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supercody · May 20, 2008, 09:48 AM

I was just trying to purchase my first house , I was told I was approved for mortgage and the closing was supposed to be April 30th . I was getting the run around from the Realtor and his mortgage company the 30th came and went and not even a call I had taken 3 days off work to move so I waited 3 days off . I went up to the Realtor and they told me the Mortgage company was backed up and they were trying to take care of me, So I planned the move for the 10th of May the 10th comes and goes and no call to tell me the deal is not done . So again I took 2 days off from work to move and wasted them . Last Monday I told them to Switch Mortgage Co. And get this done they told me me Closing would be done on the 21st well here it is the 20th and no calls again , I found out the paper work was never filed the first time by the realtor . Now my Next problem is mandatory repairs to the house were not done the Seller said she did not have the money to make them and just left them . The Realtor told me not to make a big deal out of the Repairs since the seller was being patient about how long the deal was taking to sell the house . The Repairs are over a $1000 I don't think I should eat that cost because of the Realtor . Now the Seller say if the Deal is not done this week she's pulling out of the deal .

Do I have a case here and what is it I would like to do something this is really stressful and the whole point of the house was to move my Sick mother out of a bad Area she lives in . I lost allot of time 5 total vacation day gone and not to mention money on Renting trucks that never got used and storing stuff that should have a home .

Fr_Chuck · May 20, 2008, 01:18 PM

Buying a first house, and sounds like you are buying it the sellers real estate agent, Remember they are not working for you, they are working for the seller.

Also it is your responsibility not the real estate agent to find a mortgage. They may help, but if you are not signing papers, and checking with the mortgage company. Next remember don't dare make plans to move till after the closing, It is common for mortages to far though all the time.
Pre-approved does not really mean you are, and so many of these still fall though.

Next if the seller signed and accepted to do the repairs, they are liable for them, if they do not do them, you can refuse to purchase the home or they will have to give you that money back at closing.

So next stop renting trucks that is silly, till you have actual possessoin of the home, Next tell them great, if the seller wants to back out, you get your money back and start looking for a new home, KNOW when to walk away and say NO

Emland · May 20, 2008, 01:28 PM

I agree with Fr_Chuck. Get yourself a buyer's agent today. There is no cost to you and they will protect your interests. A good mortgage broker can get your paperwork done in a few days if all the necessary forms have been done (credit check, survey, appraisal, etc.) If your seller agreed to the repairs, then they are bound and you can back out at no cost. The seller may also back out and keep your deposit if you committed to a close date on paper. Get an agent to help you immediately.

JudyKayTee · May 20, 2008, 01:33 PM

Originally Posted by Emland

I agree with Fr_Chuck. Get yourself a buyer's agent today. There is no cost to you and they will protect your interests. A good mortgage broker can get your paperwork done in a few days if all the necessary forms have been done (credit check, survey, appraisal, etc.) If your seller agreed to the repairs, then they are bound and you can back out at no cost. The seller may also back out and keep your deposit if you commited to a close date on paper. Get an agent to help you immediately.

If you hire a buyer's agent, who pays him/her?

Fr_Chuck · May 20, 2008, 02:14 PM

At this point is is really too late to hire a buyers agent unless you merely pay them a few hundred to help you close the deal.
Normally you use and hire a buyers agent to help you from the start and they would receive a portion of the commission at the time of sale when they submit the contract to the sellers agent.

excon · May 20, 2008, 02:22 PM

Hello:

An agent sells the house. This house is sold, therefore another agent isn't necessary. What this gentleman/lady needs is a real estate attorney.

excon

JudyKayTee · May 20, 2008, 03:13 PM

Originally Posted by Fr_Chuck

At this point is is really too late to hire a buyers agent unless you merely pay them a few hundred to help you close the deal.
Normally you use and hire a buyers agent to help you from the start and they would receive a portion of the commission at the time of sale when they submit the contract to the sellers agent.

Oh, split commission. Got it. I thought this was a person you would hire now, when the deal went bad, sort of like an Attorney -

Right. I've worked with one realtor but purchased a house listed with another and never thought if it as buyer's/seller's attorneys.

