everyone on that one.

• After getting "Pre-Approval" for the home, Buyers decide to purchase "new furniture for the house" on credit.  Or a car, boat or other "must haves" prior to what would have been the close.

• Lender can't get final "Underwriting Approval" for a thousand different reasons, even after so-called "pre-Authorization."

• Buyer gets cold feet and just can't go through with it.  (This is my favorite.)  Will forfeit Earnest Money in Escrow and has no problem wasting your time as well.

• Upon pre-close walk-through, it is discovered that the Seller changed out all the sparkling new appliances present at the showing for 25-year-old models.  "We didn't say THOSE appliances were included."  Nice job Mr/Ms buyer's agent for not spelling it out in the EM Agreement to begin with.

Getting mutual acceptance on a deal is a nice start, but that's all it is.  Once an offer is accepted there is so much that can go wrong, like bad appraisals, failed financing, and bad inspections that can't get negotiated.  Real Estate professionals that fail to prepare their clients for these potential down-sides are doing a dis-service to their clients.  So hold on... cross your fingers and fasten your seat belts once a deal gets accepted; that's when all the real fun begins.