First time...

Mortgage and Lending with MS Lending, LLC 102016
For the first time, I am in a situation where I have a borrower who is wanting to buy more than what is affordable.  The loan is approved (conventional loan but interest only) and all but I just feel like it is going to be a foreclosure down the road.  I just want to tell the customer DON'T BUY THIS HOUSE...but its not really my decision.  I've done my job - customer knows all the parameters - but just feel really uneasy about this one. 

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Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro
Michelle--Good for you that you have a conscience but as you said it is not your decision to make. As long as you have informed your client so they have a clear understanding of what they are signing, that is the best that you can do as it is their decision. If you did not work with them and write up the offer, someone else would have and may not have informed them of the risk that they are taking.
Jul 24, 2007 06:28 AM #1
Michael Delp
Mortgage Pro - Telford, PA
We all have a few of these. Ultimately it is the buyers decision. Maybe there is something you don't know about. He could be taking in a room mate, coming into some money soon or expecting a healthy raise in the future. Everyone is different. I have one buyer who now owns 3 homes who I thought would be a foreclosure, but he lives very simply and makes sure he can afford it. I know it's an uneasy feeling, but sometimes you have to accept that they are a consenting adult and they need to know what they can and cannot do.
Jul 24, 2007 06:28 AM #2
Donna Lueder
Integrity Group Inc. - Boise, ID
Meridian Idaho Real Estate
It is the buyers decision and as long as you have informed them of the risk factor you really shouldn't have a guilty conscience. They just might have something coming in down the road like a raise, or some money due to them. You have done the job to the best of your ability and you should be commended for your integrity and honesty. Your clients are big boys and girls. Close the deal and sleep easy!
Jul 24, 2007 06:37 AM #3
Melissa Nottingham
Coldwell Banker Advantage - Winfield, WV
WV Real Estate Agent
If you have given them your best advice and they still choose to purchase this home then you have done your best. As the above comments have stated, your buyers are adults and it is ultimately their decision.
Jul 24, 2007 06:40 AM #4
Shawn Gerhardson
Waterstone Mortgage NMLS#186434 - Cambridge, MN
Top Rated Mortgage Professional
Michelle- It sounds like you have informed your borrowers of the risks involved. Good for you for actually caring about what could happen to your clients down the road.
Jul 24, 2007 06:41 AM #5
Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker
Michelle - at the end of the day, all you can do is to offer up your professional counsel/advice. Whether or not your client follows your guidance is not something you can control. Document your steps and move on.
Jul 24, 2007 06:43 AM #6
Michelle Dugan
MS Lending, LLC - Madison, MS

Thanks to all of you who have left responses.  I think knowing that I have done the right thing will help me sleep a little better tonight.'s to sleeping easy and cashing checks!! :)

Jul 24, 2007 07:04 AM #7
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