Thanks -

Fr_Chuck · May 20, 2008, 03:44 PM

Well yes, they should have had a real estate attorney to go over all the documents for closing also, but I bet they were letting the agent do that also, the agent of course wants that because most likely they were gong to get a kick back or some payment by the mortgage lender and the closing agent, and I wonder who picked the house inspector?

supercody · May 21, 2008, 06:46 AM

This was my Agent that found the house and My Agent got me the Morage broker too it's the one they work with .I got my own Home Inspector . Again this is my first house so all this is new . And this is the first time I'm hearing about a real estate attorney do I need one ? Because I'm really limited on funds

excon · May 21, 2008, 06:59 AM

Hello again, super:

See, here's the deal... ALL real estate agents represent the seller, unless you specifically hire a "buyers" agent. Yes, the sellers agent found you... That didn't make YOU her client.

If your deal had gone smoothly, then you wouldn't have needed an attorney. But, your deal is going south. It's going to cost you either way. Look, you're either going to pay for an attorney to get it fixed, or you pay these morons and it may NEVER get fixed, and you lose the house PLUS your deposit.

In MY humble opinion, you need an attorney.

excon

PS> (edited) As a bit of added advice... The realtor's job is to get the house sold... The realtor knows NOTHING about the lending process and should NOT be in charge of it. YOU should. The loan officer is the guy who is in charge of making the loan go through. It's HIM you should be in touch with on a DAILY basis. This is probably the BIGGEST purchase of your life and it should NOT be left to amateurs. That's what you did. It's not surprising that your deal went south.

IF, and when, you hire a lawyer, don't think that HE'LL manage your business for you either. You're going to need to stay on top of HIM every day too. And, I mean EVERY DAY.

Emland · May 21, 2008, 07:57 AM

Originally Posted by supercody

This was my Agent that found the house and My Agent got me the Morage broker too it's the one they work with .I got my own Home Inspector . Again this is my first house so all this is new . And this is the first time I'm hearing about a real estate attorney do I need one ? because I'm really limited on funds

From what you have described you have a completely incompetent real estate agent. I would be making a call to the agent's Broker as well as the department for professional and occupational regulation in your state. You are responsible for getting the paperwork the lender needs to fund the loan. Your agent should be fully versed in what documents you need. Many lenders are in a lot of financial trouble right now and not all of them are solvent, so make sure you have a solid company. The lender will contact your agent for certain documents he needs for the underwriters.

What is the date of close on your contract with the seller? If that has passed, you will probably need to have a new contract drawn up and signed. I'm surprised your agent has dropped the ball on this - it isn't as if commissions are falling out of the trees right now.

Excon is right in one respect. The agent isn't the one processing your loan, but a good agent will be in constant contact with both the people they are representing as well as the lender and the closing agent.

DBmtgprocessor · May 21, 2008, 07:58 AM

I agree with excon in that you need to be dealing directly with the mortgage broker or loan officer. The realtor may have referred you to them but everything else is directly between the two of you. If you have had no contact with the loan officer you have a serious problem. Your realtor does not have the authority to do any of that for you. Paperwork needs to be signed and submitted to the lender for approval. You need to contact the loan officer to see what is going on. If the seller doesn't want to do the repairs that were stipulated in the contract then you can get out of it.

excon · May 21, 2008, 08:15 AM

Hello again:

The key is SOMEBODY needs to be in charge of the process. IF you had a good realtor, he/she would have assumed the role. If you had a good loan officer, HE would have assumed the role. If YOU knew what was going on, YOU would have assumed the role. If you hired a good real estate lawyer, HE would have assumed the role.

But, there was nobody driving this car. It's not surprising that it didn't go anywhere.

House closing, lending big money, selling one's home, commissions on the line, buying a place for mom... These are very stressful times for ALL the participants. Deals that AREN'T managed, fall apart. There needs to be a lot of hand holding, a lot of communication, a lot of documentation being passed back and forth...

excon