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  1. #1
    Kestrel is offline Sapphire level (2000+ posts)
    Join Date
    Jun 2009
    Posts
    2,102

    Default Real Estate During Covid

    It's still kind of amazing what people are expecting these days...


    If you don't have a job, the chances of you being able to buy a house are very, very slim right now. Don't get pissed when we ask you to get lender pre-approval before showing you the 14 houses you want to see. We ask everyone what price range they're looking for - it's not just you. If you don't know, ask a lender. Don't expect an agent to tell you what you can afford. That's between you and your lender.

    If you are "participating in the rent strike" and haven't paid your last three months' rent, no lender in their right mind is going to give you a home loan. I know you can't be evicted right now (by law where we are) but that doesn't mean you can use your rent money on your new home. Even if you qualify for the loan, when the lender asks your landlord if you've paid you rent on time, and you haven't, you're not getting the loan. If you are not paying your rent, why would the lender think you're going to pay your loan?

  2. #2
    California is offline Emerald level (3000+ posts)
    Join Date
    Feb 2009
    Posts
    3,092

    Default

    Oh wow! Those are some tough potential clients!! I can't even imagine not paying rent and thinking that money could go towards a down payment. Not thinking things through, obviously!

  3. #3
    Join Date
    Mar 2009
    Location
    DC Suburbs
    Posts
    21,474

    Default

    Wow. We're house hunting, it's still a very hot market here. Sellers' agents are asking for letters of approval before they have strangers trampling through their clients' houses. Your clients are living in fantasyland.
    Mommy to my wonderful, HEALTHY twin girls
    6/08 - Preemies no more!

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