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Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com (Real Estate One)

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Rainmaker
5,173,279
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I hope the mortaage professsional is telling them, but I don't take any chances. I actually have a document called "Don't get yourself into a pickle" that I hand out to buyers which tells them all the do's and dont's once they are applying for a mortgage.

Apr 11, 2015 10:32 PM
Rainmaker
1,672,996
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

I always tell my clients and so does the Lender.  We really drive that information home! 

Apr 11, 2015 11:33 PM
Rainmaker
1,466,257
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239 I discuss it during the intitial interview. I learned this the hard way when I first got into real estate. The buyer purchased a car after submitting their loan application.

Apr 11, 2015 11:31 PM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Frequently, often, repeatedly and many times.

I do not delegate to others what will prove critically important to the outcome.

Apr 11, 2015 11:01 PM
Rainer
509,586
S. Leanne Paynter ☼ Broward County, FL
United Realty Group, Inc. - Davie, FL
Davie, Plantation, Cooper City & Weston Specialist

I expect the mortgage person to tell them but I tell them as well.  I think the more people they hear it from, the more likely they are to follow the advice.

Apr 12, 2015 04:28 AM
Rainmaker
5,773,797
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Russ,

I think the more you inform the better.  I would not wait for someone else to tell them, some people need that spaced repetition.  A

Apr 12, 2015 02:45 AM
Rainmaker
4,626,087
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Russ -- I typically tell them once and then again and once more and then remind them.   All the way to closing for some.   

Apr 12, 2015 01:59 AM
Rainmaker
5,583,563
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

they need to hear it from you and the mortgage person....and more than once....

Apr 12, 2015 01:38 AM
Rainmaker
3,341,898
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

WE remind as well....better too many reminders than none at all.

Apr 11, 2015 10:50 PM
Rainmaker
3,627,372
James Dray
Fathom Realty - Bentonville, AR

I caution them not to.  Most listen some don't

Apr 11, 2015 10:02 PM
Rainmaker
978,671
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

I always cover this topic and hope that the loan officer does the same. 

Apr 12, 2015 09:37 AM
Rainmaker
1,153,799
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

The admonition should always begin with us, continue and also be reminded by us. It does not stop with credit either, ir's any purchase which could be considered as large for that matter. 

Apr 12, 2015 05:30 AM
Ambassador
3,195,859
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
The best agent in Southern Utah!

Yes, I do tell clients the importance of holding off on big ticket items until recordation.

Apr 12, 2015 02:42 AM
Rainmaker
528,850
Brenda J. Andrew RENE, PSA, MRP, SRS
ULTIMA REAL ESTATE - Willis, TX
Professional Realtor in N Houston & Corpus Christi

I specifically tell my clients "Do Not Buy Anything!!!"  Onetime I had a client who told me they were living in an RV.  I thought they were talking about something along the lines of Griswalds Family Christmas.  5 Days BEFORE Closing - the lender said she cannot get them qualified because they just bought an RV 6 months ago and the payment was going to be the same as their mortgage!  Not a good suprise!

Apr 12, 2015 02:13 AM
Rainer
5,805
Lana Kosik
Oregon First - Portland, OR

I always bring it up and tell them what the consequences could be if they do.

Apr 12, 2015 01:50 AM
Rainer
219,536
John Manuwal
Keller Williams Northwest Montana - Kalispell, MT
Kalispell Montana Agent and Photographer

I tell them not to and why they shouldn't most are good about it. I've never lost a deal from it yet but it's been close.

Apr 12, 2015 01:18 AM
Rainmaker
1,713,276
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I tell them, repetition helps the child to learn.

Apr 12, 2015 01:06 AM
Rainmaker
343,495
Paddy (Patricia) Pizappi
Better Homes and Gardens Rand Realty - Pine Bush, NY
Real Estate Associate Broker Hudson Valley NY

Always Always Always Tell them.  And tell them again.  I had one buy a car once even though I had warned them not to.  They lost the mortgage of course.  

Apr 12, 2015 12:50 AM
Rainmaker
175,614
Spirit Messingham
Tierra Antigua Realty - Tucson, AZ
Third Generation Full-Time Realtor® 520 471-6900

I do try to let the experts in their field do their jobs, but once we are under contract at like inspections I will mention NOT to go out and buy new furntiture, fridge, etc until we close.  To be fair, not all buyers have to worry about it.  Those on the fence, walking the line with their FICO scores, are the ones it is most important.  I literally had to help a buyer return a fridge about 5 years ago that she bought before we closed, which is where I learned this lesson.

Apr 12, 2015 12:05 AM
Rainmaker
3,986,358
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I leave nothing to chance...Some people need to hear it more than once.

Apr 11, 2015 11:35 PM
Rainmaker
4,800,182
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes.

Sep 22, 2018 08:33 AM
Rainmaker
630,251
Ajay Pandya
e-Merge Real Estate Unlimited - Columbus, OH
Realtor Ajay Pandya

Yes.

Apr 14, 2018 10:51 PM
Rainmaker
3,072,430
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Coldwell Banker Realty

John nailed this one!

Sep 10, 2017 05:52 AM
Rainer
173,011
Anita S. Zahn
Advantage Realty 863-840-1420 - Sebring, FL
Highlands County Real Estate Source! I work 4 U!

I always tell them, Please do not go buy a new car, Furniture, appliances nothing until you close on this house once you close buy what you want.  Also tell them why I am telling them this.

May 20, 2015 03:06 AM
Rainmaker
90,543
Debra Peters
Referral Realty - Manorville, NY
NY Real Estate Salesperson

I will mention it to the buyers, but the Loan Officer should definitely be telling them what they should and should not do. Every buyer's circumstances are different.

Apr 14, 2015 11:46 PM
Rainmaker
2,577,983
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Definitely, and a preparing an update to buyers Don't DO LIST.

Apr 14, 2015 12:01 PM
Rainer
26,764
Beatrice Briseno
RE/MAX Unlimited - San Antonio, TX
Beatrice M. Briseno, GRI, CDPE, San Antonio, TX

Yes, I have had a deal go south because the young buyers went out and purchased new furniture to go with their new home! So I stress it the need not to make any purchases and the loan officer does the same

Apr 14, 2015 08:02 AM
Rainer
19,697
Jane Kalinowsky
Pantanella & Partners - Redondo Beach, CA
3rd Generation REALTOR® SRES®, CCS® (Luxury)

I have a whole binder for my buyers. After filling out their criteria, I immediately send them a custom worksheet stating don't open any lines of credit. I've had buyers lose their rates and loans because they bought a car two weeks before closing.

This is an old example! 

Apr 14, 2015 12:45 AM
Rainmaker
2,224,473
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Hi, Russ...I do have this discussion with my buyers. I don't think some of them can hear it enough. 

Apr 12, 2015 03:15 PM
Rainmaker
1,736,827
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

We sit down with them, and go over the list of DO NOTS. Thye get the same treatment for the mortgage broker we refer them to so everyone is on the same page.

Apr 12, 2015 10:45 AM