My buyer was happy. Found the home of her dreams and had been approved for a loan in short order. There were some small issues on her credit but lender tells me they were getting cleaned up and it was looking real good, just had to put closing out a little longer to give her time to clean up some minor things showing on her credit report.
I was keeping in close contact with the buyer's lender and he kept telling me things were fine, she went from pre-qualified to qualified. There is a difference, I will write a blog about that soon. Anyway, we were on our way to getting the buyer into the home of her dreams. Ah, love it when a plan comes together.
In this business, though. if everything is going smoothly, you stop and look around, wondering if you hear the 2nd shoe hit the floor, so to speak.
Yep, it happened. Buyer wants to go measure some areas in the house so I meet her there. She pulls up in a new car. I really didn't notice as I really don't pay any attention to what people drive unless it's something red. I love red vehicles. So this wasn't red so really didn't notice. Many people own two vehicles anyway so it really didn't get my attention....until...
......I get a call from the lender the next day. "Mary, do you remember we had some "issues" with your buyer's credit?" "Yes, I remember and also recall you telling me things were under control and she was now qualified." "Yes, but did you know that she just bought a new car?"
silence
"You're kidding". "Not kidding Mary". "Ok, where do we go from here?" "I'll see what I can do and get back to you."
Can't wait for that call.
He must have sorted it out because we closed.
Lesson, pay attention: Buyers, DO NOT, I repeat DO NOT charge ANYTHING on ANY credit card, right before closing, if your credit is iffy, adding to your credit debt IS NOT A GOOD THING!
Not only could it make your borderline credit..cross the border, it causes heart failure in lenders and agents!! Have mercy!!
It could also mean, you don't get that house!
Lenders check you right before closing to make sure there have been no changes since they first approved you. Don't send them into cardiac arrest.
Mary Welch-Broker/Owner Preferred Choice Realty of Harper, Kansas
Member Harper City Council
Member Harper County Economic Development
Member Wichita Association of REALTORS, Kansas Association of REALTORS, National Association of REALTORS