I have a client that I met at an “Open House” 3 months ago, and they are motivated buyers. Just like so many other people out there, they have some blemishes on their credit report that was either paid off, or falsely reported.
We chatted for a while and I gave them some ideas on how to reach out to the creditors and get the negative items removed from their credit report.
They called me back about a month ago, saying they were ready to move forward. We talked about the lender and getting a pre- approval. The lender came back and said based on their combined income they could purchase between $400-500k. That was enough motivation to go out and look at houses. They were so exited. However, I cautioned them that we still needed the actual lender letter. I emailed the loan officer, who confirmed the price range, and said they need to be re-scored.
My clients were ready to look at homes and through their own search found a beautiful single family home that they wanted to see. Well, I did show it to them and they were ready to make an offer. Here came the not so good news, we were not able to get the approval letter just yet as there were still a couple of items that she needed from the creditor. They were heart broken, as they really wanted to move forward on their home purchase.
We had a great conversation and I ensured them, once they get everything lined up and in order, they could see more houses and make it to the finish line.
I had this happen to my last client who worked on her credit, got approved and closed on her first home!
Bottom line is, GET READY: check your credit for any items that have been reported incorrectly, contact creditors, or pay off things that could bring up your credit score.
SET: get your approval letter by working with a good loan officer, who can also help and give you direction in regards to your credit report and scores.
GO: contact your Realtor that is not only educated in real estate, but also has good knowledge on the lending/mortgage side, and can assist your with the help of your loan officer to make it to the finish line – YOUR NEW HOME!
With a little bit perseverance, patience and diligence, anyone can become a home owner! I have helped many clients get there.
CALL ME today, so I can help you too!
703-725-6179
Jordana Adams
Cell: 703-725-6179
Certified Distressed Property Expert
Bank Owned/Foreclosure/Short Sale Expert
Exit 1st
Choice Realty
Office: 703-494-0404
E-Fax: 1-800-571-5614
http://www.buyorsellhomesnorthernvirginia.com/
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