in a realestate mess please help?
agent ref me to a loan broker his father, I live in cali &HE removed contigencies knowing we didn’t have a loan (We didnt know this). we had to put 5% down for loan, Then our loan guys calls us 10 days before close asking us for 3% more & with an outrages APR or else I’ll lose my 10k in escrow. We had to leave work and try to get another loan from Bof A which we got with out anymore money other than the 5% we may not close in time & will be fined by the seller. my agent (was a friend) knows that my son was diagnosed w/? i have been unfront with them from begining to end i told them everything my credit & financial situation and they both said no problem. Before I placed a bid we asked our agent only place it if we are confrimed with the loan becuase we have no money to put down and the little that we do we need it to make the renovations the house needs. I want to fire agent can i (no buyers agency) he told us not to worry that he promises that the money we put down we will get back
i live in L.A i never had a loan and my agent new this but we never knew this everytime I emailed agent to get status he never respnded he would however call from time to time but never with any answers we told him not to remove cont. until he was certain we had loan. we have put up 10k earnest &22k loan (sorry confusing but i dont hve much characters 2 wrk w/) his broker said we are fine since we managed to get another loan from BofA. Contract stated that we needed 20k down, when we seen this we advise our agent to pull since we did not have that money and the money that we did have was to make repairs that it desprately needs, we told him if we have to put more than the 10k earnest money we put down then we dont want to continue he said not to worry that he promise that his father (loan brker) will use a portion of the loan as the 20k , as you can see he couldnt even get us a loan. This house needs wrk my son needs surgery&cant recoop in this house we want to walk & 4get the 10k
what part of CA are you in?
Not quite sure why I got a thumbs down for this question regarding your issue.
I was only asking in hopes that you might be in an area where I could put you in contact with someone who could help you.
I have family in CA in the real estate industry and was hoping to lend a helping hand.
It turns out that you are way too far north. I am sorry that I was not able to help you. I was hoping that I could.
I would really appreciate that the thumbs down be removed. I was hoping to do better than just answering your question myself, I was hoping to connect you with someone in this field. I really hope that this all works out for you. I will pray for you and your family. I am very sorry that this has happened to you.
If I were in your shoes, (I don’t imagine that you have extra money to hire an attorney), I would call a different real estate agent (one that is very well known with at least 10-15 years of experience) and ask them their advice. If there is something that you can do, they will be more than happy to take you on as their client.
Again, good luck to you.
P.S. Call 1-800-200-Lend or Lend America.com
They might be able to help
Hey I did a little research for you,
I hope this helps
LOS ANGELES CAMPAIGN AGAINST PREDATORY LENDING
The Los Angeles City Housing Department has unveiled an aggressive public outreach campaign, "Don’t Borrow Trouble," to raise awareness of the growing problem of unscrupulous lenders who prey on unsuspecting homeowners and homebuyers. The campaign includes ads, posters, other printed materials, public service announcements in English and Spanish, a toll-free hotline, (800) 477-5977, and a Web site, http://www.lacity.org/lahd/.
The aim is to educate borrowers about danger signs of lenders offering seemingly attractive loan terms that can result in the loss of the home. The "Don’t Borrow Trouble" program also includes an affordable loan program called HELP (Homeowners Equity Loan Program), to assist low-income homeowners with high-interest loans to refinance and rehabilitate their properties. Provided by Los Angeles Neighborhood Housing Services in partnership with Wells Fargo Home Mortgage, HELP will assist borrowers who may have already fallen victim to predatory lending practices. For assistance, homeowners can phone toll-free (888) 89-LANHS. Los Angeles is one of the twelve pilot cities chosen by Freddie Mac for this campaign.
what part of CA are you in?
Not quite sure why I got a thumbs down for this question regarding your issue.
I was only asking in hopes that you might be in an area where I could put you in contact with someone who could help you.
I have family in CA in the real estate industry and was hoping to lend a helping hand.
