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Now if you were rid of the Audi, life would be perfect.:D

Update, I just got an e-mail from the Realtor, it seems he lied even more than I thought.

Quote:

On Fri, May 23, 2008 at 3:55 PM, T wrote:

Just wanted to let know that some problems have shown up on Doe's credit report and they are working with the mortgage broker to get this worked out. I will let you know as soon as something is worked out. The appraiser will need access to the house as soon as these other problems are worked out. As soon as I find out who the appraiser is I will get his email so you can email him the code to get in the house.

Quote:

Why are there problems showing up on the credit report?

They were pre-qualified per your initial e-mail:

Quote:

from T
to Jim
date Wed, Apr 9, 2008 at 4:12 PM
subject RE: Request to schedule home showing at 180 Nighthawk Dr., Sylva, NC 28779
mailed-by hotmail.com

hide details Apr 9

Reply

Jim, my client would like to see your house but unfortunately neither of the times you gave would work. They would like to see it as soon as possible one evening if that could be arranged with the neighbor. They have driven to the house and are very interested. I have been working with this couple for a while and they are ready to make a move. They are prequalified with a mortgage broker. If we could take a look as soon as tomorrow evening that would be fine or at the latest the first of next week. I will be out of town beginning friday evening and will not be back until Sunday evening. Let me know what will work.

This information influenced me to deal with you as you indicated a pre-qualified buyer and that tells me we have a fast deal on our hands and a fast closing.

So then you set a 6-7 week out date for closing and a very measly $1000 deposit (FYI - I did not know you could put such a small deposit on a home I have always deposited $5000-$10,000 on every home I purchased. ) and now we are having credit issues I assumed were worked out already since you stated they were "prequalified".

Please let me know if the closing is going to be moved up sooner or on schedule.

Jim

BTW - He can no longer be bothered to open the house up for me since I cut his commission from 5K to 3K now I have to arrange everything myself.

I am looking forward to frying this guy. He is what is wrong with Realtors.

I tell you, they are not working for you! they are working for themselves. period...

They asked for a June 27th closing about a month ago. I was not happy but agreed.

Now this.

If this does not go through a head will roll.

Quote:

Originally Posted by Jim Cesiro (Post 3961104)

They asked for a June 27th closing about a month ago. I was not happy but agreed.

Now this.

If this does not go through a head will roll.

You want some outa state muscle? My current state of mind is favorable to making a trip just to kick a total strangers ass.
I am only but a phone call away.:D
It is too bad I am not ready to retire yet or I would buy the house from you and solve all the problems.

"Problems have shown up on credit report" could be code for several things:

1) They want to re-negotiate.
2) They've found another property and want out of this deal.
3) They're dirtbags.

"Pre-qualified" doesn't mean much. "Pre-approved" is the key phrase.

Unfortunately, one of the first contingencies in any real estate contract is "purchaser to obtain suitable financing". So, they pull a weak credit score, their "pre-qualified" rate goes from 6.25 to 9.5...they then can invalidate the contract saying 9.5% isn't "suitable financing".

Good luck. Let us know how it turns out.

Jim, is the house still on the market? If not, you might consider re-listing and showing it. Be open about the pending sale with any potential buyers. Realtors often show homes that have a sale pending. As much as I hate to say it, your deal isn't looking good, as they obviously do not currently have financing in place.

Quote:

Originally Posted by onewhippedpuppy (Post 3963058)

Jim, is the house still on the market?

FSBO on Zillow.com

http://www.zillow.ca/HomeDetails.htm?zprop=2146939143

Wanna part it out?

How much for the mirror in master and the bakers rack, shipped?

So they make me wait 6 weeks, back out and take the deposit. After I was told they were pre approved.

And realtor's want to know why they have a bad reputation.

Back to square one. I am so pissed off right now I cannot see straight.

Quote:

Attached is the Termination of Contract and Release of Earnest Money and a letter from the mortgage broker. They were initially given the rate of 5.625% when they went to the mortgage broker. That is why I put their rate in paragraph 5 in the contract at 6.00%. The mortgage company has now come back and said that the best rate they would approve them at is 6.50%. S and K have talked with the mortgage company and other lenders about the possibility of a better rate. Their only option was to buy points but they cannot afford to do that and make the changes to the house they want to make. Between the rate change and the change in their monthly payment, their expanding family and the economy S and K are worried that the monthly payment will be more than they can handle. They have consulted with an attorney about their right to Terminate this contract because of this change in interest rate. The attorney told them they are within their right to terminate the contract and receive their earnest money deposit back. They are sorry this turned out this way. If you want to consult Attorney H B about this her number is xxx.

Sue them! They are assuming you will just go away, I would like to see that contract that says if my rate changes all deals are off! You can change rates just by paying or not paying more points..

EDIT: Christ Jim, now you got by blood pressure up again!!!

I would not release the escrow right away. I would make a claim for monetary damages due to the crap they put you through. You lost opportunities to show the home to other parties, the potential buyers were coming and going at will in the house, etc.

Further, usually once a contract has been entered into, if the buyer retracts the offer or does not fulfill its obligations under the contract, the earnest is forfeited.

What Cashflyer said. How did they get their deposit back? That money is yours.

WTF?! Since when is earnest money refundable when you default on a contract? Jim, you damn well better be calling that realtor's office and speaking to the owner. If it's a national chain, go over the owner. Also go to the board of realtors. This SOB deserves to go back to selling used cars, because he's a POS. Of course, I'm yet to meet a good realtor.

Having been royally f-ed over by a realtor and dirtbag seller last year, this stuff really pisses me off. Realtors are on a par with car salesmen and shady mortgage lenders in my book. Not to mention the total lack of integrity on the part of most home buyers and sellers.

The realtor put in the contract that they had to be able to obtain financing at no more than 6% interest.

They got financing at 6,5%, they were financing 214K to the payment went up $70.

There is a letter from the mortgage broker outlining his financing options and 6.5 was the best they could get him with a 680 credit score.

I am most pissed because I was initially approached by this scumbag Realtor and told these folks were pre-approved. That tells me they have financing in place and just need a house for collateral.

I was told nothing but lies and now wasted 2 months of my time, and 2 mortgage payments wasted.

What was the value of that vase they knocked on the floor during one of their unauthorized visits?

Send them a bill.

Jim, I cannot fathom how you have not had an aneurysm by now. Check your pulse - is your heart actually still beating? I'm in doubt.

Jim,

All real estate deals are high emotion affairs. Every one I have been involved with (lots) has been stomach churning.

My advice ....... life is short ..... let it go ....... re-list and move on.

Retaining lawyers only buys you another go-around on the rollercoaster.

Kiss your wife, tell the kids you are proud of them and knock back a cold one.

You will feel better.

And ...... what date are we going to get together with Bill now that you gotta come back up here?

Me, Cash & Duke got 115 miles of mountain driving going down tomorrow but it ain't nothing like a drive with Bill and the boys.

Quote:

Originally Posted by Jim Cesiro (Post 3973831)

The realtor put in the contract that they had to be able to obtain financing at no more than 6% interest.

They got financing at 6,5%, they were financing 214K to the payment went up $70.

BUT...
they admitted in their cancellation letter that they COULD get 6% if they would pay points up front. In other words, they made a choice not to get 6%. They defaulted on their agreement with you, IMO.

Prials probably has the right attitude, however I know it sucks to be jerked around and I also know that you have losses incurred.