Jason bought a house based on a preapproval he received from his bank. When he went to waive the financing condition the bank told him that he wasn’t approvable. That’s when we got involved.

We determined that he bought too high, and could not afford the property he wanted. It gets better. His credit score was below the minimum and he had too much consumer debt to qualify at that price level.

How could this happen? How could he get a bank preapproval in the first place? Well, he told the bank where he worked and how much he earned, and the bank did the calculations and told him he could afford up to $300,000. Telling the realtor he was preapproved, he went out and bought a house. Everyone was happy, including the sellers who thought they had sold their house.

Unfortunately, the bank did not look at his credit score, his debt load (they did not look at his credit report) and so with his high car payment and two maxed out credit cards, Jason did not qualify anyway, that is,  even if his score were satisfactory.

Had he come to us in the first place, we would have told him he would have to wait to buy because he needed time to pay down his credit card balances and let his credit score rise. We also told him he should not purchase for more than $250,000.

What a waste of everyone’s time. We see this happen all the time. The moral of this story is if you are selling your home, (whether on MLS or privately)  insist on having your prospective buyer get                preapproved by us, because bank preapprovals often cannot be relied upon. We verify everything, and we will provide a GUARANTEED PRE-APPROVAL in writing. You can take that to the bank. LOL just kidding, you won’t have to will you?

Remember, we’ve got you covered, we are on your side, and we will save you money with the lowest rates anywhere. Call THE PRICE TEAM FIRST.