Too Much Information Can Cause Drama

You might be surprised to learn that you can actually give people too much information during a Mission Viejo home purchase transaction.  This applies to information shared between the agents and their clients – the buyers and the sellers, the underwriter and the borrower, the loan rep and the listing agent, the escrow officer and the buyers and the sellers.  Blog ImagePlease don’t miss understand!  It is crucial and obligatory to share any information regarding the condition of the property or other information that has any effect on the value or desirability of the property or the contracted dates for the completion of specific events during a Mission Viejo home purchase.  What I am referring to is the information that, when shared prematurely or capriciously, might only serve to conjure up some drama during the Mission Viejo home purchase process.  Here are a few examples.

Does the seller’s agent need to know that the loan rep for the buyers left for a mandatory two week sabbatical three days before the loan approval contingency was due to be removed?  Not necessarily. If the loan rep has a backup who can take over for him, and he believes that with three days to go, you’re probably going to be able to remove that contingency.  No need to put bees in anyone’s bonnet just yet.

 Does the sellers’ agent need to know that a snow storm forced a shutdown of the lenders East Coast office and the underwriter couldn’t go in to work the day the buyers’ loan approval contingency was due to be removed?  Without a doubt.  This kind of delay, caused by a force majeure, might help to ease the granting of an extension for the removal of the contingency, rather than cause the seller to issue a cancellation of contract.   This is a choice the seller gets to make and which he couldn’t do so without all the pertinent information.

Does the FHA appraiser need to know that the broken furnace was repaired prior to close using some of the buyers’ initial deposit that the seller agreed to release to pay for the repair?  I don’t think so.  As long as the unit is working when he arrives for the re-inspection, it matters little to him how the financing was arranged.

Blog ImageDo the sellers need to know about the glitch in the buyers financing their agent happens to mention when you text her, one day before their funds are due, to find out when they’ll be wiring in their deposit.  What kind of glitch?  Who can fix the glitch?  What is the likelihood that the glitch will squash their ability to qualify for the loan they need to buy the sellers’ house?  Since it there’s still one day for the buyers to get rid of the glitch and get their money in, you choose to ride it out and not alarm the sellers.  Thankfully, the glitch is gone the next day and escrow receives their deposit.  Insulating people during a Mission Viejo home purchase from too much information that ends up resolving itself is a choice agents make pretty much every day.

I'm Leslie Eskildsen, Realtor.

Call me. Text me.  949-678-3373

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Helping you make the right move in Mission Viejo, Coto de Caza, Rancho Santa Margarita, Irvine, Laguna Niguel, Laguna Hills, San Juan Capistrano, San Clemente, Laguna Beach, Newport Beach, Dana Point, Corona Del Mar, and other Orange County communities.