Given the proliferation of services that help home buyers and sellers complete their own transaction, you may have considered whether you should go it yourself instead of working with an agent.
Types Of Turbulance For Buyers
Buying a home is a big decision. Often times buyers (aka borrowers) get in their own way and make things more difficult or implode the home of their dreams. Here are list things that can go wrong during your transaction when buying a home.
1. Does not tell the truth on loan application.
2. Has recent late payments on their credit report.
3. Finds out about additional debt after loan application.
4. Job loss.
5. Spouse or co-signer loses a job.
6. Income verification lower than what was stated on loan application.
7. Overtime income not allowed by an underwriter for qualifying.
8. The applicant makes a large purchase on credit before closing (Don't buy a boat, car, RV, or anything without speaking to your Realtor and lender first.)
9. Illness, injury, divorce or other financial setbacks during escrow.
10. Lack motivation.
11. Gift donor changes mind.
12. Cannot locate divorce decree.
13. Cannot locate petition of discharge of bankruptcy.
14. Cannot locate tax returns.
15. Cannot locate bank statements
16. Difficulty in obtaining verification of rent.
17. Interest rates increase and borrow no longer qualifies.
18. Loan program changes with higher rates, points, and fees.
19. Child support not disclosed on the application.
20. Bankruptcy within the last two years.
21. The mortgage payment is double the previous house payment.
22. Borrow/co-borrower does not have steady two-year employment history.
23. Borrower brings in handwritten pay stubs.
24. Borrow switch to a job with a probation period.
25. Borrower switches from a job with a salary to 100% commission income.
27. Buyer is too picky about the property in the price range they can afford.
28. The buyer feels the house is misrepresented.
29. The buyer does no properly "paper trail" additional money that comes from gifts, loans, etc.
30. Buyer brings a personal check to closing for closing costs or down payment.
Scared? Don't be. If you are using a professional Realtor and one of their preferred lenders, then you are in good hands. It's important to work closely with your agent and lender to fully disclose your situation. There have been several times that agents will be the first to know that buyers are expecting a new child and need a larger house. Even before the grandparents and family. The reason being is an agent should be a trusted resource to you and guide you through the process of buying a home.
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