Pinetop White Mountain Blog

Good Sunday Morning Everyone,

I hope you are all enjoying your long Holiday Weekend.  I have managed to get a little down time myself although it has been incredibly busy lately. 

Today's topic for discussion is a guide for Buyers on what they should not do when they are in the process of purchasing a property.  When you are acquiring a loan the most important thing you must remember is to make NO major changes while the property is in escrow.

I recently had a Buyer who is their innocence and excitement about buying a home in the White Mountains who made the mistake of giving notice on their current employment position half way through the escrow process.

The Inspections were done, the appraisal had come in, the seller had accepted the adjusted price on the appraisal, and everything looked good to go.  Unfortunately by quitting the job half way through the process the buyer no longer qualified for the loan to buy the property. You can just imagine the disappointment for both the Buyer and the Seller to find out when they were both so close to the end that the sale probably wasn't going to happen because of the actions of the buyer.

Below is a list of NOT TO DO'S during the Escrow Process:

    Do Not Change Jobs

    Do Not Give Notice on your Existing Job    

    Do Not Quit your Present Job even if you are relocating, unless you have another position at your new location and the relocation is a result of your Present Position.

    Do Not Make Any Major Purchases i.e. Cars, furniture, Etc.

    Do Not Run Up any Additional Debt on your Credit Accounts

    Do Not make any major changes during the escrow process.  If you do, you will probably find that you will no longer be in a position to buy the property you want. 

The bottom line is that it is easy to get caught up in the excitement of buying a home and moving to a new location.  Today's lending climate is not the least bit flexible.  Lenders are very wary of anyone buying a home in today's market considering the mess the Real Estate Market is in and has been in for the past several years.  

The Lenders know that they made their bed and are suffering the fallout from their poor lending practices of the past.  However the ones who are suffering are those who still would like to be homeowners.  Lenders will look for any little excuse to deny a loan today so you must be extra diligent in proving your worth to the lender. 

There are many issues that can affect a Buyer's ability to acquire a loan and this is the Short List, but I believe it makes my point.  DON'T DO ANYTHING THAT WILL CAUSE A LENDER TO HAVE A CONCERN ABOUT YOUR ABILITY TO RE-PAY YOUR MORTGAGE.  It takes very little in today's market to turn a dream to ashes by the stroke of a pen.

Have a wonderful Holiday Weekend and a great week ahead.  Until next time.....!

Sandra Paulow, Associate Broker, GRI, SFR, REALTOR®                       (928) 242-0300