Employment pitfalls for buyers

Our experiences have identified a few key employment issues for past buyers that were already pre-approved.

• Buyer was transferred here to Michigan with same employer
  • Need 30 days of pay stubs at new location
    • Results in DELAYED CLOSING
• Buyer changed employers after initial pre-approval was done
  • Income now commission based
    • Results in DELAYED CLOSING
• Buyer leaves current job and buys a business after initial pre-approval
  • Buyer did not inform anyone until new offer was accepted
    • Results in DEAD DEAL

Here are some Key Points about Income:

♦ Need 1 year history for Bonuses and Overtime
♦ Job gaps will require an Explanation Letter
♦ Must receive 1 pay-stub after returning from Maternity leave
♦ New job requires 30 days of pay-stubs

Make sure to encourage buyers to have updated pre-approval letters and keep everyone on the same page!