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Now: incredibly pissed at mortgage broker

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Waiting til Monday... broker and his firm are working on it... they have a lawyer involved trying to get everything ready for Monday.
My lawyer doesn't think there's a snowball's chance in hell that they'll be ready.

We put about 200 miles on the car today looking at other options. There are none at this time.
 
Eh, I found a property in foreclosure and up for auction in 2 days many years ago. I called a real estate broker I knew and he floated me a swing loan to buy the place while I got financing. If you have some real estate to put up as collateral or if your credit rating is excellent and are assured of being granted a loan I don't see why you can't get somebody to front you the money temporarily.

This is why I have never used mortgage brokers. They are liars and thieves. They will bait and switch you right up to the end. I prefer dealing with established lenders who have their own money to lend.

Good luck.
 
Originally posted by: HappyPuppy
Eh, I found a property in foreclosure and up for auction in 2 days many years ago. I called a real estate broker I knew and he floated me a swing loan to buy the place while I got financing. If you have some real estate to put up as collateral or if your credit rating is excellent and are assured of being granted a loan I don't see why you can't get somebody to front you the money temporarily.

This is why I have never used mortgage brokers. They are liars and thieves. They will bait and switch you right up to the end. I prefer dealing with established lenders who have their own money to lend.

Good luck.
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Agreed. Get a good real estate attorney and screw those vutures.

 
What you need to do is to look at your options and choose the wisest....

It can be worse... believe me.... you can lose EVEN more money...
 
We had actually found a place today that we could almost pay cash for... but it'd take about 6 months of saving to pay for the repairs necessary. We considered it as a temporary investment of the cash we have on hand. But, in this area, the *only* way to make money in real estate is either renting, or fixing it up cheaply yourself and reselling it. Prices on realestate are pretty stagnant here. (if you pay 50k for it this year, it'll be worth about 55k in 10 years)
 
Tomorrow's the big day. We'll know tomorrow if we're screwed or not.
Our lawyer already said there's nothing we can sue for. I'm not sure if he knows everything that went on.

We:
repaired a roof on this house, because the broker said the bank wouldn't underwrite the loan with a bad roof.
packed everything we own into boxes because the broker said "have you started packing yet? You better! We'll be closing this Friday"
transferred our children from our home school district to the new school district
spent upwards of 80 hours fixing up things that had been neglected for a year. Particularly an incredible amount of mowing and raking. Plus, we evicted the woodchucks from the basement of the house.

Then, when our broker said "oops, this isn't going to work unless we either have a survey done or you put down 20% instead", we realized we wouldn't have enough cash in hand at the end to purchase a new heating system and would have to go with the wood heat in the house (several hundred in repairs to the existing wood furnace) This resulted in me spending a week of free time cutting and hauling firewood. At least I can recoup the lost effort and time by selling the wood for $40 a face cord.
 
wow, you repaired the roof on a house that isn't yours yet? you sound pretty desperate to get that house, and your mortgage broker knows that too, I wouldn't be surpised if he comes back with a higher rate in order to close on time, and he knows you will take it too. Do you have a lawyer, buyer and seller has a "reasonable time" to close the deal if the first closing date didn't happen. Noone knows what reasonable time means, some say its 30days, but its vague for a reason so it will give you enough time to close. Don't agree to the 7days BS from the bank, if they walk away from the deal, you might be about to put a lien on the house for the repair or sue them...good luck!

rich, currently taking a real estate license class 😛
 
Originally posted by: richardycc
wow, you repaired the roof on a house that isn't yours yet? you sound pretty desperate to get that house, and your mortgage broker knows that too, I wouldn't be surpised if he comes back with a higher rate in order to close on time, and he knows you will take it too. Do you have a lawyer, buyer and seller has a "reasonable time" to close the deal if the first closing date didn't happen. Noone knows what reasonable time means, some say its 30days, but its vague for a reason so it will give you enough time to close. Don't agree to the 7days BS from the bank, if they walk away from the deal, you might be about to put a lien on the house for the repair or sue them...good luck!

rich, currently taking a real estate license class 😛
Click to expand...

Our purchase offer already expired. Apparently there's another purchase offer on the table. My last update was that the person who owns the brokerage was now handling the problem and was on the phone with the bank. If we don't close today, apparently they're going to accept the other purchase offer.

As far as the repairs to the roof - the bank selling the property (it's a foreclosed property) did not know I was making repairs. The underwriters would not underwrite the loan with a bad roof (the roof was replaced by the previous owners to repair a leak, but they didn't replace the flashing - it was the flashing that was causing the leak - idiots. We were advised NOT to ask the bank that owns the property for permission or, in the words of my lawyer, "we'd be opening up a whole can of worms." We'd be caught in a catch 22 situation - can't work on it til we close, can't close til it's done. The repair only took a couple of hours, about $200 was spent.

Apparently the fvcktard of a broker we've been dealing with is doing this the way they do refinancing of loans. All we've needed is the mortgage commitment letter and our lawyer would handle the rest. But, instead, they're trying to do all the title stuff, etc. We attempted to switch path when the deal fell through, but were told by an obviously much more intelligent and knowledgeable broker that there's no way he could get it through on time - our only choice was to hope this idiot could pull it off. My lawyer is betting against it.

I am now the poster child for "Don't use internet companies for morgages!" aka don't use Lending Tree.com
Sure, it probably works for a majority of people, but there's also a much larger chance that you're getting screwed over.

And, you're right. We would sign at a higher rate, then refinance ASAP. Refinancing is a piece of cake. Purchasing a foreclosed property, unless you have the entire amount in cash, is a major PITA.

We've already contacted a new broker this morning and are starting the ball rolling to find something else. I'm incredibly disappointed though, this property was exactly what we've been dreaming of since we were married. 111 acres, isolated, 6 minutes from town. On a saturday, there's an average of about 10 cars that drive by the entire day. Beautiful land.
 
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