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9 Excellent Ways to Kill That Deal!

By
Real Estate Agent with Results Realty

stressed out over mortgage loan

If you want to have drama and a home loan die, make a few of the mistakes we want to outline for you. One will likely do it, actually. Over the course of the last year, we have observed some of the things that are causing the most trouble for people and their mortgage financing. In plain English, we will spell it out for you. Share it with friends and family and save them disappointment and frustration.

 

1. Job change/loss. You can’t really do anything about an unexpected job loss, but you could wait a little longer to make that leap to another employer. It would be an expensive decision to change employers because underwriters don’t like seeing that. It makes the file feel less sure because the steadiness of the employment history is disrupted.

 

2. Any increase in debt could be an unforgivable sin in the mind of the person reviewing your file. It changes your ratios and maybe even the rate you qualify for. This is a dangerous game. Don’t play it!

 

3. If you have something to dispute with a creditor, hold off. This is a flag you don’t need.

 

4. Large sums of money appearing suddenly in your bank account will be a problem.

 

5. Choosing to remodel without permits is a mistake to avoid.

 

6. Try hard to be objective. Having an unfortunate and unrealistic idea of what your property is worth makes the list of deal killing tactics.

 

7. There are rules about “flipping” which must be followed because non-compliance is not something that will skate by in 2012.

 

8. When divorce proceedings begin, the stability of the situation is upset on a financial level as well.

 

9. Any previously unmentioned liens or judgments will be brought into the light and will cause trouble.

 

If you have questions about any of the information explained here, please feel free to contact us. We love helping our clients, and we know a lender who is the best in the business. The first step is always to chat about your situation. Get in touch!

Posted by

Ralph Gorgoglione
Metro Life Homes - Palm Springs, CA
California and Hawaii Real Estate (310) 497-9407

Great post.

I always try to remind buyers NOT to make any financial changes or purchases after opening escrow.

It's definitely an acquired skill to be able to do this and not come across as telling them how to run their lives!

Jan 09, 2012 08:00 AM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

This is a good list.  You do see the job change killing deals. Also that purchase (adding debt) right as your buying is a killer as well.

 

Jan 09, 2012 08:03 AM
Heather Embrey
Better Homes & Gardens Premier - Falls Church, VA
Ask me about real estate! I know stuff:)

Item #2 is a biggie.  Buyers get excited and want to start buying new furniture & appliances for thier new home.  It is important to educate them that this is a BIG NO NO! 

Thanks for posting!

 

Jan 09, 2012 08:07 AM