first time homebuyer and im lost!?

Question

my husband and i were in the process of buying a home, but backed out. we found this guy who is a broker/realtor who did our credit report and apprasial and showed us some houses. he told us the we would need to write him a check of $707.00 for the closing cost or something like that, but he never said he was going to cash it right away. so one week later, he cashed it without letting us know to have time to put money in the account. which made us angry. were we suppose to pay him? so i asked him for a refund and he said he can only refund the apprasial money but not the credit report. how much is a credit report? im so lost and angry right now, was he suppose to take money from us? please help me out, were young and dont know if this guy is just playing us.

i just called the guy and told him we want a refund, because he told my husband he could get us one, and he said he could refund the apprasial but not the credit report. we did make a offer on a house, but it was a foreclosure home and we didnt get it.

Answer 1

the only reason a broker/agent would be depositing a check is if you made an offer on a home and gave him earnest money for a deposit when submitting an offer to buy on a property.

It sounds like you are talking about a mortgage broker. A sleazy one. They are supposed to be licensed, so find out his license information and go to the state licensing board and file a complaint. What is he appraising? It sounds like you don't even know what you are paying for, so my question to you is--why are you writing a check?

Appraisal fees can be paid separately or can be included in the closing costs of the home.

Please find a reputable real estate agent who specializes in working with first time homebuyers.

In some states it is illegal for a real estate agent to be involved with the financing. EDUCATE YOURSELF, MY DEAR, OR YOU WILL LOSE A LOT OF MONEY!!

Answer 2

First of all, you do have to pay for a credit report which usually cost under $30 for a couple. You would usually pay this to the finance company of your choice during the application process. Secondly, the mortgage company will inform you in advance about the approximate cost for an appraisal and will ask for the check at that moment. Thirdly, you will not have to pay any closing cost until you enter into an agreement(contract) with the seller of the property and make the final closing transaction of the deal. However, before that moment you will make an offer with a deposit of good will. Once your offer has been accept the deposit will be applied to your closing cost and there will be approximately a thirty day grace period to verify all of your information, title search on the property to be sold, inspections, appraisals, insurance and etc. Once these have all taken place, a closing date will be arranged and all closing costs will be paid to a closing attorney, who will then disburse the funds to the seller and agents. Please be careful when purchasing a home for the first time. There are usually classes for the first time homebuyer in many states that also make you eligible for grant monies that assist with closing cost or for purchasing homes in specific areas. In addition, I would report this person because if he was not a financial institution, he should not have collected any funds. You do not pay an agent. The agent will be paid at the closing via the attorney with a cashie's check.

Answer 3

A credit report should only cost about $15-$25.00. Frankly I have never heard of an agent asking for money for closing. The closing money is just that- to close escrow. No you were not to pay him a penny. So, take a deep breath, pick up the phone- call him and tell him that if you do not receive your money within48hrs. that you intend and will call the Association of Realtors that he is affiliated with and file a written complain. So, anger is really not going to get you anywhere just more frustrated- so take a deep breath- relax- make the call-don't sound threatening just state the business at hand and get on with the process of looking for a REPUTABLE REALTOR.

Answer 4

You should never have to pay a broker/realtor money up front like that for closing costs that don't even exist yet!!!

You should tell the bank that you want them to return the check. (if it is within 60 days, I'm pretty sure they can still do that).

There are so many brokers that are dying to do business these days, that you should definitely shop around before settling with one.

Also, if you know anyone that had a good experience with one in your area, you should consider them.

Answer 5

What? You really need an education before EVER looking at any other home or writing any additional checks. Young isn't the only word that comes to my mind here, no offense. You are angry but really, this is your own fault for having written the check and I hope you learned a lesson. Sure, we all make mistakes, but remember, YOU must educate yourself to some degree before proceeding with something so important as home buying.The ONLY time you EVER write a check to ANYONE when house hunting, is when you find a home you wish to buy, and your REAL ESTATE AGENT writes up a contract, you sign it, and then write a check (earnest money, which is a percentage of the home's cost) to the SELLING AGENT'S RE AGENCY (not the actual agent but the agency). The earnest money (which is self-explanatory), indicates your earnestness to buy the home. The seller then accepts or declines your offer. An RE agent will send you to a qualified lender to see what you qualify for (what you can afford), and all the lender needs to do is plug in your SS numbers and he or she can see if you are credit-worthy within a minute or two. Please educate yourself in RE terminology and go to a QUALIFIED RE AGENT (stick with recognized RE firms). And yes, the guy with whom you dealt is a sleaze and is indeed "playing" you. He really saw you coming!