Top 10 North County Buyer Don'ts!

By
Real Estate Agent with RealtyONEGroup BRE#01231053

 

Top 10 North County Buyer Don'ts!

Birds and the bees

You've done everything right up to now. You saved up for a down payment, your credit is good, you've got your pre-approval letter in  hand, and you're ready to start looking at North County Homes For Sale

 

But wait just a minute! Has your agent or your lender given you THE TALK? No, not that talk, I mean THE TALK about the Top 10 North County Buyer Don’ts.  These are the things  you shouldn't, mustn't, absolutely don't want to do once you've been pre-approved for a loan!

 

  1. Don't change jobs, quit your job, or become self-employed.  Your lender will call and verify your employment one more time before funding your loan.  No job=no loan.
  2. Don't buy or enter into a new lease on a car, truck, or van… unless you plan on living in it.
  1. Don't fall behind on credit card balances, use credit cards excessively, or make large payments on credit card balances.  Late payments and high balances will cause your credit score to drop, which can affect your interest rate.  Your lender will need to know where the money came from and you will have to provide a paper trail. And they may have been counting that money as your reserves.
  1. Don't spend the cash you set aside for your closing costs. This one doesn't need an explanation (I hope).
  2. Don't omit any debts or liabilities from your loan application.  Always be truthful,  your lender will find out about it sooner or later.
  3. Don’t buy furniture or appliances.  I don't care if it is ON SALE NOW!!!
  4. Don't originate any new credit inquires or instant credit approvals. See #6. That credit approval could lessen the amount of home loan you qualify for.
  5. Don't make any large cash deposits without checking with your lender.  That money is going to require a paper trail.  Granny will need to write a letter  stating the money is a gift and does not need to be repaid, and provide a bank statement to prove she has the money to give.  And if it's mattress money, it might need to sit and "season" for awhile before you can use it.
  6. Don't change bank accounts. Don't ask why, just don't do it.
  7. Don't co-sign a loan for anyone.  Your cousin Jimmy just got out of prison and needs a co-signer on his used car loan?  JUST SAY NO! 

Doing any of these things can result in a delay in closing, reduce the amount of loan you qualify for, or completely destroy your chances of buying that home you've fallen in love with.  Communication with your North County Lender is key!  Make them aware of any possible changes to your financial situation or credit  immediately, so that they can figure out a way to work through it.

New HouseOnce you have confirmation from your agent that the sale has been recorded, you can go ahead and buy all the fun stuff you have been holding off on buying, because now you have a beautiful new home of your own to put it in.

 

 

Top 10 North County Buyer Don'ts!

 

 

 

 

 

 

Posted by

Suzi Sandore is a REALTOR® specializing in North County San Diego.  If you, or someone you know, is looking to buy or sell real estate in San Marcos, Escondido, Carlsbad, Vista, Oceanside, Rancho Bernardo, Poway, Valley Center  - or anywhere in San Diego County, please contact Suzi for excellent service.

Direct:  760 484-3440   |   Keller Williams Realty North County | suzisandore@hotmail.com  |   www.suzisells.com   |   BRE #01231053



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Rainmaker
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Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

This can not be stated enough!  I met with a potential buyer and last month he financed a new car, $20,000 worth of car.  Sent him straight to the lender for pre-approval.  I can't take him out shopping unless I know that didn't ding him and his ability to purchase!

Sep 08, 2013 11:52 AM #1
Rainer
159,034
Suzi Sandore
RealtyONEGroup - San Diego, CA
North County San Diego Homes

Oh Carla, I feel your pain. Buyers don't realize that all forms of credit are connected, and one new purchase like that one can dash their hopes of buying a home. 

Sep 08, 2013 12:01 PM #2
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Rainer
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Suzi Sandore

North County San Diego Homes
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