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Old 10-15-2011, 02:45 AM
 
6 posts, read 10,445 times
Reputation: 11

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Hello everyone,

i'm a first time home buyer in ny. It has been a horrific experience so far. We were supposed to close a month ago but still have not been able to. first loan processor did absolutely nothing. She told me things were going smoothly and we should have no problem meeting the closing date. Never updated me or returned phone calls or emails and went on leave 2 days before closing and put someone else in charge of my account. 2nd loan processor did answer phone calls so i was able to find out that they still didnt get the appraisal back (2 days before closing mind you). I started panicking and making calls to everyone I could (condo board, third party for appraiser, bank manager, etc) and was able to get most of the conditions met within 3 or 4 days. Anyway to make a long story short the seller apparently went into contract on another place before we closed on this one and now he's obviously stuck in a tight spot and blaming this on me. WHY THE Moderator cut: language WOULD ANYONE DO THAT? I mean what if I had been denied the loan then he really wouldve been screwed. I found out later that my agent and his agent shared my professional background with him and based on this info he went ahead and made an offer on another place (assuming I would have no problems getting approved). The two agents work out of the same office and little did I know that dual agent agreement doesnt mean jack apparently. Im taking heat from everyone (mostly from the sellers agent) saying I havent been doing anything and I need to be more "proactive". Also threatening to take legal action against me which could lead to retention of my down payment. Ive been contacting my lender atleast 3-4 times a day since i started this loan but they are just really slow unfortunately. I cant seem to get the point across to them. Experienced homebuyers/sellers please feel free to comment on my situation. There's always two sides to the story but I just cant understand what I did wrong in this situation. I been trying hard to rush this thing b/c its in my best interest do so as well but the bank is slow. Two questions: can they take my downpayment(even though ive done everything on my part and we have just been waiting on the bank ) ?? Also what do you think about this sharing of information business. I was actually pretty pissed off when I heard that. I thought my info was confidential. Why does the seller need to know what my profession is? I want to give the sellers agent a piece of my mind but not sure if i have an argument here. Thanks in advance.

Last edited by Green Irish Eyes; 10-15-2011 at 04:43 PM.. Reason: Please let the language filters do their job.
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Old 10-15-2011, 03:58 AM
 
Location: Southern California
3,113 posts, read 8,362,790 times
Reputation: 3721
Quote:
Originally Posted by khydroxide View Post
WHY THE Moderator cut: language WOULD ANYONE DO THAT?
People used to do it all the time. Find a house you like, make an offer on it, and then put your house up for sale and hope the timing works out right! May not be the smartest thing to do, and I don't think it's done as often now as it used to be, but it's not all that uncommon.

Last edited by Green Irish Eyes; 10-15-2011 at 04:43 PM.. Reason: Edited quoted post
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Old 10-15-2011, 05:08 AM
 
28,455 posts, read 85,140,627 times
Reputation: 18726
Any decent agent, especially with a first time buyer, would have been checking in on you and the lender REGULARLY. The fact that they did not, and they fact that they probably shared too much info with the buyer reflects badly on them, unfortunately it is still YOUR responsibility to be sure everything is in order prior to the scheduled closing date...

It is frankly BIZARE in the extreme for anyone from the lender to not inform you that they are running more than a MONTH behind for a home purchase. Where did you find these jokers? Any decent lender would have told weeks ahead of time that they needed more time.

I would assume that you are still going to eventually close, and the seller should be OK with that, again it was nutty of them, in the current environment, to set a firm closing date on a place. When standards were much looser and market was much hotter that may have been more common, but now you have to have a screw loose to think that everything will go smoothly for such a deal...

If you do not already have an attorney it would be a smart move to get one -- if only to create a "wall" because your agent has demonstrated an inability to keep your information confidential. I would make clear to tour agent that you still intend to buy this property and you want all communication to go through the attorney just so that you no longer have to fear some unreasonable behavior on the part of the seller.
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Old 10-16-2011, 10:58 AM
 
Location: MID ATLANTIC
8,666 posts, read 22,848,894 times
Reputation: 10485
Ditto, once you found out your agent and the other agent are in cahoots, game over with your agent as far as I am concerned. The following is not a legal opinion, which can only come from an attorney, but questions and comments based on my experience: How much money do you have on DEPOSIT? That's the only thing at risk here if your loan is denied and chances are, the reason everyone is upset, the financing contingency clause was not properly executed, the reason the seller is furious - no one was looking out for him.

You need to do two things: First, call another loan officer - DO NOT LET THEM PULL CREDIT - and run your scenario by them. If you have a copy of the other company's credit report, share it for a more accurate opinion. Independently find out if you are "approvable."

