I am purchasing the home I live in, the seller has a real estate agent (TOM) , I used Charter Funding and my VA loan to get this house, I have been loan approved,passed apprasial, CF says we should close next week, NOW this tom guy says he has a closer that he is thinking about using instead of CF, my question is, has he lost his mind? Or should I tell the seller to ignore him (because I really think he's wanting more fee money).
2007-05-11 07:56:04 · 5 answers · asked by meerobin59 1 in Business & Finance ➔ Renting & Real Estate
First of all, the seller's agent has absolutely no say in who the buyer uses to get their loan. The seller indirectly does, because once they see your qualification letter, they can decide they don't want to entertain your offer.
Secondly, it is illegal for a seller to force someone to close at any given title company. The buyer always has the choice of title companies.
Bottom line, you have a signed contract and the terms can not be changed without mutual agreement (between buyer and seller, not agents) and a written modification is made to the contract.
If the seller's agent persists, contact the state board that regulates real estate agents. They will be very interested in this.
2007-05-11 10:38:27 · answer #1 · answered by txrealestateagent 3 · 0⤊ 0⤋
Tome is going to recommend that you use his real estate's company for the loan, that is what they usually do. It's a little late in the game though. You have the choice on who you want to use. You are in a contract already, so who you decide to use can not interfere with the closing. As long as cf has all the paper work ready it does not make sense to switch and push the closing date back. Maybe the seller is trying to buy time? I am not sure I understand the whole story. Did the seller tell you that the agent thinks you should use another mortgage company? It takes atleast a week to get approved by another company and then you have to do another appraisal and then wait to get the completed paperwork so you are talking about an additional couple of weeks time added to the closing date. Do you have a lawyer? I would recommend using a lawyer and discuss this with him or her. Real estate can be a tricky business and their are some pretty sneaky people out there.
2007-05-11 15:10:58 · answer #2 · answered by jc2006 4 · 0⤊ 0⤋
Tell this agent to go sit in a corner until you call him. If he is a real estate agent in California he is not doing his job, because is says in their standard contract that the buyer and seller should get their own financing, title, closing agent and insurance.
You select the person you want to do you loan. If this agent insist on going with another mortgage company you should call his Realtor board and tell them he is hindering the closing and causing undo delays.
You have already signed a contract, it can not be modified without the signing of the seller and the buyer. I would not sign any amendments to the original contract.
Call the seller and tell them you are gonna continue with the same lender as you started out and if that is a problem threatened to call the deal.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-05-11 15:22:33 · answer #3 · answered by loanmasterone 7 · 1⤊ 0⤋
Its like getting your own attorney during a divorce, its nice
sometimes to have your own legal counsel.
I suspect that the seller wants someone to double-check the
numbers. She/he seeks accuracy. So long as the seller is
paying for this separate closer, I wouldnt worry about it.
2007-05-13 22:50:08 · answer #4 · answered by Danielle B 1 · 0⤊ 0⤋
You're the buyer! Believe me, you are in the dirver's seat. Tell him it stays the way it is or he can find a new buyer. In case he handt noticed, it's a buyer's market.
2007-05-11 15:06:16 · answer #5 · answered by Daddy-o 5 · 2⤊ 0⤋