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Jayne
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| Joined: | Tue Jul 25th, 2006 |
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| Posts: | 2 |
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Posted: Fri Jul 28th, 2006 01:18 am |
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| Thank you for getting back to me. I'm going to have to check with them. I was shocked that right up to the day of closing, they were led to believe the house was theirs.
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MortgageHelp
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| Joined: | Sat Jul 22nd, 2006 |
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| Posts: | 15 |
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Posted: Thu Jul 27th, 2006 02:07 am |
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I am a little confused if you are referring to an actual real estate broker (or loan officer), there should have been no money collected and spent. Money should have been placed in escrow and returned if there was no transaction. However, I am not sure what the contract stated. Usually there is a financing clause: If the buyer does not quailfy, then all monies are returned.
Very suspicious transaction, but then again, I am not aware of all the details. Financing is always finalized before construction even begins.
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Jayne
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| Joined: | Tue Jul 25th, 2006 |
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Posted: Tue Jul 25th, 2006 01:40 pm |
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| My daughter and boyfriend had a contract to build a home in New York State. They worked closely with the real estate broker and contractor. They paid the broker all the money that was necessary, as well as appliance, lighting, plumbing fixture upgrades. A couple of days before the closing, we did a walk through and the contractor made a list of things that needed to be fixed. The day of the closing, the broker calls and says that they weren't able to seal the deal due to another loan the boyfriend had. Multiple credit reports had been run. Why wasn't the red flag given to them when they first went into contract? Why did the broker keep taking money from them? Should they have been entitled to get their money back? The house did sell.
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