Second, contact an attorney, tell him/her you feel your agent is no longer representing your best interests and why. Follow his/her advice. Pay for this service, don't go to a friend of a friend divorce attorney. If you don't have the money, go visit the broker at the real estate company. Call and make an appointment first. Insist on an appointment face to face and without either agent. Share with the broker if he or she insists on trying to resolve this on the phone, that a telephone resolution is not acceptable and you will go meet with an attorney face to face. Whoever you meet, it will be face to face. (Don't know why but they will avoid face to face meetings at all costs). Share with the broker you feel your representation has left your side and is now working with the seller's agent. Share that the seller's agent is in direct contact with you. Without more facts, it's really hard to take this any further, but don't sit back and wait for this to resovle itself.

By the way, which big box bank has your loan? Bet I can guess it in 2 guesses.
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Old 10-16-2011, 09:49 PM
 
Location: Snoqualmie, Washington
29 posts, read 82,801 times
Reputation: 21
I agree with contacting the loan officer immediately and telling them to pull your file. You should also contact the managing broker in the real estate office where the agents work and explain the situation to him/her. From what you describe, it sounds like the agents broke their fiduciary duty and could have possibly endangered their licenses. If you are not pleased with the managing brokers explanation, you can call the state board in New York that handles real estate licenses and discuss the situation with them.

I am sorry you had an experience like this. I recently entered the profession to lift it up from the mud whee it has been the last several years - it appears I have a lot of lifting to do! Good luck and please try to stay cool and calm.
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Old 10-17-2011, 10:30 AM
 
2,401 posts, read 4,672,831 times
Reputation: 2193
Quote:
Originally Posted by SmartMoney View Post
Ditto, once you found out your agent and the other agent are in cahoots, game over with your agent as far as I am concerned. The following is not a legal opinion, which can only come from an attorney, but questions and comments based on my experience: How much money do you have on DEPOSIT? That's the only thing at risk here if your loan is denied and chances are, the reason everyone is upset, the financing contingency clause was not properly executed, the reason the seller is furious - no one was looking out for him.

You need to do two things: First, call another loan officer - DO NOT LET THEM PULL CREDIT - and run your scenario by them. If you have a copy of the other company's credit report, share it for a more accurate opinion. Independently find out if you are "approvable."

Second, contact an attorney, tell him/her you feel your agent is no longer representing your best interests and why. Follow his/her advice. Pay for this service, don't go to a friend of a friend divorce attorney. If you don't have the money, go visit the broker at the real estate company. Call and make an appointment first. Insist on an appointment face to face and without either agent. Share with the broker if he or she insists on trying to resolve this on the phone, that a telephone resolution is not acceptable and you will go meet with an attorney face to face. Whoever you meet, it will be face to face. (Don't know why but they will avoid face to face meetings at all costs). Share with the broker you feel your representation has left your side and is now working with the seller's agent. Share that the seller's agent is in direct contact with you. Without more facts, it's really hard to take this any further, but don't sit back and wait for this to resovle itself.

By the way, which big box bank has your loan? Bet I can guess it in 2 guesses.
Good post.

Yah... definitely consult your lawyer... and I hope your earnest money isn't too big a sum because it can take a looong while before things get resolve and hopefully "your way".
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Old 10-17-2011, 10:39 AM
 
2,401 posts, read 4,672,831 times
Reputation: 2193
Quote:
Originally Posted by khydroxide View Post
...(condo board...
Another reason why no HOA, builder's association (or any congregation of a group of investors / builders / contractors & the such) anything for me. And if there is a HOA lawsuit against the home... HOA = RUN!!!!

Remember... it is working only for their own advantage & their time-line.

And from my own buying experiences... the best sellers that will allow for a timely close is usually dealing with a SFH & that seller has already paid off their mortgage & actually "own" their home with no extra leins or the such to drag on the process... that is why it is important to do that homework on the house... and then on the sellers.
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Old 10-17-2011, 10:49 AM
 
Location: Columbia, SC
10,939 posts, read 21,908,917 times
Reputation: 10566
Sounds like you really had a crummy first lender. As to the question in your post, most every seller finds a place and makes an offer on another home once they get a contract on theirs.
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Old 10-17-2011, 11:00 AM
 
Location: Salem, OR
15,536 posts, read 40,299,265 times
Reputation: 17422
I think it was THL (Texas Horse Lady) that said that the job of a real estate agent is to "herd the cats." We are like general contractors that are supposed to help coordinate things. I don't know why in the world your agent wasn't in at least weekly contact with your lender to find out where things were at to head off any problems.

I think in all states it breeches fiduciary duties to share confidential information. I have only shared what my clients do for a living on rare occasions for a specific purpose and with my clients permission. All the situations involved multiple offers and I wanted to "sell" my buyers to the sellers so they would take their offer.

It is totally normal for a seller to go under contract on another house after getting one on theirs. When you sell a house you will do the same thing. Otherwise, the sellers would be homeless after you buy their house. As you can see, closing loans in a few days doesn't happen. Since it is a lengthy process, the sellers try and do simultaneous closings where they close on both properties on the same day.
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