• 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!

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