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Builder Manipulating Buying Process

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Are all the builders manipulating the buyer on the buyer process and to trick buyer to get loan with their prefer lender? The builder was not willing to clarify the other lenders policy and just keep asking to refer to the contract. But, the contract is not clear about their approved lenders with vague wording. Now, they give settlement date is less than 3 weeks and won't provide any assistance and clarification how and if I can use other lender with lower discount fees and rate. No agency is protecting and supporting home buyer on this?

Thx!

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July 09 - US

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Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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You can use any lender that you choose. And I would certainly hope you would've shopped two or three different lenders to get the best interest rate and fees.

Builders tend to use the same lender(s) because they trust that ones they have worked with in the past will be able to close in a timely fashion. And because the lender gets so much business from the builder sometimes they will offer discounts on fees or interest rates to the buyer.

Builders will also want you to use their preferred title company, but in most states you are free to use your own title company. The builder often receives a discount from the title company for the work that is done for them. They may well offer the same group discount for you too.

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Michael,

Thx so much for you reply and support. I have less than 3 weeks now if it is feasible for me to go with other lenders that my builder may not accept at the end. They have not been very honest, straight forward and cooperative on this. I heard that the builder may purposely make it hard for my outsider lender to do like appriser that causes delay and penalty to me. I just feel helpless and unjust being manipulating by them. I am learning from this and hope others will learn too and do better than I.

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July 09

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Builder Manipulating Buying Process

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Discussion This week in Chicago Real Estate with Mary Jo Daly. Home Mortgages 101

Discussion $8,000 tax credit for home buyers extended and expended

Discussion Have you heard that is nearly impossible to get a conventional on a 90 day flip?

Discussion I got scrammed by Century 21

Discussion NTETS pushes his "agendas" on threads - he claims to be a student of Warren Jeffs who was

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Guide List of Closing Costs and Fees

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