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The Disasterous Results of Touching Credit Reports in Escrow

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

We were supposed to close escrow last week for a pending sale in Elk Grove, but we don't even loan docs drawn yet. I suspect the problem is dual-fold. First, the lender did not fully advise the buyers about the damage they could cause themselves by touching their credit reports. If the lender did advise, the buyers did not understand.

The buyer's agent was out of town for a while. I myself had to sit on hold for 15 minutes just to get through on the phone to the buyer's lender. The story I received from the lender differed from the story the buyer's agent had received earlier that day.

The thing is you never know what an unsupervised homebuyer will do. You can read more in my personal blog today at this link: Messing With Credit Reports When Homebuying Can Create Chaos.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments(5)

Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

This story has been told many times, even though we explain what the client shouldn't do when it comes to credit, some still screw it up.

Apr 14, 2016 01:53 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Joe Petrowsky It has caused two delays already due to TRID. Twice the buyer touched the report. Ack!

Apr 14, 2016 01:59 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

What's the old saying, Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents .. you can lead a horse to water, but you can't make it drink?  I wouldn't naturally assume that the Buyers weren't told about credit ... or given instructions.  I've personally had this problem crop-up, even after providing written instructions as to "Don't Do's" while in processing.  Totally frustrating for all involved in the transaction ... including the Lender ...

Gene

Apr 14, 2016 04:00 AM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Elizabeth.  Ignorance is not bliss.  It usually kills sales

Apr 14, 2016 08:15 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Step away from the credit report!  Buyers really don't know they could be screwing something up if no one tells them. 

Apr 16, 2016 05:01 AM