How badly do you want that car?

Real Estate Broker/Owner with Saint Francis Property Santa Rosa, CA 01368633

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, Your Rincon Valley Realtor




  • Jim Cheney, Broker
  • Saint Francis Property
  • (707) 494-1055
  • Rincon Valley - Santa Rosa








Posted by

Jim Cheney, Broker

"Your Realtor in Rincon Valley"

Wine Country Real Estate

Santa Rosa, Sonoma County


Comments (7)

Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Oh, I wonder how many folks don't think we're serious when we tell them that, Jim?! I can see the expression of horror on your agent's face - O M G! LOL It's a good thing your lender was able to work it out. In today's lending world, I don't know if that would be possible so, great lesson for your buyers!

Jul 10, 2017 12:14 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Jim Cheney,

OMG!! I'm not sure you could get that worked out in today's lending environment! I'm glad you were able to but a valuable lesson learned!

Jul 10, 2017 03:58 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is a very good story to share with prospective mortgage borrowers.

Jul 10, 2017 07:16 AM
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

I always tell my clients please don't buy anything right now, wait until after closing! Glad you mtg broker was able to make it work for you Jim Cheney 

Jul 10, 2017 10:35 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good afternoon again Jim. Really good point and well stated. Nice job.

Jul 10, 2017 11:25 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC


Your post is right on point . . . .We can't  buy any big ticket items before the closing.

Good luck and success.

Lou Ludwig

Jul 10, 2017 08:39 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hey Jim

Well you lucked out. I know several others over the years who were not so lucky. I think some buyers just don't think we are serious, and their lender isn't, when we say don't go spending money until AFTER you close. Lenders have been known to do credit checks at the very last minute.


Jul 11, 2017 08:38 PM