Homebuyer cant buy a home because of her psychic? ...141

#realestateagent #homeloan #psychic

Deerwood Realty and Friends Podcast

A mortgage loan officer reacts to finding out her client spent 37,000 on a psychic before loan closing.

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Thoughts:

1. Does it matter if it’s real? So the tiktok isn’t real, and the mortgage officer says that it’s a re-enactment of the actual call…I don’t know about you but the fact that she goes out of her way to say it’s a re-enactment makes me believe that the original story is real.

2. Does it matter if the story is real or not? Not really…in this case, she is pointing out something that frightens many of us in the real estate industry….someone not being able to afford a home that they have under contract to buy.

3. You probably don’t believe this sort of thing happens. Why don’t you believe? Do you think that because you’d never do such a thing it would never happen? I have a hard time believing that it does too, and I’m in the real estate business.

4. It does happen. And it’s absolutely terrible when it does. Here are a few things that I know happen…it’s not usually this dramatic.

a. You open a new line of credit in the period between the time you have an accepted offer and close on the house
b. You lose your job
c. Something on your application doesn’t line up with what you have when you go to close. So you say you make 100k and you only make 40, etc.

5. Why does this happen?

I don’t think that people realize how strict the underwriting is when they are in the process of getting a mortgage. The only thing the lender has to go on to give you the loan for the house is the information you provide. Therefore, if the information isn’t accurate, they can’t give you the loan.

It manifests itself like this. Let’s say you are pre-approved for a $400,000 home. Home buyers who are approved for a 400k loan rarely buy a home in the 200’s. They look to maximize that purchase. But that is the limit. That’s where people miss. What the bank is saying is that you are approved up to 400k given the information we have. If the information changes, even slightly, we would have to re-examine the loan limit.

6. As an agent, I only get paid when we close on a home…so I have a significant interest in getting to that point. It is devastating to not be able to close on a property. That’s why I tell buyers horror stories of people who couldn’t close because of an issue like this. I don’t know if it helps or not.

7. Is the agent at fault for a buyer not getting final loan approval or clear to close?

That is a question for you. I don’t think so. I think that the lending and agent functions are separate. As an example, other than getting a pre-approval for the offer, I really don’t pay that much attention to the process. And really, it’s not like I can provide bank statements, or any private financial data to the loan officer anyway.

I do think that if a loan officer gives me a letter that says the buyers are qualified to x number, that is a reasonable number I can go off of during the home search and the effort to get an offer accepted.

But what do you think? Is the real estate buyer’s agent at fault because the buyer’s bought something or opened up a line of credit without the knowledge of the loan officer or the agent between the offer acceptance and the closing?

Source: https://www.mirror.co.uk/news/weird-news/mortgage-expert-bewildered-woman-blows-26076028

https://www.tiktok.com/@anutterhomeloan/video/7052684907830709550

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