These pitfalls hit all too close to home. We have seen most of them in some form or other.
Number 4: Expectations, Emotions, And Loss Of Perspective is a big one. Developers seem to have some built in sense of what a project is worth but it is usually overinflated. In the calculations of many developers they fail to account fully for the transaction costs, insurance, cost of performance guarantees and local tax implications.
A shared financial model is a great idea and should be used more often. It helps level the playing field and removes the issue of asymmetric information.
We have also lived through Numbers 1 and 2. We have had situations where buyers come to the table and "agree" to the project and terms and then things sit. During this period other financing options are not pursued and the clock is ticking. Often they come back with terms that are not what was originally discussed and don't work for the developer or the customer.
And this article is about "good" projects. Most projects out there are Zombie Projects and never get to this stage.