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Tickle Me Tuesdays - 10 commandments

By
Mortgage and Lending with Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. NMLS257576

We have all had a buyer break at least one of these 10 commandments when buying a home!

Ruth Vogt Colorado Lender

Have you ever gone to a closing table and had the buyer's employer call the buyer out of the closing to tell him their job was being eliminated effective immediately? Yep! It happened!!

Posted by

Ruth Vogt, Reverse Loans in Colorado

Ruth Vogt
NMLS #257576
Reverse "Retirement" Mortgage Lender

Educating 62+ homeowners on how to leverage home equity allowing them to live more comfortably in their retirement years.

Leave a Legacy
or LIVE a LEGACY?

   

 

Call or Text Me:
303-881-7849

1271 Kelly Johnson Blvd. #110
Colorado Springs, CO 80109

ReverseLoansInColorado.com

Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

 

Comments (11)

Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Ruth Vogt - and it is very important that buyer sticks to these rules - or else...

Jun 20, 2017 10:59 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Ruth. No I never had that happen. Frightening and scary too.

Jun 21, 2017 05:57 AM
Maia Whitaker
Superior Notary Service | Allstate Insurance - Boulder, CO
Your Trusted Notary & Insurance Advisor

Wow, now that's intense!

Jun 21, 2017 08:22 AM
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 www.ReverseLoansInColorado.com

Praful Thakkar it's when the "or else" happens that really shows what kind of relationship there is between agent and lender.

Jun 21, 2017 08:25 AM
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 www.ReverseLoansInColorado.com

Sheila Anderson we weren't sure if the employer was trying to protect the employee from taking on an obligation that he might struggle with, or was just being mean. Either way, we called the closing off, waited for the buyer to get another job in the same line, and closed the loan about 3 weeks later.

 

Jun 21, 2017 08:28 AM
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 www.ReverseLoansInColorado.com

Maia Whitaker what was really "cool" was that the sellers agreed to extend the contract giving the buyer time to find other employment. That was a number of years ago, and probably not likely to happen in today's market, I fear.

Jun 21, 2017 08:30 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks, Ruth.  I love these commandments and really need to print them out for some of my buyers.

Jun 23, 2017 04:35 AM
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 www.ReverseLoansInColorado.com

Gabe Sanders We actually send out an email at the beginning of the transaction outlining these items (of course in a more professional manner!)

Jun 23, 2017 04:11 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

This should be at the top of every mortgage loan application !

Jul 05, 2017 02:43 AM
Shahar Hillel
Encino, CA
Mortgage Consultant, Loan Officer.

Great post.

Rules to live by if you want to qualify for a loan.

Thank you.

Jul 05, 2017 12:39 PM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

If a home buyer - borrower applicant - does not follow the 10 Commandments that you have posted, they may end up in failed-applicant-hell.

Jul 08, 2020 09:17 AM