Purchasing a condo....They say get up to $7500 help in closing cost with one of their lenders. (wachovia). I inturned went to a Broker, who happens to be a friend, he got me Pre-approved with Wachovia. I turn in my PreApproval Letter, and they tell me I cant get the $7500 help in closing cost because I went through a broker, who went through Wachovia.
I dont get it, I am financing with Wachovia, but the developer is trying to tell me its not the same. They never specified whom i had to broker the deal with, they just mention to finance with Wachovia or George Mason and gave me point of contacts at these two lenders. So are they in the wrong or am i ?
2007-11-20 03:39:12 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The 7500 was part of the brokers commission. You decided to give your friend the commission. If you are not closed yet you can still decide if you want the commission money applied to your closing, or to give it to your friend.
2007-11-20 03:50:17 · answer #1 · answered by Elsa D 6 · 0⤊ 0⤋
You're $7500 discount was for going through the developer's lending institution (Probably the branch of Wachovia that helped him finance the project), therefore incentives were available. By going through you're broker, he may get you pre approved and find you a better loan, but you're $7500 discount is no longer guaranteed.
It's all negotiable but now you're broker has to be paid.
Good luck.
2007-11-20 03:57:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You are. Wachovia isn't offering the closing cost money. It's a deal between the builder and THEIR broker of choice. If you switch back to the condo lender, you can get the closing cost rebate, but closely observe your interest rate.
You fell for the 'free cup of coffee' ruse, which ain't free.
2007-11-20 03:47:06 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
your question is slightly uncertain. the AGENT is the Realtor you're working with. The Agent works for/under a broking provider in cost of the organization. so, who's protecting up the approach? call the remaining criminal expert and ask if there's a holdup, and if so, why! additionally call your actual belongings agent, and ask the comparable question! in case you do not get an answer from the agent, call the broking provider in cost. there may be a valid reason for this remaining being held up! in many circumstances circumstances, the underwriter hasn't given the stunning approval on your loan, or the broking hasn't complete maintenance as consistent with settlement, etc. do no longer be TOO annoyed, closings do no longer constantly take place on the date particular, even even with the undeniable fact that they might desire to!
2016-09-29 21:31:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They have a special financing arrangement with this lender which precludes using any other broker. Their Realtor should have informed you of this. If you're using a Buyers Realtor, they would have told you this.
Unless that person is new to the business. They will also likely expect you to use their closing attorney.
2007-11-20 03:45:21 · answer #5 · answered by Venita Peyton 6 · 0⤊ 0⤋
If you wnet through a broker, the developer is not getting their referal fee from the lendor. Whay would they give you $7,500 when they just lost out on their commission?!?!?
2007-11-20 03:48:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The builder or developer is getting a kick back thru certain contacts within those companies and passing the kick back on to you. When you use your friend the builder/developer is no longer getting that kick back so they have nothing to pass on to you.
2007-11-20 03:46:33 · answer #7 · answered by glenn 7 · 0⤊ 0⤋