. Once again this month, our monthly purple envelopes were hard at work with a referral from a past client. He had a co-worker that wanted to escape suburbia and move out to an area that was a "little bit country." He knew that we had orchestrated the sale of his house and the purchase of a new one without a problem and was confident we ccould do this for his referred Seller/Buyer.
We began "at the beginning" and had the Seller/Buyer talk with one of our preferred lenders for a prequalification. We also knew a range of what he could expect from the sale of his current home.
OOOOPS....the word came back from the lender...the wanna be Seller Buyer had fallen off the credit score chart...nothing was in his name ...he had cancelled all his charge cards...and the current home was financed in his fiance's name. Oh Oh....we talked with him and learned years before he had gotten into "credit trouble"....so his solution was to cancel all credit cards and pay cash for everything thinking that would mean he had "clean credit."
We well understand having worked with many divorced spouses that needed to establish their own credit that this would take some time and effort on the Seller/Buyer's part to establish a healthy credit score.
He would have to be patient and follow oir instruction and we promisewd that he would gain a good score and be able to buy another house.
He was hesitant to begin the process of applying for credit with the prospect of being turned down looming in his head. We assured him that the contacts we gave him were very familiar with people starting over and while he may have a small credit limit at the beginning...faithfully paying the balance in a timely manner would reward him with a higher limit later...AND would establish and increase his credit score as well.
Sometimes you have to wait a little longer for a "happily ever after"...but when it comes...it will ben the result of self discipline and hard work...sooo rewarding !
If you or anyone you know is looking to sell or buy a home in the southeastern Wisconsin counties of Kenosha, Racine, Walworth, Milwaukee, Waukesha, Ozaukee, Washington or Jefferson....call the Hansons ..414 525 0563...we are honored to be of service for all things real estate.