Or, 'What Real Estate Agents NEVER tell You'...
Bad news and ominous admonitions are never a good form of marketing. And face it, if your Realtor® starts your newly minted Buyer Agency relationship with dour predictions, you’ll probably rethink your commitment to them. We the people love good news!
So why caution you about potential scary spots lurking just ahead in the quicksand? Well, we typically don’t. But you DO need to know what they are so you can prepare ahead. Forewarned is forearmed!
The truth is, (and here I'm wagering you'll prefer someone who dares to be honest), these things actually happen every day:
Most Buyer Couples Fight. Terribly. As in near break-up fighting. It’s more than just “I like this, but she likes that’, or a philosophical disagreement over the smartest financial move. No, there can be some truly dangerous ground here. Example… Turns out he was married before but never told you. True, it lasted all of 27 days and they promptly split, but now the lender needs a certified copy of those divorce papers he burned all those years ago. Who knew?
Last Minute Cash Debacle. You’ve got your loan Pre-Approval in hand and all is well. Then, that cash gift from your uncle Bert to help with your down-payment is actual ‘cash’ he’s been hiding from the government. You were too thrilled with his offer to ever wonder where it came from. But NO… this won’t fly with ANY lender. All the cards must be on the table from the start. And NO CASH.
Surprise Job Transfer. But wait! You’re UNDER CONTRACT to buy your dream house and money has changed hands! Can this be salvaged? Yes it can! You’ve got some big decisions to make, but with a great Realtor® at your side, you will get through this with minimal damage. We are, after all, nothing if not snappy life coaches!
Shocking Credit Score Dive. You just took advantage of that flash sale at Pottery Barn and put $3k on your card. Because you must have that fabulous sofa for the new digs! OOPS! Now your credit score crashed below acceptable underwriting levels and your loan is in critical condition. YES… they do run your credit more than once, so NO NEW PURCHASES until after closing.
The list goes on. But lessons learned here? Have an honest discussion about love, money, credit and your future before you decide to buy together. This is not the time to hide anything, buy anything or expect your partner to be superhuman. Loans these days uncover our darkest secrets and spill them shamelessly. Expect the unexpected. And work with an HONEST Realtor who braves to tell you these things beforehand, so you can dodge bullets like a pro!
Jennifer Monroe, Realtor®/Broker
Refreshingly Honest Real Estate!
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© Jennifer Monroe, Realtor®/Broker 2015