You Are In A Contract To Purchase A House - Now What?
Here is some really great advice on what to do and what not to do when you are in a contract to purchase a house. Thank you so much David Burrows for writing this post with excellent points for those of you who have placed a home under contract.
Some time back a Real Estate friend phoned me and expressed his frustration about a purchase transaction. He said, "David I just heard from the Loan Officer of one of my clients I'm working with". My Agent Friend continued on to state his "Clients (who were barely approved because of past Credit Issues) went out and spent a huge chunk of money on Credit while Under Contract"! As a result, their Credit Scores that were borderline, plummeted and are now below the acceptable level for a Mortgage". In other words, the deal his clients thought they had is dead! This was all because of a financial mistake, a very costly slip-up.
As I thought about my friend, his clients and the dead deal they now face, I decided to sit down and write out some financial "Do's and Don'ts" for my own clients who have a Contract and are waiting to close. In fact, I would urge anyone who is reading this today and contemplating a Real Estate Transaction, to pay attention and abide by these Simple Rules:
1. Do Pay your Credit Cards on time (Now is NOT the time for a late payment of any kind)
2. Do not buy any BIG Ticket Items on Credit or Cash - (Example: Car/Furniture/Even Furniture for your NEW House)
3. Don't change Banks or Accounts (Loan Officers must look back over the previous months/years to track spending)
4. Never, never, never make a Job Change when in the middle of a Contract
5. Always Protect your Down Payment Money (Your Loan Officer will be checking the availability of funds before close)
6. Never co-sign for anyone, but especially when waiting for your Home to Close
7. Do NOT move money from Account to Account (You could sabotage the deal)
8. Do NOT let anyone run a Credit Check for you for a purchase of any kind (This can change your Credit Score)
So you are in a contact to purchase a house - now what? Simply follow the above "Do's and Don'ts" and any financial guidlines your loan officer lays out for you.David Burrows
David L. Burrows, Realtor®
Classic Realty, Ltd.,
7529 Presidential Lane, Manassas, Virginia 20109
Serving: Gainesville VA, Haymarket and ALL of Northern Virginia
Direct: 703.859.5188
Office: 703.257.6330
Blog: David Burrows Properties
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