How Holiday Shopping can kill your real estate closing and disqualify you from a Tampa mortgage

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Andrew Duncan, Tampa Bay's #1 Realtor  has David and Arnie Diaz from Waterstone Mortgage Corporation as guests on The Duncan Duo Real Estate Show on 970 WFLA to talk about how Holiday Shopping can kill your real estate closing and disqualify you from a Tampa mortgage as well as some of the advantages and challenges that a consumer faces when closing towards the end of the year.

This was just after Thanksgiving and Andrew starts off by saying it's that time of the year again where all of the retailers make their profit and where all of America goes into debt.

In the lending process now, with all the regulations and all the fraud that has gone on in the past, lenders now do a loan quality analysis done 10 days before closing. even if you're already pre-approved and you think you're all ready to go, and they see your debts have tremendously gone up then it may affect your ratios and may not let you qualify though you may already have been approved.

This is something that a lot of people may forget about. There are a lot of check and balances throughout the mortgage process not only to make sure you qualify initially but also qualify towards the end.

Another example is  employment verification. It also happens when let's say someone is self employed or  earns on commission and maybe this is the time of year they don't earn as well and they see a bad pay stub come through because they didn't make as much commission or didn't make as much during the holidays or their sales aren't as high.

One of the big things in the lending business is the declining income. You could still qualify but if your income is going down vs last year, it's definitely a red flag.

Holidays and the fourth quarter in general present unique scenarios for people qualifying for mortgages. Another thing is being conscious about the year end closing for the Homestead exemption which could lead you to have lower taxes for the life of the property will be lower.

A downside of closing towards the end of the year is a lot of the title companies and mortgage lenders that are corporate companies have people who get paid time off take vacations this time of year so it sometimes could be a bit more challenging to close. This is why it is important to get all your documents to the lender as quickly as possible and if you are able to close earlier in the month, the better.

This is why it is important to have a good realtor who coordinates everything from the seller, to the lender, to the power company, etc. in order to have a successful closing. This is where Andrew's team has an advantage over other Real Estate companies. They have one of the most unique set up in the business. Their agents have staff members a lot of RE companies don't have. They have a transaction manager who does nothing but manage all those steps to support the RE agents so they could do their jobs well and to have a smoother process.

As discussed in previous shows, Andrew highlights that even though it is nearly the end of the year, it's still a good time to sell because Tampa Bay doesn't have the same seasonal fluctuation other RE markets have. In fact, their team is on fire. He shares how they had 4 new listings just before the holiday. So if you're thinking about buying or selling now, call (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

*The Duncan Duo and RE/MAX Dynamic has moved. As of 10/11/2014, our new address is 6320 S Dale Mabry Hwy, Tampa, FL 33611

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