How well do you stay in touch with your buyer AFTER they find that property? Do you communicate with them often, I mean really communicate!
It seems like everyday we are hearing about new changes taking effect in our Real Estate world! Well this one will rock your world!!!
Wanted to make sure that everyone was aware of a couple of changes that took place in July that could effect upcoming closings and should change how much you communicate with that BUYER!
THREE (3) DAYS BEFORE CLOSING the lender must now 'SOFT PULL' a credit report on the client AND once again VERIFY EMPLOYMENT! In addition, any INQUIRIES that show up on the credit report full or soft must be sufficiently explained in a letter from the Buyer!
THEREFORE ATTENTION BUYERS:
1. PLEASE do not buy a new car, furniture, appliances, plasma television and/or flooring or any other large purchase until AFTER you have closed on this property!!!
2. The above holds true EVEN if it is 12 month interest free!!!
3. Please DO NOT CHANGE jobs, even in the same line of business and even for more money until AFTER you have closed on this property!!!
4. Please DO NOT APPLY for any new credit cards of any kind until AFTER you have closed on this property!
5. The above holds true EVEN if you are not planning on using the card until after closing! WAIT UNTIL AFTER CLOSING TO OPEN THE ACCOUNT!
6. PLEASE do not goes to Lowe's or Home Depot and open an interest free account with plans on buying your new appliances after closing!! WAIT UNTIL AFTER CLOSING TO OPEN THE ACCOUNT!!
MAKE SURE THEY ARE AWARE THAT SOMEONE WILL BE CHECKING ON THIS AGAIN BEFORE CLOSING!
In todays underwriting world it is getting tougher everyday so don't add to the aggravation! We all need to work together. Make sure that your Lender is checking the inquiries upfront and asking the question....."What is this company inquire about??". They may be able to stop that big purchase BEFORE it happens! We all know that AFTER could and well may be TOO LATE!!
Words of Wisdom - 'Talk to your clients! Don't assume because they are well educated and seem to be on top of it that they know everything! It is our job too educate; and I always say I would rather tell you something you already know, then not say anything at all and wish I had!'
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