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I think I know the answer to my question, but thought I would double check. I was promised a rate lock, and when I went to confirm it (it hadn't been sent in writing to me yet, which bothered me), I was told, oh, you didn't really confirm, and the market has changed so now your rate is going to be XYZ higher. (I had verbally committed to it and was waiting on the estimate). Is that normal? I know with nothing in writing I'm essentially screwed regardless of if the broker either made a mistake or lied to me to begin with. I've been fighting to get it in writing all of last week before signing a contract Sunday (tomorrow) as I am not comfortable signing (even with a due diligence period) without having the finances in writing. Would anyone here recommend signing the contract and trying to get the financing worked out Monday? I can afford the house with the higher rate but one of the reasons I was buying was due to the better rate, I wouldn't be buying without it.
I'm working on it. I keep hearing from everyone that the best I can do is 6% without buying down the points, and to wait and see if anything gets better Monday.
Just curious - is there anywhere I can report this guy for handling our rate lock incorrectly, or is my only recourse to complain to his boss (and I know they are not about to buy my rate down on their own to what it was supposed to be). Just curious about my options before I back out on the seller.
you cant report anyone for not locking in the rate on time but you can report him for not disclosing the rate change (if he didnt)
you can report him for bait/switch but that's IF you close with him, and can prove that he made more compensation in offering you the higher rate.
Basically, the question is if he's making more compensation otherwise you can't say he didnt have your best interest in mind.
The seller can sue you if you are able to obtain financing, and still didnt want to close. More than likely they will just keep your earnest money deposit.
Quote:
Originally Posted by Smokipenelope
Just curious - is there anywhere I can report this guy for handling our rate lock incorrectly, or is my only recourse to complain to his boss (and I know they are not about to buy my rate down on their own to what it was supposed to be). Just curious about my options before I back out on the seller.
Just curious - is there anywhere I can report this guy for handling our rate lock incorrectly, or is my only recourse to complain to his boss (and I know they are not about to buy my rate down on their own to what it was supposed to be). Just curious about my options before I back out on the seller.
As far as reporting him -- write a letter to the broker's manager and/or the principal of the firm. Tell them what happened, and that you are not happy with what happened. In addition, let them know you are even more so not happy with how the situation is being handled and that their turning deaf ears has cost you valuable, irreplaceable time. Clearly state that if don't get satisfaction on this issue, you will be notifying the State Department of Banking and Insurance within X number of days. Get the exact name of the State regulatory agency and refer to it by name in your letter. You might want to send it via fax and hard copy via overnight mail, registered letter, etc. If you really want to play hardball, speak with an attorney and CC the attorney on the letter. Or, have the attorney write it for you and go down that road.
Any and all of this might be an exercise in futility. On principle I would take my business elsewhere.
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