Meyou724

Also, I wanted to ask, is there such a thing as Errors and Omissions Insurance? Like malpractice insurance that loan officers and mortgage companies have to carry?

You order your credit score through myfico dot com and pay the $35+/-. You really need it to be 750 but it comes back at 540. A service was provided but you didn't like the outcome.....do you get your money back? The appraiser provided a service and should be paid REGARDLESS of the outcome. j I'm not asking the appraiser to refund my $--I understand that they did their job--I want to know if it sounds like the loan officer that lied to me should pay me back for that $ I wasted. Wasted because he promised everything to go through, making me confident to spend that $ I saved forever for...

I had put our story on here a couple months ago about a house we were trying to buy, and all the trouble we were going through trying to get it. A few people suggested we contact a real estate lawyer because of all the run around we were getting. Some quick examples being: The price of the house lowering AFTER we signed a purchase agreement, and again while we were waiting for the bank that owned the house to decide if they were going to fix the pump. Well, now that it's been 3 1/2 months since we signed the purchase agreement, we are finally done, we have no house, and have lost $600. Yup, $600. This is a quick version of how it went. There was a 3 bedrm trailer on th property along with the house--two parcels sold as one. In the beginning, I asked the loan officer if there was going to be a problem with the trailer being there, and he said it would be considered an "outbuilding". Okay, why I do not know, but I trusted him. Now, about $600 later, (inspection and appraisal) all of a sudden, the appraiser (whom he hired) wrote down the fact there was a mobile home on the property, apparently trashing the whole "outbuilding" thing. Now, is it me, or should that have been expected? Cause I think it was--he should've known that that was going to happen. Then all of a sudden, the bank will finance us for the house but not the trailer. We tried to get around it, but nothing worked. Our credit score wasn't high enough for a portfolio loan, which would apparently would have let us keep the mobile. The bank that owned it wouldn't sell us the house and property, and quick claim deed the trailer to us. (another option) We sent an offer with a lower price, asking them to remove the trailer, and the realtor that had it listed chewed our realtor out, acting all cocky. He said we had "wasted" enough time on this , and he needed to get it back on the market. He was the one we were waiting for all the time. Like I was the one that had it drawn out 3 1/2 months. They were even shady enough to not tell us about a time frame at one point, and our offer totally dropped off the table without us knowing. My question is: Is it the loan officer who would be responsible for getting our $600 back? I mean, I get my deposit back, ($500) but I want my other $, too. I would never have spent that had I known it wasn't going to go through. The loan officer assured me many times that it was for sure, so shouldn't he have to pay me back? I don't even have enough $ to go through the process again if I don't get that $ returned. I have a baby on the way, and HAVE to have a bigger house in less than months. I feel he is responsible? Any suggestions????

Called our realtor yesterday. Still nothing, and the LA said maybe by the afternoon. I knew better than that, and I was right. Now we have to wait through the weekend. Apparently the bank wants to really look at the GFE, as with this thing that happened on Tuesday, (mort.co.'s, and banks went bellyup) they're a little nervous with the whole thing. Lovely...just what I needed to happen. Now the mort. guy says that my husband will prob. have to be back to work by closing, because they'll want to see a paystub. Before, he said him being laidoff was okay--he gets unemployment, and that paystub was okay. At least it was a paystub, and this sort of thing happens every year. I guess the underwriters just changed their rules--convenient.

Thanks for the reply. I appreciate any advice anyone can give me. I would do that offer, but I'm afraid to do that since the price is already so far below what it's appraised at. We tried to go lower before, about 3k, and they came back with our orig. offer, which we're happy with, and even gave us what we wanted. Of course, that was before the pump thing happened, but, I mean, to get all this for under 60k, I can't justify walking away from it. Know what I mean?

This property is two parcels, sold as one. The township assesor just did the new assesments late summer-early fall 06. The sev on the property with the house and 1.7 acres is 41,000, and the parcel with the rental and another 1.4 acres is 18,600. We're getting it for waaaaaaaay less than the actual value of the property. About 40k less.

See, this is what I mean. I'm so confused and frustrated, I wanna tell them all to go to u-no-where, but I really want this house. I mean, I know if its meant to be it will happen, but geez. This is a lot of crap to go through. I also know that as I've never purchased a home before, I'm going in with my eyes practically closed, and learning as we go. That's really not a good thing, and I think the bank, the realtors, and everyone is using that to THEIR favor, which burns my cookies, too.

But, did THEY sign off on it making it a fully executed contract? I'm assuming they did as at that point they were waiting for us to do the inspection within 10 days. The pump situation had never come up. What would happen if they hadn't signed it? Wouldn't they have to if we gave the dep.?

Is the offer accepted in writing or verbally? Once the offer is accepted and contract drawn reflecting the purchase price and DP, I don't see how they could up the price. If it's a verbal acceptance, but nothing in writing and no contract, I'd think it's like any other transaction and further offers can be entertained. Until it's in writing and under contract, there really is no firm agreement. It was in writing. We even signed another PA to so called save our butts legally. We went back and forth after signing the original PA, so when we finally agreed to their counter, we signed again, and gave the deposit. What happened is, supposedly when we sent the addendum requesting the bank fix the pump, that apparently made the deal a stalemate, (as our realtor put it) and apparently gave them the right to lower the price again. What I don't understand is, we're now 5k above the current asking price, and the bank still wants to mess with us? I don't get why they wouldn't just take the $ and run.

Is it legal for the LA to change the price of the house after we've already put a deposit down on it?

