Timing is EVERYTHING

In the life of a Real Estate Agent are the ups and downs of closings. Wow - real pressure cookers! With the mortgage market the way it is (standards are tighter, requirements are tougher etc) getting to closing is more stressful than ever.

So, the last thing we need is anything else to worry about! But in our world, we have had an issue that is worth talking about again - preclosing credit checks.

Buyers get very very excited as they approach the purchase of their home and many times they want all kinds of fun new things to put in it. In their zeal to get moved in as soon as possible, they will go shopping for furniture, for draperies, for a new lawn mower, etc. And so many places offer them "# days same as cash" - offers that are really good deals.

But Don't Do It, Buyers!

Its not a new thing, this preclosing credit check. Its been done forever. But now it can totally shut down a closing - even after the papers are signed but before the transaction is funded. Lenders will run a credit check at the last minute and if there is new credit activity - even inquiries, lenders will pull the financing.

So the best advise is to wait. Wait until you are closed, the papers are signed, the money has been distributed and the keys are in your hands. Then shop. Shop til you drop! Stimulate the economy and make your new home as beautiful as you can!