Some would-be buyers (and their real estate agents) don’t like when I give them a lecture about the affordability of a home. The agents or the mortgage reps calculate their closing costs and the buyers then look into their bank accounts. If the two figures match, then, viola! A home can be purchased.
Then pesty ol’ me says: “Did you budget for the utility fees? Do you have enough set aside for both known repairs and the crap that breaks or falls apart in every house? Have you checked out the cost of a mover if you have stuff, or furniture and appliances if you need stuff? Do you need to buy a lawnmower or can you afford a lawn service?”
I did that on the phone just the other day, and gave the buyer some homework before making an appointment to see me. I got a not-so-veiled barb from her agent, who told me that my “discouraging attitude won’t benefit anyone.”
Thanks for pointing out to me, Mr. RE Agent, that I’m supposed to be all about shoehorning underfunded buyers into houses, just to keep things moving along. I’ve been foolishly thinking I was supposed to watch out for my clients’ welfare.