You have a client who is short about $5000 in reserves to close a loan. They have no family or firends who will loan them the money to close escrow.
Wat would you do?
1. Loan them the money - ( Not legal in California for a real estate agent)
2. Find someone to loan them the money
3. Tell them to forget it and move on. The loan will not happen.
4. Ask the seller to lower the price or pitch in the needed money.
Lori: Good question. I have done a variety of things for my clients most often if all else fails I go to the sellers agent and try to get a concession on their part and offer one on my side as well.
There are so many other variables! It is a good question, though - and important to remember that what we do for one, we are ethically required to do for another (at least in Texas!).
Shelley, that is a new one, the requirement in Texas that if you do it for one, you have to do it for the rest, that's an interesting one, for sure.
If it's one of my listings or my teams listings, yes. If it's showing a home for one of my team members that can't, yes. Otherwise, no.
One thing for sure, I would never encourage them to obtain a loan in order to obtain a home loan. Not a good idea! If short escrow, or closing costs outside of the down payment, work will ALL parties to see how the concessions for the buyer's closing costs can be dispersed to make it happen.
Comments (5)Subscribe to CommentsComment