CHAPTER 4 Real Estate Horror Stories To Learn From
You’ve seen frightening stories like this on TV. Perhaps you’ve heard about them from neighbors or co-workers, but you still haven’t witnessed anything like them yourself. Be warned. The first time is one time too many. Now that you’re in the market for your first home, or maybe a second or third, congratulations! Buying a new home is one of the biggest achievements for many people. Unfortunately, home buyers — especially first-time buyers — can be the victims of real estate horror stories. Absolute horror, from the buyer’s perspective. Here are a few examples.
Example #1
Just this week I received a phone call from a local realtor whom I work with. She had a buyer under agreement, scheduled to close in only 1 week. The buyers' financing commitment date (date to walk away from the purchase but still be able to retain his initial deposit money back) had already lapsed. The buyer had used Rocket Mortgage, despite the agent trying to refer him to my team & I early on. Well, long story short is this Loan Officer did not verify the wages that the buyer was having garnished from his paychecks every week. Once the underwriter got to the root of the problem they identified that this buyer pays nearly $3,000 per month in Child Support & Alimony. Once factored into his qualifying ability, his Debt-to-Income ratio went way over the limit. Therefore, due to the incompetence of this Rocket Mortgage Loan Officer, this buyers initial deposit to the sellers of 24
Powered by FlippingBook