We all LOVE it when things go as planned!
The buyer doesn’t elope with another agent.
The inspector doesn’t discover rabid bats living in the attic.
The seller doesn’t quibble a bit when the buyer wants to include Great Aunt Matilda’s portrait in the deal.
The appraisal comes in a whole five dollars over the offer.
The mortgage is rolling smoothly along until . . . bumpity, bump, bumpity, CRASH!
What do you mean my pre-approved buyer can no longer get the loan?!
With all the new rules and regulations in the mortgage industry, it is sometimes not easy to keep a deal together till closing. It is especially difficult when the buyer is on the edge . . . a little short on the down payment, a little shaky on the credit score, a little too close to a past bankruptcy, a little too tight on the debt/income ratio. Sometimes even the tiniest change in the buyer's life or the lending rules can wreak havoc! When the deal is a week away from closing and the wheels fall off the wagon, what do you do?
Go to Plan B, of course!
If you want to buy a house in the Spokane area, I know a mortgage lender who is the QUEEN of PLAN B!
Robyn Garlich-Baird is our in-house, home loan officer and this lady is one tough cookie when it comes to getting the deal to the closing table. She perseveres through the most difficult transactions. In a recent sale, my pre-approved buyer was suddenly too high a risk for a certain bank just one week before closing! She hunted down a whole new loan to make it work. Happy ending for all, except maybe the three trees she killed with that stack of paperwork! :)
A few weeks ago, I went into a local gift shop and saw this mug . . . had to buy it for Robyn as she instantly came to mind. As I was opening my front door, the bag with the mug in it fell to the ground and the handle shattered. Darn! I threw it in the trash! A few minutes later I went back and dug it out . . .after all, isn't Plan B really a test of character? So, I filed the sharp spot where the handle had broken off and gave it to Robyn anyway . . . filled with a few little bottles of "give me strength" juice . . . just in case she ever needs to go to Plan C!