Joplin, MO Real Estate Professional : Don't Change a Thing Until Your Escrow Closes

Don't Change a Thing Until Your Escrow Closes

ATTENTION ALL BUYERS!!!  This means you.  Wait until after closing to buy that new furniture.  Put it in lay-away if you have to but do not buy it.

Take this post to heart and it will keep you out of trouble.

changesDon't change a thing until your escrow closes. 

What does that mean exactly?

  • Don't charge anything on your credit cards

  • Don't get married

  • Don't get a divorce

  • Don't purchase a car

  • Don't change jobs

  • Don't start attending school

  • If you're attending school already, don't take out additional student loans

  • Don't borrow any money

  • Don't retire

In short...DON'T CHANGE ANYTHING.

Why not?  Underwriters are checking their list and checking it twice.  It is becoming common for an underwriter to rerun credit and do additional verification of facts right up to funding.  A little change, like deciding to retire or purchasing a car could send your underwriter into paroxysms and bring your escrow to an untimely death.  In order to keep your purchase from becoming a dead escrow, keep your situation, not just financial but everything, the same as it was the day you completed your loan app.  If you HAVE to change something, call your lender and ask how it will effect the loan BEFORE you actually make the change. 

Please take this to heart.  The loan process has become a mine field.  Lenders and banks, once a permissive lot who gave out money to anyone who could fog a mirror have gone to the other extreme and now want documentation, verification, attestation, authentication, certification, confirmation, information and substantiation and they may want it more than once during the loan process. 

To repeat, don't change anything with your life situation during your escrow.  Keep your situation the same throughout the escrow process and things should go relatively smooth at least as far as your qualifying for the loan goes. 

There are other mountains to scale during the escrow process for instance the appraisal...the grand Pooh-Ba of the escrow process.  We'll save appraisal pitfalls for another day.

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Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran Gatti. Put Fran to work for you!

 Fran Gatti Del Norte County Real Estate Agent

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Barbara Calwhite

 

Barbara Calwhite, Broker-associate
Keller Williams Realty of Southwest Missouri
Cell Phone:  417-438-7387

                     

 

http://barbaracalwhite.com

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Comment balloon 9 commentsBarbara Calwhite • July 08 2010 10:33AM

Comments

Yes. Don't even finance a cup of coffee. I work referrals. If you are interested let me know.

Posted by Ed Macias, Miami FL-REO Property Management Multifamily (Real Estate Teammates) almost 8 years ago

Barbara,  Great post and so true... Repulling credit right before or the day of credit is a new guideline in the mortgage lending world.   All we can do is preach, preach and preach to the buyers so there will be no unexpected delays in the closings.

Posted by Stephanie Stringer, Mortgage Loan Originator (First Choice Loan Services NMLS#210764) almost 8 years ago

It's always hard to wait for things - but in buying a house wait or it won't happen. I've had buyers do that and regret it when the loan about didn't close. Great don't list!

Posted by Jody Lautenbach (Century 21 Premier Associates) almost 8 years ago

Sooo true - especially in today's lending environment.  You never know, it could be the 6th time you say it to a client that they finally get it.  Like Stephanie says - you gotta preach it!! 

Posted by Zak Lovenson (Zorell Investments, Inc.) almost 8 years ago

Thanks for the reblog, Barbara as I had missed the original!  Buyers get SO excited regarding their upcoming closing that it's hard for them to resist new purchases for their home - they HAVE to resist!  It could mean the whole deal if they don't!

Wake Forest NC House Chick

Posted by Leesa Finley, RED Properties - Raleigh NC Real Estate (RED Properties) almost 8 years ago

And don't change bank accounts, even if you are absolutely furious with your current bank.

Posted by Not a real person almost 8 years ago

I am so glad that Maryland is a "wet" settlement state. At the settlement table it is a done deal.

Posted by Ellie McIntire, Luxury service in Howard County & Catonsville (Ellicott City Clarksville Howard County Maryland Real Estate) almost 8 years ago
это вообще пизец такую порно шнягу еще кто смотрит?!?! письку онлайн это полная жесть! я попытался посмотреть, но это извращение только для извращенцев!
Posted by DuseduseRog almost 5 years ago
Дорогие мои зоофильчики и любители побаловаться с животными. Ведь есть с реди вас и нас есть любители потрахать корову, или собачку, Хочу вас предостеречь что сношаться хоть и приятно но законом не приветствуется! Так что закрывайтесь в укромном местечке и наслаждайтесь, но только никому не рассказываете! А лично я люблю бритенькие мокренькие писечки молоденьких девочек
Posted by tarieLotCoext almost 5 years ago

Participate