U
/u/city_come_a_walking
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Sup fam. This is a more concise update/question from my previous post: https://www.reddit.com/r/RealEstate/s/hIqb8rQvUQ
I recently put in an offer on a home. While I am preapproved for a conventional loan, my loan advisor stated Id save a bit with FHA. (The details on why isn’t necessary). We agreed.
My realtor, puts in an offer. Keep in mind, my realtor and loan officer often work together as a partnership.
Two business days go by, loan is approved, appraisal is done & came back at value, and my earnest money has been deposited, I even got home insurance. When suddenly, at 8pm I get a phone call from my realtor that the deal is off because the seller was “under the impression” we were doing a conventional loan and does not want an FHA loan.. ” well why did she think it was a conventional?” I asked.
The next morning, upon some research and questioning my realtor and loan officer separately I found that our realtor conveyed it was a conventional loan not only once but twice, in the offer letter and also; in a private email between her, the loan officer and seller; clearly stating it was a conventional loan. This is why, legally the seller had the right to back out of this sale.
My loan officer said he’d continue working on this FHA in hopes he completes it before she pulls out on the sale. She agreed to give us 48 hrs and sent over a notice to perform. Obviously this was a huge risk, as getting an FHA loan takes longer. So I felt I had no choice but to change to a conventional loan. All of this happened day 3.
We got it done…but here’s the big issue. The rates went up in those 2-3 days. We’re now at 7.38%, where it was 7% on the day I put in our offer, which obviously increases my monthly payments. And it’s more money out of pockets and less towards our principal. I reluctantly agreed to move forward as we felt we had no other option.
Now my question lies with: how am I supposed to handle this with our realtor? I feel that her “sorry” which I practically had to force out of her to acknowledge her mistake and negligence- won’t suffice. She is getting a huge commission and probably a pat on the back at work while I will end up with more out of my pocket. Do I lick my wounds and take my losses or is there something I can do?
submitted by /u/city_come_a_walking
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Should I talk to a lawyer?
Continue reading...
I recently put in an offer on a home. While I am preapproved for a conventional loan, my loan advisor stated Id save a bit with FHA. (The details on why isn’t necessary). We agreed.
My realtor, puts in an offer. Keep in mind, my realtor and loan officer often work together as a partnership.
Two business days go by, loan is approved, appraisal is done & came back at value, and my earnest money has been deposited, I even got home insurance. When suddenly, at 8pm I get a phone call from my realtor that the deal is off because the seller was “under the impression” we were doing a conventional loan and does not want an FHA loan.. ” well why did she think it was a conventional?” I asked.
The next morning, upon some research and questioning my realtor and loan officer separately I found that our realtor conveyed it was a conventional loan not only once but twice, in the offer letter and also; in a private email between her, the loan officer and seller; clearly stating it was a conventional loan. This is why, legally the seller had the right to back out of this sale.
My loan officer said he’d continue working on this FHA in hopes he completes it before she pulls out on the sale. She agreed to give us 48 hrs and sent over a notice to perform. Obviously this was a huge risk, as getting an FHA loan takes longer. So I felt I had no choice but to change to a conventional loan. All of this happened day 3.
We got it done…but here’s the big issue. The rates went up in those 2-3 days. We’re now at 7.38%, where it was 7% on the day I put in our offer, which obviously increases my monthly payments. And it’s more money out of pockets and less towards our principal. I reluctantly agreed to move forward as we felt we had no other option.
Now my question lies with: how am I supposed to handle this with our realtor? I feel that her “sorry” which I practically had to force out of her to acknowledge her mistake and negligence- won’t suffice. She is getting a huge commission and probably a pat on the back at work while I will end up with more out of my pocket. Do I lick my wounds and take my losses or is there something I can do?
submitted by /u/city_come_a_walking
[link] [comments]
Should I talk to a lawyer?
Continue reading...