How NOT to Lose $50,000 When Buying a Home

Last Thursday afternoon was humming along when my phone rang.

It was a past client. She sounded stressed.

“Hey, are you still in the mortgage business?” she asked.

“Why yes!” I said.

“I’m about to lose $50,000 because these people can’t get my loan closed, and my contract expires in a week”.

Yikes.

The Anatomy of a $50k Mistake

Our client thought they were in a good spot. They were selling their prior home and had PLENTY of money to put down on the new one.

So much, in fact, that they gave the seller a $50k deposit!

The problem with deposits is that if you don’t close, you might lose your deposit.

That’s where this client found themselves. About to lose $50k.

They had applied for a loan with a local competitor of ours 90 days ago. Yet with 7 days to go before their contract expired, they STILL didn’t have a clear to close.

The seller had been patient because they had such a large down payment. But with less than a week to go, they were probably thinking about how nice it would be to pocket that $50k and sell their house to someone else!

Avoiding Disaster

Luckily, this client had retained my contact information and knew I would be ready to take her call and get my team working on her loan ASAP.

As we reviewed her file, I couldn’t (for the life of me) understand WHY the other lender wasn’t getting his loan done.

She had a huge down payment. Great credit. Stable income.

Why couldn’t the other folks figure this out???? It didn’t matter.

We did what we had to do and got her loan closed in just 7 business days!

Needless to say, the client was thrilled!!! We believe in celebrating on the day of closing, and trust me, this one was a BIG celebration!

But here’s the moral of the story… if someone else is dragging you along and can’t seem to get your loan done, it’s time for a 2nd opinion.

Your closing date is what matters most, so never lose sight of that.

Luckily in this case, the client didn’t wait until she lost his $50,000. But she ALMOST did!

By | 2018-05-24T22:05:49+00:00 May 24th, 2018|Home Ownership|Comments Off on How NOT to Lose $50,000 When Buying a Home