In my 12+ years in this crazy real estate business, I have seen many deals fall apart at the last minute due to the buyers doing something really crazy right before the closing.
It was such a costly problem that I designed a flyer for my loan officers to give their clients spelling out what NOT to do during the financing process and risk losing the deal.
I was reminded of this fact this morning as Tim has just had a “challenge” come up on a really big loan he’s working on. The lender pulled another credit report and the client’s score has dropped 30 points! This puts him in a different pricing bracket and means his interest will be 1% higher leading to a $625 a MONTH higher payment! There is a chance that this loan will not close.
I also remember a guy years ago that we had all ready to go on a purchase loan, then the lender pulled a last-minute “credit update” which showed a brand new $900 Corvette Payment! Needless to say, he no longer qualified for the house and was not able to close.
Right now, you may be having a challenge FINDING buyers, so I want to make sure when you find them, you can KEEP them!
Here’s a link to the flyer in PDF form. I hope you get a chuckle out of it and are able to use it with your clients. If you’d like a version that you can give to your buyers, just email Tim@Compass123.com
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