It always seems that something drives to me write about issues that come up!  And here is another one that happened to two of my clients.  We looked at 10 – 12 homes, choose one that they fell in love with and all the while, thought they were prequalified…and they weren’t.  Lender rules have changed dramatically in the past several years and Realtors and Lenders are under stricter guidelines.  When Realtors ask you for a prequalification letter from your chosen lender, we are not doing this to make you feel bad.  We are protecting your time and investment in looking for a home.  There is nothing more frustrating than to spend time looking, running numbers, making decisions, dreaming and then finding out you can’t buy.

If you are putting a large down-payment down or paying cash, be prepared to provide documentation that your down-payment is accessible.  Cross out account numbers and provide it to your Realtor.  Your Realtor Is often required to  send it in with the offer and any preapproval letter you have provided.  If you have cash under your mattress, you have to document where it came from.  Ie:  One of my clients sold a Streamline Trailer and put the cash in his bank account.  It held up closing while we waited for him to find the buyer and get a receipt to prove where it came from at the last minute.

Lender rules are tougher and Realtors have to abide by them.

Your Realtor and your Lender are your team and are here to help you in any way possible.  If you need a Realtor, call me.  I would love to be your dream guide.

Joyce Shipley

253-280-2808