It seems that the key phrase ‘job black list’ is somewhat a secret quote used in the lenders and mortgage industry.
I had no clue of its existence as an agent until my last buyer, moving from another state. He was pre-approved by a lender, and I wrote pre-approved, not pre-qualified. He had a top number on that document and I was sending listing with what he was looking for within his price range. So far, so good.
Once we had the right property, he came down, driving 11 hours, had a good few hours look at the property, made an offer, which has been accepted, made an inspection and survey. Everything was going smoothly when he suddenly got the news: his job is on the lenders’ “job black list”
So, what do you need to be part of that list exactly? You need a job, a career or a position that is making money only in the area you are practicing and which could make no money elsewhere. Let me give you some examples:
A self-employed individual who build his business locally and getting business from local advertising, as mortgage broker, plumber, electrician, lawn, Real Estate agent, insurance, painter, A/C maintenance, pool maintenance, and more…
Lenders have denied my buyer because leaving his state to move into another one, will put his income in jeopardy!
So, make sure that your out of state buyers are REALLY approved before putting any offer in writing. That moves can save time to all parties.
You can find helpful mortgage material HERE. This can help you the understanding behind the ugly scene
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Comments (0) Feb 20 2010