GGWP.
What the heck could that mean? My old school lender friends may have it figured out. I first saw this acronym during my banking days while looking at a credit application from the 1980s.
“Good guy. Will Pay.”
That’s it. That was the credit write up. No credit checks, proof of employment, appraisals, etc… just neighbourly lending at its finest. Shake hands, and that’s the only security we need.
Man, have things changed in 40+ years. Not just in banking, but in everything we do. The same is true in real estate. Selling and buying property isn’t the same it was in previous generations, it can be a complex transaction with many moving parts. It's important to get the details right.
There’s certainly times when we all miss the deal written up on the napkin at the coffee shop.
However, for good reason, documentation of promises and intentions are here to stay. It makes it clear, for everyone involved, what is expected and when the steps need to happen. When buying & selling properties with me, I do my best to make that process as seamless as possible, even though it may seem like the forms to sign may never end!
Don’t worry, just because times have changed and yes, we do need to submit more documentation to buy the house or get the loan, some things have stayed the same.
Believe it or not, GGWP still exists.
Professional realtors and lenders can sense those 4 letters in the first few seconds of meeting you.
Be the good guy.
It pays off in the end.
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