5,104,931
I hope the mortaage professsional is telling them, but I don't take any chances. I actually have a document called "Don't get yourself into a pickle" that I hand out to buyers which tells them all the do's and dont's once they are applying for a mortgage.
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Debra Peters
Manorville, NY
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Frank Rubi
Metairie, LA
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S. Leanne Paynter ☼ Br...
Davie, FL
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Michael Jacobs
Pasadena, CA
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Lana Kosik
Portland, OR
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John McCormack, CRS
Albuquerque, NM
1,661,936
I always tell my clients and so does the Lender. We really drive that information home!
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Frank Rubi
Metairie, LA
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S. Leanne Paynter ☼ Br...
Davie, FL
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John McCormack, CRS
Albuquerque, NM
1,466,207
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239 I discuss it during the intitial interview. I learned this the hard way when I first got into real estate. The buyer purchased a car after submitting their loan application.
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Frank Rubi
Metairie, LA
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S. Leanne Paynter ☼ Br...
Davie, FL
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John McCormack, CRS
Albuquerque, NM
921,504
Frequently, often, repeatedly and many times.
I do not delegate to others what will prove critically important to the outcome.
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Kevin J. May
Hobe Sound, FL
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Michael Jacobs
Pasadena, CA
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John McCormack, CRS
Albuquerque, NM
509,531
I expect the mortgage person to tell them but I tell them as well. I think the more people they hear it from, the more likely they are to follow the advice.
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Michael Jacobs
Pasadena, CA
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Frank Rubi
Metairie, LA
5,772,575
Russ,
I think the more you inform the better. I would not wait for someone else to tell them, some people need that spaced repetition. A
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Frank Rubi
Metairie, LA
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S. Leanne Paynter ☼ Br...
Davie, FL
4,572,183
Hi Russ -- I typically tell them once and then again and once more and then remind them. All the way to closing for some.
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Frank Rubi
Metairie, LA
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S. Leanne Paynter ☼ Br...
Davie, FL
5,583,278
they need to hear it from you and the mortgage person....and more than once....
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Frank Rubi
Metairie, LA
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Michael Jacobs
Pasadena, CA
3,340,443
WE remind as well....better too many reminders than none at all.
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S. Leanne Paynter ☼ Br...
Davie, FL
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John McCormack, CRS
Albuquerque, NM
3,626,530
I caution them not to. Most listen some don't
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Frank Rubi
Metairie, LA
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John McCormack, CRS
Albuquerque, NM
969,888
I always cover this topic and hope that the loan officer does the same.
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S. Leanne Paynter ☼ Br...
Davie, FL
1,153,794
The admonition should always begin with us, continue and also be reminded by us. It does not stop with credit either, ir's any purchase which could be considered as large for that matter.
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Frank Rubi
Metairie, LA
3,125,842
Yes, I do tell clients the importance of holding off on big ticket items until recordation.
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Frank Rubi
Metairie, LA
516,437
I specifically tell my clients "Do Not Buy Anything!!!" Onetime I had a client who told me they were living in an RV. I thought they were talking about something along the lines of Griswalds Family Christmas. 5 Days BEFORE Closing - the lender said she cannot get them qualified because they just bought an RV 6 months ago and the payment was going to be the same as their mortgage! Not a good suprise!
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Frank Rubi
Metairie, LA
5,805
I always bring it up and tell them what the consequences could be if they do.
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Frank Rubi
Metairie, LA
219,486
I tell them not to and why they shouldn't most are good about it. I've never lost a deal from it yet but it's been close.
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Frank Rubi
Metairie, LA
1,712,676
I tell them, repetition helps the child to learn.
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Frank Rubi
Metairie, LA
343,495
Always Always Always Tell them. And tell them again. I had one buy a car once even though I had warned them not to. They lost the mortgage of course.
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Frank Rubi
Metairie, LA
175,614
I do try to let the experts in their field do their jobs, but once we are under contract at like inspections I will mention NOT to go out and buy new furntiture, fridge, etc until we close. To be fair, not all buyers have to worry about it. Those on the fence, walking the line with their FICO scores, are the ones it is most important. I literally had to help a buyer return a fridge about 5 years ago that she bought before we closed, which is where I learned this lesson.
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Frank Rubi
Metairie, LA
3,986,258
I leave nothing to chance...Some people need to hear it more than once.
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Frank Rubi
Metairie, LA
4,800,082
630,251
3,071,489
173,006
I always tell them, Please do not go buy a new car, Furniture, appliances nothing until you close on this house once you close buy what you want. Also tell them why I am telling them this.
90,543
I will mention it to the buyers, but the Loan Officer should definitely be telling them what they should and should not do. Every buyer's circumstances are different.
2,577,471
26,764
Yes, I have had a deal go south because the young buyers went out and purchased new furniture to go with their new home! So I stress it the need not to make any purchases and the loan officer does the same
19,697
I have a whole binder for my buyers. After filling out their criteria, I immediately send them a custom worksheet stating don't open any lines of credit. I've had buyers lose their rates and loans because they bought a car two weeks before closing.
This is an old example!
2,224,473
Hi, Russ...I do have this discussion with my buyers. I don't think some of them can hear it enough.
1,725,996
We sit down with them, and go over the list of DO NOTS. Thye get the same treatment for the mortgage broker we refer them to so everyone is on the same page.