It turns out that you are way too far north. I am sorry that I was not able to help you. I was hoping that I could.
I would really appreciate that the thumbs down be removed. I was hoping to do better than just answering your question myself, I was hoping to connect you with someone in this field. I really hope that this all works out for you. I will pray for you and your family. I am very sorry that this has happened to you.
If I were in your shoes, (I don’t imagine that you have extra money to hire an attorney), I would call a different real estate agent (one that is very well known with at least 10-15 years of experience) and ask them their advice. If there is something that you can do, they will be more than happy to take you on as their client.
Again, good luck to you.
P.S. Call 1-800-200-Lend or Lend America.com
They might be able to help
Hey I did a little research for you,
I hope this helps
LOS ANGELES CAMPAIGN AGAINST PREDATORY LENDING
The Los Angeles City Housing Department has unveiled an aggressive public outreach campaign, "Don’t Borrow Trouble," to raise awareness of the growing problem of unscrupulous lenders who prey on unsuspecting homeowners and homebuyers. The campaign includes ads, posters, other printed materials, public service announcements in English and Spanish, a toll-free hotline, (800) 477-5977, and a Web site, http://www.lacity.org/lahd/.
The aim is to educate borrowers about danger signs of lenders offering seemingly attractive loan terms that can result in the loss of the home. The "Don’t Borrow Trouble" program also includes an affordable loan program called HELP (Homeowners Equity Loan Program), to assist low-income homeowners with high-interest loans to refinance and rehabilitate their properties. Provided by Los Angeles Neighborhood Housing Services in partnership with Wells Fargo Home Mortgage, HELP will assist borrowers who may have already fallen victim to predatory lending practices. For assistance, homeowners can phone toll-free (888) 89-LANHS. Los Angeles is one of the twelve pilot cities chosen by Freddie Mac for this campaign.
References :
http://www.car.org/index.php?id=MjUzOA==
Get an attorney and go the agents broker.
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I am guessing from your cloudy explanations that you were purchasing a house regarding the mess that you were in.
I am somehow confused with the $10K escrow that you mentioned. Do you mean a deposit or earnest money?
Assuming that you purchased this house that you’re in a mess, haven’t you heard about contract? According to the real estate law, a contract between the buyer/seller/real estate are bindable.
If I were you, I would consult to a Real Estate lawyer and know the law in your state.
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I’m not sure I at all understand the facts as you explain them.
It is normal practice that the purchase of real estate is contingent on an acceptable loan. If the buyer doesn’t get that, then the buyer gets to undo the deal and get all the money back. Or else, renegotiate.
If that is not your situation… and it doesn’t sound that way… then my advice is to contact an attorney NOW. Right now, before your money gets stolen away from what sounds to be a bogus situation.
If the agent did not put that contingency in the contract, then I think you have a cause of action against the agent.
Just don’t fool around and lose your 10k escrow.
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Boy are you getting the run around…
Never do business with friends or relatives…
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Phoenix (what an Idi*t) you should read (no buyers agency) is part of contract anyhow i understand they do not give you enough characters to work w/ so here goes: An agent is "responsible" to their clients. They have a duty, called a "fiduciary duty." This means the agent is responsible to act in the best interests of their client. A car salesman does not have to act in your best interests — they just have to sell the car. It isn’t that simple for real estate agents.The Buyer Agent owes fiduciary duties to the Buyer under this relationship and agreement, including fidelity, honesty, dedication to purpose, acting in the Buyer’s best interests, etc. when is it in the clients best interest to have the contigencies removed when a loan is not in place. He removed contigencies knowing you did not have a loan call an real estate attorney. I would call the broker tell him you want 7k of his commission credited to you or you will see them in court when he told you his dad can give you the money that you were going to have to fork up he made himself responsible by advising you to go forward
References :
i got some of it from online and research : )
Get an independant attorney to sort this out.
Listen to Gary: Never, ever do business with friends and/or relatives.
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