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Buyers are liars? Sometimes.... especially to their lenders

By
Mortgage and Lending with Aspen Home Mortgage, NMLS# 396174 NMLS# 1013160
Nobody should be running around saying that buyers are liars. Buyers just don't always know what they really want, and THAT is one big piece of our job security. But sometimes, when it comes to financing, customers may flat out lie to you or withhold information that they are afraid will keep them from qualifying for a home.
One of the things I've learned over the last few years of lending (and I can give you specific examples) is to not dismiss a lie, no matter how little or how justifiable. Because if they are okay with lying, there will be other lies that follow, or at least omissions. The problem for them is: We usually find out.... eventually... maybe the week of closing....
One example: someone last year lied to their landlord about the reason they were moving so that they could get out of their lease (said they were PCSing.... so he was a little surprised when we called for a rental verification to buy a house here). He was understanding and let them out of their lease anyway.
Then near the end, nothing was adding up. They said they would communicate any issues to their Realtor and did not want me talking to their Realtor about their finances. The Realtors and sellers were totally mis-informed... because that wasn't the last of the un-truths and omissions.
Soooooo.... When I find out a borrower is pretending they plan to live in an investment property as their primary residence.... I'm not going to help them find an alternative that will work. If I find a lie on a loan application, it doesn't get "corrected", it gets shredded.
Just tell me the truth, the whole truth, and nothing but the truth. You may not know all of your options, but I do. You wouldn't lie to your defense attorney. Don't lie to your lender either.
It's not just buyers either. Do you have a seller who wants to omit something from the property disclosure? They might make it sound innocent enough... But if they're willing to lie once, they'll do it again.
Fool me once, shame on you. Fool me twice, shame on me.
Posted by

Carla Starkie, NMLS# 1013160 
Carla & Company/ Aspen Home Loans, NMLS# 396174
Equal Housing Lender
4419 Centennial Blvd. #108
Colorado Springs, CO  80907

Carla@CarlaandCo.com
Cell: 719-200-5006

Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Carla Starkie - I have had instances where either the seller or the buyer keeps information from me and it always comes back to bite them.  I agree with you, just give me the facts, let me find the best solution.  

Feb 29, 2016 05:44 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Carla, we often find our buyers (and sellers) tell us untruths, but bet you hear the biggies.  Thanks for sharing some of the instances.  

Feb 29, 2016 06:37 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Coldwell Banker Realty

Sound advice Carla Starkie  - we are now "following" you!

 

Apr 11, 2016 02:02 AM