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“Almost” Home Buyers – Restrain Yourself!

By Doug Francis

BMW Logo in Düsseldorf Hellerhof: Hans Branden...

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“This isn’t the right time to buy his and her BMW’s.”

My Northern Virginia real estate clients have heard me deliver that line for almost two decades when we discuss putting together an offer to buy a home. It’s meant to be funny, but also a very serious warning.

Real estate sales contracts will outline the type of mortgage financing that the buyer is going to obtain to buy the house. Based on that information, a home seller will agree to accept the offer making it a ratified or binding contract. Still following?

  • No new lines of credit
  • Don’t change jobs
  • Don’t move balances on your credit cards
  • It’s all about the ratios and documentation

The Realtor sales contract used in Northern Virginia real estate sales specifically outlines that the home buyer will comply with the mortgage lender’s requests in a “timely and diligent manor”. But it also outlines that failure to comply with the lender requests or committing an act that prohibits them from obtaining the specified financing may result in DEFAULT.

NVAR Regional Real Estate Sales Contract ¶26: DEFAULT

The Washington Post Saturday Real Estate Section (May 15, 2010) had an article about mortgage lenders reviewing credit reports an extra time, just before closing, to make sure the buyers haven’t impacted their financial status with other new lines of credit. (Credit Reporting Agencies can also send “alerts” to the mortgage lender of any changes) For example, if they see that you now have a credit line at McLean Furniture for $10,000 that wasn’t on you first report, well then you’ve got some ’splainin’ to do.

This extra scrutiny may just blow your deal, cost you the Earnest Money deposit and open you up to pay extra damages to the seller for breach of contract (please include attorney’s fees).

This new “second credit report” at the last minute program began June 1, 2010, but lenders have typically re-verified employment just before closing. Rhonda Porter called this a new “Speed Bump Prior to Funding Your Mortgage” which is sure to cause some headaches.

So, here is my professional recommendation: once you are involved in a real estate contract restrain yourself and do not make any new credit applications… you are on thin ice!

Let me warn you, your mortgage lender will recheck everything just before settlement

Again, this isn’t the right time for new BMW’s!

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Filed Under: Blog, Home Buyer Tips Tagged With: buyer agent, home buyer, real estate, Vienna Virginia

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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