Guidance For Getting To The Closing Table
While commenting on David's post a solution occurred to me. Perhaps lenders should keep case studies of people who lost their dream homes due to this error... and require them to write an essay about it, just to put the facts firmly into their heads.
I guess that won't happen, so it falls on real estate agents to remind their buyers - and they should probably do so on a daily basis.
It is Sunday Afternoon and it’s hard to believe but I actually have a bit of a slowdown today. As a result, I thought I would write something that would be helpful to all present and future buyers of Real Estate.
I am reminded of when three or four buyers (over the past few years) made a serious error in judgement while in a Contract to purchase a house. Because of the error, they sabotaged their Real Estate deal that was nearing completion. You read the previous sentence just right, but let me be even clearer: They lost the house they were under contract to buy. Their error blew the deal!
What was the error that blew the deal?
Somewhere between the beginning of the contract and the closing table, they went out and Spent Money. How did they spend it? Sometimes it was buying Furniture on Credit; one time it was a New Car; and still another time – it was a pretty hefty charge on their Credit Card. For the record, I’ve also heard other horror stories from friends of mine who are Real Estate Agents in reference to their clients making similar mistakes in spending or juggling money between their accounts. (Juggling money will be for another post)
Here’s what is real about Real Estate and securing a Mortgage. A needless purchase, like described above while under contract to purchase a home, can shave a dozen or more points off of your Credit Score and if your score is border line, a few points can cost you the deal.
Please keep reading: If you are currently or are soon going to be in a contract to buy a house, please put away the credit cards. Do NOT make any purchases on any kind of credit and even guard against making unnecessary transactions using your checking and/or savings accounts. Then, in all probability, the mortgage pre-approval you will have secured at the beginning, before going house hunting, will carry you through to the closing table. You will have purchased a house and will have the wonderful privilege of making that house your new home.
There you have it - Guidance For Getting To The Closing Table.David Burrows
David L. Burrows, Realtor®
Classic Realty, Ltd.,
7529 Presidential Lane, Manassas, Virginia 20109
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