Home Buyer/ Seller Myths #11

Home buyer/seller myth #11. "I don't have anything to worry about, I already qualified for a mortgage ".
Read the papers, folks. It says that you qualify assuming several things. One of them is, no changes in finances.
Don't ever make any major purchases while you are under contract, before it closes.
The most extreme example of this was several years ago, Kirkland Development was building a home for this young couple. They qualified for the purchase, but just barely. I instr...ucted them not to make any major purchases until it closed. The first red flag came up when he told me that the area above his fireplace was not big enough for his T.V..I told him that it would accommodate at least a 62". ( now bare in mind that, at that time, anything over that size would cost thousands).
Please tell me that you didn't go out and buy a T.V. Like that on credit. His response was "It was zero interest for 2 years." (This guy was not the sharpest knife in the drawer)
When I walked him outside, I saw a brand new hybrid Tahoe ( probably $55,000). I said "please tell me that that is not yours!". He said that he had just bought it, because he "needed" it. I advised him to call his lender .
Needless to say, he has a lot of fancy electronic equipment and a fancy vehicle, but no home in which to park it.
We resold the home in 2 days, but I'll never forget that one!
This is an extreme example, but guys, please, listen to your Realtors and mortgage professionals and don't take chances with your ability to buy your home!