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Buyer Mistake #1

By
Real Estate Agent with Keller Williams Realty Phoenix

How can a buyer kill a deal, well there are many ways, but today I will dive into Buyer mistake #1.

 

While it may make no sense to start at the closing, this mistake is clearly at the closing time frame.  So, let me paint the picture of how a buyer mistake can cost them the home.

You have found your house and love it, you make an offer and it is accepted.  Congratulations, it is awesome when you find the right house.  All goes well through out the inspections, the appraisal comes back and all is GOOD.  Wow, at this point their really is not much that can go wrong right?  Wrong!!!

 

Buyer makes a huge mistake and can cost him/her the house.  In this particular case, I can't give names, or give addresses or other, the buyer decides to put in their 2 week notice at work.  Now, I did mention the appraisal was done right?  This means there is financing involved in the purchase of this home.  So closing is in a couple of days, and the lender does what they always do prior to the close.  They verify credit one last time, and of course they do a verification of employment.  

So what can kill a deal, and be buyer mistake #1?  Quiting your job prior to closing, when you are purchasing a home using financing.  Many of your real estate agents and lenders often will advise buyers what not to do during a real estate transaction.  Making any major life changes, for example quiting your job is not something that is recommended during a home purchase.

 

That is my contribution for the week, buyer mistake #1, for the LOVE of the house, don't quit your job during the purchase of a home using financing.

 

Jeff Fisher
PureWest Real Estate - Whitefish, MT
PUREWEST REAL ESTATE/Christies

Oh gosh! That is definitely a deal killer! the the second one is all approved and moving along smoothly and they open new lines of credit to buy that new car, new appliances and furniture! Boom goes the credit score! 

May 14, 2015 12:14 AM
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Colorado Broker / Referral Services

Oh, there are so many ways a buyer can jeapordize the buying process, when using financing to purchase.  Anymore, a dialogue one time, will not ensure that the buyer will not do something crazy... constant reminders may mitagate some of the mistakes.

May 14, 2015 12:17 AM
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

Wow, this surely is a big mistake when buying a home David.

May 14, 2015 12:39 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope home buyers will read this post. Thanks for sharing.

May 15, 2015 09:33 PM
David Alan Baker | Laveen & South Phoenix Realtor
Keller Williams Realty Phoenix - Laveen, AZ
Your local Expert

Thanks for stopping by Gita Bantwal , I think this may be a post that continues with a couple more buyer mistakes.  There is a lot of them.

May 17, 2015 01:29 AM