"Hi! This is Mike Fox, I'd like to take a look at 123 Main Street tomorrow at 2:00."
This is how most of my buyer contracts begin. A simple telephone call, pretty laid back. And once the buyer has settle on a home it's time to write a contract. That's when the name becomes even more important. You see, a contract to purchase a home is a legal document. I know you knew that already. Did you know that your lender needs a copy of the purchase agreement for the underwriting process? Did you know that the name on the name on the purchase agreement needs to match the name on the loan application? If it doesn't, it's not the end of the world, but it does save a lot of time and a lot of unnecessary steps if we can get them to match up on the first try.
It seems that when Mike Fox did his preapproval for his loan - because he was a responsible buyer - he felt that application was pretty important. He knew they'd be delving into his past credit history, so he knew he needed to apply for his loan as Michael Joseph Fox. But when it came time to write the purchase agreement this is how the conversation went.
"Is your full legal name Mike Fox?"
"No, it's Michael Fox."
"Do, you sign using a middle initial or middle name?"
"Oh, well, yes, I usually sign with Michael J Fox."
"And is that how you completed your loan application?"
"Yeah, I think so. No, wait, I think I used my full legal name, Michael Joseph Fox."
We all love Michael J Fox and always will. But when purchasing a home, be sure to give your agent the same name you used when completing the loan application or preapproval so that all documents match and we don't have to do addenda later that reveal all your aliases. And to go one step further, it's helpful to provide your agent with a preapproval letter from your lender when you begin looking at homes. Your agent and lender are going to work hand in hand together once an offer is written, so they might as well get to know each other early on to make the process as smooth as possible for you.
***Disclaimer: I have no idea what the famous Michael J Fox's middle name is, and he's not a client of mine, but I'd probably work with him if he called.
For more information about buying or selling a home visit www.Shellyn.net
To see my current listings visit My Featured Listings
