When working with buyers especially new buyers I typically educate them about the process of buying a home such as how to get pre-qualified, what to watch for while home shopping, avoiding weird floor plans, money pit projects, negotiations, the inspection process etc. I also emphasize how critical it is to protect their loan approval. Case in point:
I recently worked with a client who was purchasing his first home and soon located the perfect bank owned home. The offer was presented with a strong qualification letter we blazed through the offer-acceptance, finalized inspections and well on our way to closing.
One of our discussions was the DO NOT's necessary to protect his loan approval i.e; Do Not open any new charge or credit accounts. Do not buy a car, furniture or any other big ticket item and do not move money around including unexpected deposits or withdraws. My client agrees and we finalize the details of the transaction and head to closing. Closing goes without a hitch he provides the necessary cashier funds to close and congratulations are extended with funding & occupancy to happen the following day.
The next day I get a call from my buyer. I closed so why can't I have my keys? Well it should have easily funded by now has the title officer called? Yes..but they say I cant have the keys. This is when my heart sinks. So I call the lender and he tells me they did a final employment verification and discover he is no longer employed. This transaction and closing are now toast! I called my client back and explained, he was shocked but admitted he had quit his job but didn't think it would matter and felt he could make the payments. OUCH!
So I have added the following to my check list of Do Nots!
Buyers..Protect your loan approval and Do Not Quit Your Job Before Closing!
Albuquerque Homes and Lifestyle Blog
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John McCormack Owner/Managing Broker, e-PRO
505-980-4576 / John@AlbuquerqueHomes.com
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