Keeping Family Away From Buyers
Gary brings up a very good topic and one that I have blogged about more than once before myself. As an MLO who works with a lot of 20-something, first timers here in Los Angeles & Ventura counties, I've had my fair share of controlling parents.
For the most part, I thoroughly love working with my borrowers parents because most of them are really great people who just want to help their kids buy a home (although some are trying to get their kids out of their own homes - LOL) and if it wasn't for some of my borrowers parents, these kids wouldn't be able to purchase their first home and spend less on a mortage payment than most of the kids are currently paying for rent.
But it's the ones that have no financial stake in the transaction that I refuse to tolerate when they try to manipulate me into divulging details of the transaction (after other parties in the transaction have refused to give them info too). I have to remind them that they are not a party in the transation and that I am bound by laws, rules and regs to not share details with anyone other than the parties in the transaction.
If they want info, they need to speak with their kids. I have also had to remind my borrowers on occasion to please reign in their parents. Only once have I had to fire a borrower because they refused to control their mother from #%!! who was harassing me. This is a geat post that helicopter parents need to read and really consider before they start sabotaging their kids purchase transactions for their first home.
One thing you often see with particularly younger age First Time Homebuyers is the family butting in with their two cents. It is a good idea to
Keep Family Away From Buyers.
Often Mom and Dad intervene cause they may want to APPROVE the new home purchase or have a part with co-sign or contributing some of their own money to a down payment and such. While the more financially invested they are the more the right they have to participate in the buy decision, often family becomes multiple DISTRACTING voices confusing the new owners about what is most important to them.
Best you can as new potential home buyers and the agent working with them, keep these family members away during the buying process. It helps with focus tremendously and doesn't leave EVERYONE dazed and not knowing what to do next.
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