If You’re Buying A House In San Mateo Don’t Buy A Boat

Redwood Shores

Home Buyer or Boat Buyer?

One of my peers was working with a client who decided to buy a boat while in the process of buying a house. It’s one of the funniest real estate stories ever – especially since it didn’t happen to me. Funny make you scream. Not funny ha ha.

Don’t Even Think About It

When you’re buying a house you can’t buy anything that uses your credit report. Car? No. Cell phone? No. A house full of furniture? No. Boat? Not!

What The Bank Thinks

The bank looks at your credit at a moment in time and decides how risk worthy you are. Good credit equals good risk. Congratulations – you get a loan.

The bank gives you a pre-approval letter based on your credit at that time. You go out and go shopping for a house. Sometime before you actually get the keys you go out and buy a boat or an engagement ring – uh-oh. Here comes trouble.

The bank is not legally required to loan you that money. Now you’ve removed the conditions protecting you from backing out of the purchase – known as contingencies – now you may be forfeiting your deposit to the seller.

So don’t do it. It could cost you a lot – as in 3% of the purchase price.

Want to buy a house?
call me ~ text me ~ email me
I’m here to help.

Vicki Moore, Realtor
Alain Pinel Realtors

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Vicki Moore About Vicki Moore

RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

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