Lessons that I learned the hard way and now use to educate my clients.
Lesson #1, don't buy that car until you close on your home!
When I was purchasing my 2nd house, I thought I knew everything I needed to know about buying a home. My first purchase was 3 years earlier, and I just sold that house and was now purchasing in Cloverdale. The year... 1993.
I stopped by my agent's office as it was very close to where I worked. He leaped out of his chair and yelled: "You bought a car!!!" "Uhhhh yes..." Do you want to lose this house and your deposit? he asked sternly. "Uhhhh, no..." "I told you don't go buy a boat, buy a car, buy anything!" he said. "Uhhhh, oh that's right..."
The problem was that I had lifted "all contingencies" and in the week before I closed, I bought a fellow co-worker's GMC Jimmy and took a loan from the local credit union. Before funding my home loan the bank apparently ran a quick credit check and saw a new loan and, well... let's just say, became concerned. The mortgage broker I was working with was able to work things out but apparently my credit took a pretty big hit with that used truck purchase, Hee Hee.
I ask my clients now... "Are you thinking of making a big purchase?" Usually they say "no", but I just let them know what happened to me when I was young and dumb.
I love living in Rincon Valley! I've lived here since 1995 and can't imagine living in a better north bay community. Call me today if you're interested in buying a home in Rincon Valley, or if you'd like to list your Rincon Valley home for sale.
- Jim Cheney, Broker
- Saint Francis Property
- (707) 494-1055
- Rincon Valley - Santa Rosa