Does anyone have any thoughts as to why they would change the price? Is it legal? Esp. after a deposit was put down? We really want this house, it is priced way below what its worth, and we could make good money on it after a little fixing up, not to mention the rental.

I don't understand, what is there to 'resubmit'? When I bought my home, the seller and I agreed to a contract and that was it. It stated in the contract how many days I had to close...so I guess my question is how long was it when you signed the contract before they said some 'time frame ran out'. Did you know you had a specific time to secure financing and close? We had 10 days from when we put down the dep.(approx Feb. 25th) to get the insp., and five days after the dep. the bank turned the utilities on (which they agreed to do) and that's when we found out the pump was bad. The LA never said a word about the ten days running out or anything like that, when they said we could get an estimate. I even asked our realtor if we needed to sign an extension on the 10 days, and she said no, because the back still hadn't fufilled their contract by getting the utilities all going. Our closing date wasn't until the 15th of March--today, but has since been changed to April 20th. This all happened way before the closing date. Also, have YOU seen a GFE from your broker? No, I haven't. She (our realtor) called me this past Tuesday, and said she had already talked to the broker, told me the deal about the 6% thing and the GFE, and asked me if I wanted to submit it that way. I said sure, because I trust them. Maybe that's not a great idea? I mean, I can ask her to fax it to me, and she should have no problem with that, right? That's the first thing you should see and it should plainly state all of the fees. A preapproval letter isn't enough; anybody can type one of those up for you, even me lol. Like the previous poster mentioned, I would walk away from this deal. There should be no changing of the house price after you make an offer, no information from the listing agent, etc. The process should be transparent and effortless. More importantly the utilities and water should be ON before you even think about purchasing a home! Right there that tells you something is wrong. Should I consult a real estate attorney on the changing of the prices? The thing with the utilities I failed to mention was that it was an empty home, and a company had come in and winterized it in November. Since we wanted an inspection, part of the original PA was for the bank to turn on all utilities. The plumber told us that whoever had winterized it had not emptied the pump all the way, making it freeze and crack. (Michigan winters are pretty harsh, esp. this winter) That's why we did the request for them to fix it, as it kept us from having a complete inspection. That's also when the LA pulled this time frame thing on us. She never really gave an answer to our realtor as to why this time frame supposedly ran out, either. My brother bought a foreclosure and went through the same thing. I don't have enough space to tell you his story, but the water wasn't on until closing and he had all kinds of moisture problems (I guess the water was off for reason). By then it was too late; don't make the same mistake.

*bump*

Okay, wow. I don't even know where to begin, as this may be sort of lengthy, but I'll try to keep it to the point. My husband and I get pre-qualified, and mort. guy says go ahead, its okay to start looking. I asked a million questions, but he assured me that everything would be okay, even though my husband gets laid off from his Union construction job every year around January through about April. We find a house, and decide to sign a PA. The conditions were that the bank, (its a forclosure) would get the utilities on for us so we could get our inspection. While we're negotiating a price, the price of the home lowers $3000. We lower our offer, and the bank came back with our original offer, and agreeing to pay our closing costs. So we put a $500 deposit down. The utilities get turned on, but the pump is bad. We sign an addendum with an estimate, requesting the bank to fix the pump, (because the listing agent refused to fix it) so we can get water going, and complete our inspection. While we're waiting for that answer, the listing agent tells our realtor some time frame ran out, and we have to resubmit everything, starting a whole new offer all over again. Only thing is that no one really knows what's going on, no one explains anything in any detail at all, and the listing agent won't give our realtor a straight answer-for anything. We were supposed to close on the 15th of March. So, we resubmit everything, and now the bank wants a good faith estimate. Our mort. guy wouldn't do it, said it was a privacy act thing, but gave them a pre-approval letter. While that's in the works, I go online, and see that they've lowered the price of the house another $2000, even after we put down our deposit. Also, I find that the listing agent has the same house listed twice, the second price $7,900 higher than the asking price-and $100 higher than our orig. offer. Now because the old offer is no good, the bank agreed to fix the pump, keep the orig. price, but now will only pay 3% of the closing costs instead of 6, and the listing agent told our realtor that there is another bid on it. The only way they'll consider paying the 6% now is to get the good faith estimate from our broker. Apparently, its a more detailed breakdown of what we're approved for. So he does it. Now the closing date is April 20th, and we're waiting for word. The listing agent still never gave a straight answer as to why there were two prices on this home, and it seems like they're pulling something strange over this. Our realtor can't seem to get a straight answer one way or the other, and she can't believe this has been dragging on like this. The only explanation we get is that the listing agent has to submit bids online, and has no human contact with the bank. We signed the PA on Feb. 15th, and we always seem to be waiting sometimes a week at a time or more to get any answers on anything--even simple things. My question is: Does anyone here know if this sounds funny? Or is this normal home buying stress? I have a couple people telling me that they can't lower the price on a house when there's an accepted offer, and deposit on it. I've even had people tell me that something's fishy, and that maybe I need to consult a real estate lawyer. I'm a first-time homebuyer, and hopefully I"m explaining this well enough so you can get a good picture of what's going on here. I know home buying comes with a lot of headaches, but we haven't even gotten to the point of underwriting or anything yet, and I"m already losin it. I really don't know what to expect, so I don't know if something's really fishy or not. Any advice would be greatly appreciated!! Thanks CB!! Without you, I wouldn't even have gotten to this point--homeownership would not have even been a possibility. Now we're waiting for word if they'll accept that offer, hopefully by Friday, but I won't hold my breath.