Buyers Beware!!!
The lending field is changing! No longer will new buyers with lower credit scores be getting those 100% financing loans so easily anymore! Make sure your lenders are giving you good advice about how to borrow money to buy a home!
Check with your realtor if they know the lender and ask them for additional lenders to compare there products.
Recently, I had a client told that they were approved for a loan on a home four times and even told they could execute the sale early! My clients trusted there lender and started to plan for there move....there utilities were connected, they gave notice to there landlord and even had the new home sprayed for pest work, not in there contract at the lenders advise! (Pest work was ordered by the lender....It had become very apparent something was wrong here!!)
When the fourth promise of approval on a loan fell through, there agent advised them to try a different lender to see if they could really get a loan!! After much stress and discouragement it appears that they will be able to get their home after all! The new lender explained that the restrictions on lending had recently changed! He told them up front what was going on and did not lead them on to believe they could get something they could not!! He was honest and forth coming and it was a refreshing change after so much confusion!! Did I mention the clients were expecting a baby any day now?!!
As a realtor of four years, I have never seen anything like this but I am afraid we will see more! Buyer beware, research your lenders, or use someone a realtor, or friend who has had successful transactions with.
Remember, the buck starts or stops with the lender!!
For more information go to http://www.MotherlodeRealtors.com
Check with your realtor if they know the lender and ask them for additional lenders to compare there products.
Recently, I had a client told that they were approved for a loan on a home four times and even told they could execute the sale early! My clients trusted there lender and started to plan for there move....there utilities were connected, they gave notice to there landlord and even had the new home sprayed for pest work, not in there contract at the lenders advise! (Pest work was ordered by the lender....It had become very apparent something was wrong here!!)
When the fourth promise of approval on a loan fell through, there agent advised them to try a different lender to see if they could really get a loan!! After much stress and discouragement it appears that they will be able to get their home after all! The new lender explained that the restrictions on lending had recently changed! He told them up front what was going on and did not lead them on to believe they could get something they could not!! He was honest and forth coming and it was a refreshing change after so much confusion!! Did I mention the clients were expecting a baby any day now?!!
As a realtor of four years, I have never seen anything like this but I am afraid we will see more! Buyer beware, research your lenders, or use someone a realtor, or friend who has had successful transactions with.
Remember, the buck starts or stops with the lender!!
For more information go to http://www.MotherlodeRealtors.com
Labels: Cabins, Homes, Hunting, Lakes, mountain homes, new homes, Real Estate, Realtors, Sonora, Sugar Pine, Twain Harte, Vacations
posted by Gary & Charlene Hughes | 7:36 PM
1 Comments:
I appreciate your thoughts on this issue. And the investment of time in inputting on your blog. Thanks for the information. P.S. It would be a good thing if you included this post on your ActiveRain blog. Just copy and paste. You will generate discussion and traffic by doing so. Talk to me at the office about it.
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