(Closed) Real Estate and/or Lender Bees- Please give me direction!

posted 5 years ago in Home
Post # 3
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

WHO is your agent? Please tell me you have an agent? Even the most basic of searches (that even a buyer can do with just the internet) should have shown that this was a flip (which is usually a red flag in my book). I can’t imagine any agent with the buyer’s best interest at heart ever allowing their buyer to agree to this.

Did you put earnest money down? Have you cleared any contingencies that will make it harder to pull out? Honestly, i’d RUN. There are a ton of houses out there, wait for one that isn’t going to con you in the deal!

Post # 5
3053 posts
Sugar bee
  • Wedding: February 2015

@crayfish:  +100

This sounds like a mess and I would get out now.

Post # 6
7312 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

Get out of this deal. You are allowing yourself to be railroaded, and I seriously question what sort of shady dealings are going on behind your back. And get a new agent before you dip your toes back in the market. If your agent is asking you whether you’ve put in an earnest money deposit, she’s an effing twit who isn;t worth her license.

Post # 7
2705 posts
Sugar bee
  • Wedding: September 2012

This sounds super sketchy and a quick google search confirms my feelings.  I think it’s very weird that the seller is demanding a specific lender, title company sure, but not lender.  Honestly, I don’t care how great the house is, I would walk away.  If you do stay, I would get an attorny to help you go over the paperwork.  

Post # 8
3429 posts
Sugar bee
  • Wedding: June 2013

I’m not licensed in CA but sounds strange to me. Is this a foreclosure? Some banks will actually offer financing for foreclosures in their portfolios I.e Fannie Mae and Freddie Mac. Your agent is not working on your behalf. Speak to the lender you initially worked with and explain the situation.  This behavior by both seller’s agent and your agent would be bad news in Illinois. Op, this is one of the largest purchases you will probably make in your lives, if you feel uncomfortable with anything please contact the department of professional  regulation in your state. They will advise you from there. I wouldn’t put a dime of earnest money down on any property unless you are pre-approved( not pre-qualified) for a loan with a reputable lender with whom you feel comfortable. Good luck! 


Post # 11
357 posts
Helper bee
  • Wedding: October 2005

I’m so happy to hear that you got to go back to the lender you like and trust!

I’m a lender myself, and hate when I work with a borrower for months, only to have them leave because the house they want comes with strings like you encountered.  The most common thing up here is new construction where the seller will only pay the buyer’s closing costs if the buyer will use their “preferred” lender.  I don’t begrudge my borrowers for having to make that choice, but I do think it’s unethical of the seller and agents involved.

Hope it goes smoothly for you from here!

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