Home Buying in Wesley Chapel>Question Details

Sunshin49, Home Buyer in Tampa, FL

Closing on Jan 27th 2010; I know my credit rpt was pulled last week. The home is not move in ready and need some cosmetic work done. Is it ok to?

Asked by Sunshin49, Tampa, FL Sun Jan 24, 2010

finance some of the things that I need i.e new flooring, paint.

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Answers

15
Mark LeMenager’s answer
What is your concern? Is the lender aware of the work that needs to be done? Will you be using a credit card to finance the repairs or do you need a personal loan? Hard to say what is or is not OK from such a short description. Good luck, enjoy your new home.
1 vote Thank Flag Link Sun Jan 24, 2010
So the big day is coming. let us know how it turns out.
0 votes Thank Flag Link Tue Jan 26, 2010
I agree with the excellent advice you've been given excellent here. Buyer's most not do anything to rock the credit boat prior to their closing. And, believe it or not, lenders don't even like it if you completely pay off a credit card debt prior to a close! Once, a client of mine ran in to a problem (it was cleared up, thank goodness) by paying off a small balance prior to close rather than making her small minimum payment as she usually did. Screwy, isn't it?
0 votes Thank Flag Link Tue Jan 26, 2010
Good fortune. You are on your way to being a happy home owner. I am sorry your real estate agent was not more customer orientated. Lou
0 votes Thank Flag Link Sun Jan 24, 2010
Hi Sunshine49,

I agree with everyone else. Wait until after the closing is done before you go out and charge anything on your credit cards. It is not unusual for a closing to be postponed a day or two, or for a bank to request another credit report the day before the closing. Don't put yourself in the position of changing your debt to income ratio.

Enjoy your new home.

Nadine Mauro
Realty Hub, Inc.
561-414-0864
NadineMauroRE@yahoo.com
0 votes Thank Flag Link Sun Jan 24, 2010
Want to thank everyone for the response and you are correct. It's just me with the excitement and wanting to get everything done now...I'm just pushed as I have to be moved by the 31st and the closing was moved a couple of times. But you are all correct waiting a couple of more days will not kill me (at least I hope not)...:)
Will make a list of what is needed and then Thurs morning run and pick up everything. The paint is coming from Wal-Mart and they are open 24 hrs so I can go there early Thurs morning. This has been a great site and everyone has answered quiet a few questions that I have had. Unfortunately, my realtor has not been very helpful Today was the first time I have seen or talked to her since I signed the contract. We did the walk-thru. Again thanks to you all!!!!
0 votes Thank Flag Link Sun Jan 24, 2010
Sunshin49,
I equate being a buyer in this market to being in a life boat in very rough seas. Do NOT do anything to upset the boat at this point, and follow the directions of the captain of the boat, your mortgage broker. NO matter how much you want that new paint on your soon to be walls, there is not reason it cannot wait a week.
0 votes Thank Flag Link Sun Jan 24, 2010
You should go with your agent to the house and make a materials list with everything you need to get your cosmetic make over completed. You have a couple of days to check prices online and at your local home improvement box stores. With that work done--- WAIT until the deed records (escrow closes and the title company records the deed with the county) then go buy your materials and get started.

Have fun in your new house.
0 votes Thank Flag Link Sun Jan 24, 2010
Home buyer:

The reasoning for these agents telling you not to spend a dime until closing is because of your debt to income ratio. I had a client who was in a similar situation and a week before the closing they charged a bunch of stuff on their new home depot card. The bank said his debt to income ration was too high and he could not close. You don't want to be in that place. Best
0 votes Thank Flag Link Sun Jan 24, 2010
NEVER invest any money into a property you dont have a deed on BEFORE hand. It is almost certain something will go wrong every time someone thinks they are the exception to "Murphy"s Law"

Call or e-mail if I can help.

Kevin Cloutier
Southern Premier Realty
Cape Coral, FL
239-246-6639
0 votes Thank Flag Link Sun Jan 24, 2010
Absolutely not--wait until after you close to start purchasing whatever you need--protect yourself, if the bank decides to pull another report right before closing it could spell trouble.
0 votes Thank Flag Link Sun Jan 24, 2010
Do not buy anything on credit at this point in time. Wait until you close. No car, Nothing!!!
0 votes Thank Flag Link Sun Jan 24, 2010
I would not take a risk.I once had a settlement that was postponed at the last minute because the lender pulled a credit report two days earlier, there was a comcast bill unpaid for a couple of months that showed up as late.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Sun Jan 24, 2010
We all can understand your readiness to get start and excitement. Since you are closing within a short number of days, I would recommend that you wait until you have the keys. Layway what you need and let them know that you will pickup and purchase then. This climate with nervous lenders is not worth the risk.
Keith
0 votes Thank Flag Link Sun Jan 24, 2010
Sunshin49,
It would be in your best interests to wait till the closing to invest in anything for your new home. Have everything ready to go, but any money invested should be after closing. In this market, I would be very careful.

Good Luck!

Genny
0 votes Thank Flag Link Sun Jan 24, 2010
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