If you are looking to buy a house, then DON'T DO THIS!!!
Make a Car Purchase Or Lease
(Small Print - It looks good and inticing, but don't do it!!!)
This message is for ALL of the BUYERS out there.
It doesn't matter if you are a Doctor
making hundreds of thousands of dollars a year,
or if you are making $20,000 a year or less.
The number one rule in buying a house is
DO NOT BUY ANYTHING ELSE UNTIL AFTER CLOSING.
Of course you can buy groceries, and gasoline, but what I mean is
DO NOT MAKE ANY BIG PURCHASES PRIOR TO CLOSING.
DO NOT GO AND BUY A NEW CAR, AN RV, A TRAILER, FURNITURE, APPLIANCES, NEW CLOTHES, A FOUR WHEELER, A JET SKI, A BOAT, ANOTHER PROPERTY, A NEW BUSINESS, A HELICOPTER, A JET,
AN AIRPLANE, DIAMOND RINGS, GOLD JEWELRY,
A COMPUTER, A TELEVISION, A HOT TUB, A POOL,
BASICALLY ANYTHING THAT WOULD ADD TO YOUR CREDIT REPORT AND CHANGE YOUR CREDIT SCORE, OR ADD TO YOUR DEBT RATIO!!!!!
I had this happen to me a few years ago.
The buyers were looking at buying a $50,000 condo
and they kept telling me they were staying in an RV.
I figured the RV looked like something
from National Lampoons Christmas Vacation -
however, I was very wrong.
Approximately 3 days before closing,
the lender pulled their credit again
and saw the RV payment,
that was the same amount as the condo payment was going to be,
and the loan was rejected.
Today I found out that my buyers,
who are set to close at the end of the month,
traded in their vehicle and got a new vehicle lease
5 days prior to the contract going in on the house.
Although the buyers were informed
not to buy anything prior to closing,
they failed for follow the advice.
Needless to say,
the buyers now will not be purchasing that property
because they no longer qualify for the loan.
Don't be like my buyer, and devasted because someone sold you a vehicle when they knew you were looking to purchase a home.
Sometimes you just can't have it all at once.
You can buy these things later after your home purchase
but when in the buying a home process,
stay focused on your goal -
to be a home owner and don't get distracted.
If you are unsure about something,
always talk to your lender or Realtor first.
A professional Realtor should be able to give you
sound advice when purchasing a home.
Make sure you choose your agent wisely,
and get someone who has experience.
You want things to go as smoothly as possible
and had I known the buyer was thinking of doing this,
I would have told them absolutely not,
and to wait until their home purchase was final.
Brenda J Andrew - Realtor in Corpus Christi TX - Looking out for you!