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Brett Johnson (Realty Path St. George)

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Ambassador
3,383,334
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

The one that sticks out the most is a cautionary tale about writing off everything when you are self-employed.  Guy walked into our office and wanted to buy a big house.  He said he earned the money, owned his own business, blah, blah, blah.  When he turned over his last two years of tax returns, his adjusted gross income didn't qualify him for the small house he already owned.  He wrote off EVERYTHING, which meant on paper, he made NOTHING.  Rough lesson.  If you want to be able to claim the income, you need to pay the taxes.

Feb 15, 2019 11:09 AM
Rainmaker
1,311,397
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

We had a client who got his qualification and then bought a new car. The new debt disqualified him. He got a loan but it was nip and tuck for a while.

We had another client who qualified based on the wages as shown by pay stubs and W-2. When the underwriter saw his tax return which included depreciation write off for the band in which he played plus other business (band) expenses...he no longer qualified. Again, he got a loan but both of these were learning experienced for us.

Feb 15, 2019 10:57 AM
Rainmaker
2,390,620
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I recently posted about a loan officer going out to a nuclear missile site and banging on the gate to get a borrowers signature (click here). Does that qualify Brett Johnson ?

Feb 15, 2019 11:31 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't. This has been asked before.

Feb 15, 2019 11:27 AM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Many many stories. Success stories are what we all want. 

Feb 15, 2019 11:54 AM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

No, I just refer them to a good lender who I know will help them.

Feb 15, 2019 10:41 AM
Rainmaker
1,196,798
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Not really but my mortgage broker friends do

Feb 15, 2019 01:16 PM
Rainmaker
508,318
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

One time I had a condo listing that we had under contract. The buyer had done all of their inspections and appraisal, but the lender refused to accept the HOA financials, they wouldn't approve the loan. The buyer's agent called me to let me know they were going to cancel. I knew other units had sold in the complex, so I told him before you cancel call Lender X, who just closed one.

They called, put in an application and closed escrow on time, no issues. It wasn't even my client, but it worked.

Feb 15, 2019 12:04 PM
Rainmaker
1,197,152
Peter Mohylsky, Beach Expert
PMI. Destin - Miramar Beach, FL
Call me at 850-517-7098

Not really anything interesting to report here.  Sorry.

Feb 15, 2019 11:36 AM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

my only help was to convine a builder to hold a second mortgage for the down payment....that was allowed in the 1980's .... the good old days of selling real estate....

Feb 15, 2019 11:36 AM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Sure but you really can't put them down here into print. I think that's a breach of privacy. 

The largest portion is surprise things that pop up from 10 years ago like medical, etc. Just when you thought they would go away --- whammo! They are supposed to enact something that is supposed to help with this but I think we've been waiting 2-3 years already. A LO might chime in here on that.

 

Feb 15, 2019 11:35 AM
Rainmaker
2,220,654
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Yes, I refer them to my licensed mortgage broker and they do their thing. 

Feb 15, 2019 04:40 PM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Nothing interesting.  Thanks for searching and the new question though.  I always coach my clients (as do my lenders) to not buy/lease any new cars or get any store or regular credit cards.

Feb 15, 2019 02:03 PM
Ambassador
5,230,102
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I had a CPA who was purchasing my own house. The lender (who is one of my preferred lenders as well) instructed them to pay off the balance on one of their cards to improve their interest rate. He also instructed them NOT to cancel the card. 

They did AND the CPA, thinking they knew more about credit than the lender, cancelled their card! Their DTIR then put them out of range for the house and they had to purchase a home at a lesser price.

We moved on to our back-up buyer but, the first buyer was heart-broken.

Feb 15, 2019 01:28 PM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Nothing that interesting, just challneging at times.

Feb 15, 2019 01:24 PM
Rainmaker
5,868,554
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Cannot think of one.

Feb 20, 2019 06:39 AM
Rainmaker
1,725,996
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

We sure do.

Feb 17, 2019 10:42 AM
Rainmaker
4,936,705
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

My lender is good at working with them to get there credit score higher.

 

Feb 17, 2019 08:28 AM
Rainer
344,603
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Buyers are best served by brick and mortar lenders.  Especially in a housing bubble, internet mortgage brokers are a dime a dozen.  Then when the market starts to turn south, it's the online johnny-come-latelys that disappear leaving buyer having to requalify and start over.

Feb 16, 2019 09:41 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Sure, why not.

Feb 16, 2019 07:51 AM
Rainmaker
7,836,139
Roy Kelley
Retired - Gaithersburg, MD

Every transaction is interesting.

Feb 15, 2019 04:03 PM
Rainmaker
969,888
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

No stories but experience. Don't buy anything while in a contract.

Feb 15, 2019 03:47 PM
Rainmaker
5,216,409
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Ask a local mortgage loan officer working with a broker, not a financial institution.

Feb 15, 2019 03:35 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No.

Feb 15, 2019 03:19 PM
Ambassador
6,393,494
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Most people just need a little guidance, the possibility, the Why, and the how.

Feb 15, 2019 02:40 PM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

An opposite story of one...

Decades ago I talked a buyer out of buying a home because they had no rainy day funds or any extra monies even cutting into their food and necessities. One problem would wipe them out.  They had no family or friends to help out either. The bank could care less if they made it or not. Save more money and then make your move...At the time it was excellent advice. 

Feb 15, 2019 01:52 PM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Brent,

We just had boring qualified people, letters of credit and high net worth clients whose financials were impeccable...and we loved it that way.  A

Feb 15, 2019 01:44 PM