Buyer Quit His Job, Bought a Truck Before Closing — Deal Fell Through
Maine real estate agents say thin savings, shaky income or last-minute impulses can sink a home purchase before closing.
Two Maine real estate professionals say a lack of savings, unstable income or looming life changes are the clearest signs that a client isn't ready to buy a home, even amid strong demand for property in the state.
John Eccles, chief executive of Portland-based Dragonfly Properties, said buyers without steady income can be overwhelmed by the ongoing costs of homeownership, including mortgage payments, utilities, property taxes and upkeep. Sam Prindle, a broker with Tim Dunham Realty in Topsham, said high debt or poor credit can push buyers into higher interest rates, and recommended paying down debt and building credit first.
Both agents said buyers should keep an emergency fund on hand, since unexpected repairs, such as a failed furnace or a leaking roof, can strain finances. Eccles said uncertainty about where someone will live in the coming years often makes renting the smarter choice, while Prindle generally advises buyers to plan on staying in a home at least five years.
Prindle recalled a former client whose purchase fell through after he left his job and bought a new truck just before closing. "That closing did not happen," Prindle said. Financial readiness carries extra weight in Maine's current housing market, where high demand and relatively low inventory have been pushing prices up, according to the Bangor Daily News.
This story was first reported by Bangor Daily News.
