Buyer Got A Yes, Now Tell Them NO!

By
Real Estate Agent with Big Block Realty 858.232.8722 CA BRE# 01261476
https://activerain.com/droplet/4RLD

What Not to Do After the Offer Is Accepted (Mr. & Mrs. Buyer). Some of this advice I give my buyers, stems from lessons learned from past mistakes.

For example, if your deposit, down payment or entire purchase is coming from a stock portfolio-you are not ready to buy until you are ready to cash out and place your funds in a checking or savings account. I had a client in early 2001 who refused to do when purchasing a $600K home. His down payment was 60K from his stock portfolio and 48 hours after he got an accepted offer; the market took one of its historic 2001 dips into the "Dot.Bomb".

 

Poof, gone was his deposit and ability to buy and gone was all my hard work and time!

 

More tips from the "NO" List:

  •          Do not keep financial secrets from your Realtor & Mortgage Professional. They have a fiduciary duty to you, providing you secure privacy. Secrets kill deals, because underwriting will find them i.e.. alimony, child support, etc. No secrets: now is the time for full disclosure, ask for their help and be prepared to put some work in. In some cases, you'll need to talk to your CPA or attorney upon their advice. Disclose all debits: outstanding loans & credit cards, etc.

 

  •          Do not make major charges on your credit cards! Don't open new ones or close established ones-this throws off your debit to income ratios and or affects your credit score. I had a client once, while in escrow, prior to funding, buy all their new furniture for the house they were buying. It was almost a disaster; they offset their debit to income ratios and almost lost their loan. The ended up needing to bring more down payment to the deal to avoid a higher interest rate and or losing the loan. Do not make major purchases requiring lines of credit like a new car or furniture & appliances.

 

  •          Do not change jobs/industries or quit/lose your job during your process or escrow. Sounds obvious, but I have seen clients decide to switch careers while buying a home and it kills their credit. However, if you stay in the same industry (lateral moves), it's less of an issue.

 

  •          Do not change your bank accounts, especially the ones where the earnest money and cash due at close are coming from. This may seem obvious, but I've had it happen!

                                                                    

  •          It's often advised not to go on vacation or leave town during escrow, but since many of my relocation clients work their deals from out of town, out of state and even the out of country, I am flexible. If I can reach you by phone, fax & e-mail, it's OK. You also need to be somewhere where Notary service is available or assign a power of attorney. But you also have to be willing to fore-go some of the usual in person duties like inspections, final walk-through of property and signing paperwork locally.

 

  •          Do not disappear or become hard to reach. Sounds silly, but some clients, due to work, travel or stress have done so. Your Realtor & Mortgage Professional need to be able to reach you. Plan to be signing many documents, providing info and paperwork and disrupting your normal routine for a few weeks (or months) during the process of finding a home and going through escrow.

 

Posted by

REALTOR®, CRS, RCS-D, CDPE, ePro, Certified:Military Home Specialist,

Certified: Luxury Home Specialist Podcast Host, Author & Keynote Speaker

POSTCARDS FROM SUCCESS

Brokered by Big Block Realty

Do You Know The Market Says Your Home is Worth?

CA-BRE# 01261476, since 1999  (My Team)

 "Oh by the way, I'm never too busy to serve you and your referrals to good people like you."

 mobile: 858-232-8722 / e-fax: 650-240-0717   

 www.ThomasJNelsonRealtor.com 

 Sunroad Corporate Center: 4445 Eastgate Mall l Suite 200 San Diego l CA 92121

RCS-DivorceSouthern California Chapter of Certified Residential Specialists (CRS)

                               FaceBook    Twitter     LinkedIN     YouTube     Instagram
 
    Serving: La Jolla * Downtown * Coastal Properties * Metro SD * Seniors & Military-Rebates!
 
Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, medical advice or financial advice.  For legal advice see an attorney.   For tax advice, health or financial advice see a tax attorney, certified public accountant, or other qualified professional.
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Groups:
The Art Of Marketing You
Ninja Nation
Dedicated Bloggers
Consumer Mortgage Tips
LinkedIn
Tags:
buyers
la jolla real estate
realtor
san diego real estate
san diego
home buying
escrow
la jolla
real estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
449,858
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Hi Thomas~  I have had a deal fall through over a $100 a month payment on a four wheeler that someone had to have before they purchased their home! 

Jul 05, 2010 08:03 AM #1
Rainmaker
376,927
Robin Dampier REALTOR®
Coldwell Banker King - Hendersonville, NC
Hendersonville & Western NC Real Estate Source

All valuable points when trying to purchase a home/property.  The Post is members only but the info would benefit consumers as well.

Sue of Robin and Sue

Jul 05, 2010 08:09 AM #2
Rainmaker
559,979
Ken's Home Team LLC. | 360.609.0226 | Portland, OR & Vancouver, WA Real Estate Team
Ken's Home Team LLC. - Vancouver, WA
- SOLD IS OUR FAVORITE 4 LETTER WORD -

Nice post these are things to think about!  more questions to ask and put into my buyers consultation

Jul 05, 2010 08:16 AM #3
Rainmaker
927,172
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Thanks for the feedback!

Yes lessons learned in the trenches.

Jul 05, 2010 08:26 AM #4
Rainer
478,183
Not a real person
San Diego, CA

Hey, Thomas. I left a surprise for you in my blog post this morning. Let me know when you find it. What? You thought I was going to tell you exactly where it is? Ha! This comment is a clue, though.

Happy Saturday!

Nov 25, 2011 11:26 PM #5
Rainmaker
752,416
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

I came here via Russel's post. All good, timely points that are worth repeating every so often in hopes that someone of the general public will read it and decide not to make one of the above-mentioned mistakes while purchasing a property.

Nov 27, 2011 01:57 AM #6
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
927,172

Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D

& Host of Postcards From Success Podcast
Referrals & Sales-free Help / Info Here.
*
*
*
*
Spam prevention