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Buyer Looses Job Just Before Closing

With all the things that could go wrong in Real Estate, this is one of the saddest things that could happen when trying to buy a home.  It has not happened to me, but I have heard it happen to another Real Estate Agent. What happens when the Buyer looses a job?  The Lender denies the loan.

One of the conditions of a loan is to verify employment. Just a few days, or even the day before a closing, the Lender places a call to the Buyer’s employer to verify employment. In some cases the Buyer may have another, even better paying more secure job lined up, but without proper disclosure, the Lender will deny the loan and cancel the closing.

The lesson is, total disclosure is the only rule to follow. Talk over all the details with your Lender. This is why it is so important to choose the proper lender, with great communication skills in addition to experience and knowing who to talk to when problems come up.

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