Be Up Front With Your Broker!

The reason I am writing this post is because I recently dealt with a buyer who was not up front with me and it ended up wasting my time, two real estate agent's time, and the sellers time! Not to mention they didn't get the house they really wanted!

It should go without saying, but always be up front and honest with people. This is always the best way to go about your business. These customers thought they could work the system and everything would be OK. I am not going to go into detail, but the customers told one little white lie that led to another. As we started verifying things and asking questions, things just snow balled from there. They scrambled to cover their missteps until they had nowhere else to go. They were caught and that was that. Things like this are eventually going to come to the surface. It is just a matter of time. Loans have been underwritten for many years and checks and balances have been put in place to catch these things. Don't think you are coming up with some new plan that hasn't been tried before. We don't tolerate this and neither do the lenders we use. We will not go along with your story. We do things one way and that is the right way!
You can even be prosecuted for trying to commit such acts. It is simply not worth it!

A good mortgage broker has a variety of products at his finger tips that can deal with most situations. Had this customer told us the entire story up front, the loan could have been completed with ease! Instead the customers chose to withhold information. This caused the loan process to drag on and on, which allowed time for their financial situation to change. As I mentioned the customer didn't even plan on doing any of this. They thought it was better to go with their story instead of being honest. This is something that makes the broker look bad, when in actuality it is all on the borrower! All real estate agents and sellers see is that a closing date is missed or the terms of the deal have changed. They don't know the story and what new hoops have been created from the clients lack of honesty!
Luckily for the borrower, we caught what they were doing before the lender did. We put an end to it and the deal was dead.

This is just one example of what can go on. Remember, this is rare and most buyers are honest and this is never an issue. However, It really struck a nerve with me and I wanted to mention this. It all sounds so simple, but just tell your broker the full story up front and you will be placed with the appropriate product from the start! Many buyers have heard mortgage "myths"and feel a simple thing like being self-employed will keep them from getting a loan. Don't assume these things and try and get creative. Professional Mortgage Group has programs that can help.

Just ask!

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Professional Mortgage Group, Inc.

Columbia, Missouri