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Answers (7)
- Ofe Polack, "Ofe Polack"
- Contributions:1418
When you were issued the Letter of Commitment, I am sure there were a list of items that needed to be resolved prior to closing. Go back to that letter and see if that one item you are referring to from 4 years ago is not there. Furthermore, it would probably mentions that it must be settled prior to closing. Given the circumstances, I think you may need somebody other than your buyer agent to explain to you what is happening and whether you have met the deadlines that will enable you to receive your escrow deposit back. The best person is the Broker in conjuction with the lender. I can understand your anger with the collection company, not wanting to talk with you, that is unheard of. Hope things work out for you!
- Clay Branch, "Georgia Loans"
- Contributions:7836
Did the mortgage company give you a preapproval letter before you signed the contract? If so, was there a condition to pay off or establish a payment plan for that acct?
- wetdawgs
- Contributions:26833
Please talk with the broker.
However, I'm also puzzled why you didn't resolve the bad debt before starting the house buying process, and let loose strings of bad words when the agent suggests things you don't want to hear.
However, I'm also puzzled why you didn't resolve the bad debt before starting the house buying process, and let loose strings of bad words when the agent suggests things you don't want to hear.
- Scottsdale_AZHomes
- Contributions:47
Just out of curiosity since you seem to think the problem is your agent, How did you choose your agent? Was it a referral? Found on a website? Yellow Pages?
I have worked for several brokers over the years, and every one of them has made it a point to stress that as a Buyers Agent you should be protecting your client (and your clients EM), anything less is a breach of your fiduciary duties.
I agree with the other comments that your agents Broker should be made aware of this situation.
I have worked for several brokers over the years, and every one of them has made it a point to stress that as a Buyers Agent you should be protecting your client (and your clients EM), anything less is a breach of your fiduciary duties.
I agree with the other comments that your agents Broker should be made aware of this situation.
- Scottsdale_AZHomes
- Contributions:47
Not sure what state you are in, and the rules may be different in different parts of the country, but..
I think you should obtain a Denial Letter from your lender then present along with a cancellation notice to the Seller (through your agents). This should satisfy the financing contingency in your contract. If the EM is being held by the Title Co. be sure to send copies to them as well.
I think you should obtain a Denial Letter from your lender then present along with a cancellation notice to the Seller (through your agents). This should satisfy the financing contingency in your contract. If the EM is being held by the Title Co. be sure to send copies to them as well.
- RichardReid
- Contributions:197
You should engage the broker immediately. If you are not satisfied, there are a number of avenues to take. You can engage an attorney to assist in the return of your earnest money. You can also contact the state real estate commission, the local board of REALTORS, etc. There are a number of provisions in place (they vary by state) governing earnest money specifically. Many offer arbitration options without going to court, but in my experience, the broker typically resolves the issue long before arbitration is even entertained.
Home buying is an emotional process, and when there is a dispute over money, emotions run extremely high. Take a minute to breathe deeply. Pull out your contract and review the earnest money section specifically. Then go to the special stipulations section and read to see if anything overrides the earnest money section. This should give you a clear starting point for where you stand.
Organize your thoughts, then pick up the phone and call the managing broker at the office your agent works for. The earnest money is their responsibility.
Home buying is an emotional process, and when there is a dispute over money, emotions run extremely high. Take a minute to breathe deeply. Pull out your contract and review the earnest money section specifically. Then go to the special stipulations section and read to see if anything overrides the earnest money section. This should give you a clear starting point for where you stand.
Organize your thoughts, then pick up the phone and call the managing broker at the office your agent works for. The earnest money is their responsibility.
- John Stewart, "nwhome.us"
- Contributions:2166
Yes it sounds as though you should have a talk with your agent's managing broker (boss). They are responsible for every deal that goes through the office and should be your support system.
If the level of distrust is too high, talk to a real estate attorney immediately.
If the level of distrust is too high, talk to a real estate attorney immediately.
I have the worst realtor ever
In short the mortgage company stated the could provide me a loan with a bad debt on my credit. 7 days before closing they stated they wanted me to make a payment arrangement for the bad debt, which is over 4 years old. The collection agency has been very difficult in trying to get a resolution, they refuse to speak with me. They put me on hold for 20 or more minutes, transfer me around, won't return phone calls. It's just crazy that these people refuse to speak to me about a debt they say I owe. Since the mortgage company has decided they now will not give me a loan because of something that was there from the beginning, I now have no way of purchasing this house. My realtor tells me, well you know you will not get your earnest money back. Which sets me off in a fire storm of the dirtiest words I can think of. My contract clearly states I must be able to secure financing at a certain percentage, if not I have the right to back out without any penalties. The realtor then says well you weren't denied financing, I questioned what do you call it when they say you can't have the loan until this is settled? And we have no idea when this will be settled
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