Realtor "Do's and Don'ts"

As a previous mortgage loan officer I believe these are crucial, and critical during the purchase, and could be suggested as hints for Realtors. As always, the "Do's" contain very real helpful points to avoid closing delays, while the "Don'ts" offer a realistic look at some of my previous real life situations that complicate or delay closings.

Do: Make sure to communicate All contract amendments, including seller contributions, to the loan officer ASAP

Don't: Add $5000 in seller paid costs to the terms, then wait until two days before closing to mention it to the loan officer.

Do: Give the lender contact information for the settlement agent to ensure accurate and timely Good Faith Estimates.

Don't: Send the loan officer an accepted contract with 4 week close, mentioning "we'll figure out the title company next week.

Do: Advise your client on the importance of home inspections, and mediate any condition concerns.

Don't: Write amendment for seller to pay an additional $5000 of buyer's closing costs "due to damaged electrical wiring and interior mold."

Do: Always inform your clients that they should not make a big purchase, as an example a new car, get farther into debt, anything major until after the loan has closed.

Don't: Inform your loan officer during the purchase that the client has just made a very big expense, will that be a problem?    ( Oh by the way this is my favorite)