Thursday, July 07, 2005

A Piece of Advice........

for anyone negotiating a loan. Do not, I repeat, do not go back and renegotiate a terms sheet when your lender hands you a loan approval. This destroys goodwill and gives the lender all the reason in the world to walk away from the deal (and grab any good faith deposit you may have put up - which you have) .

If nothing major has changed from the terms letter you signed to the approval letter the lender gives you, you have no basis from which to negotiate, assuming you signed the terms sheet of your own free will. If you don't understand something in a terms letter, do not sign it.

Saying that you didn't understand what you signed doesn't work in the real world..................just the court room.


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