Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

What are our rights if a broker doesn't follow through to closing?

We put a good faith deposit down,paid for the appraisal, and survey.We are approved,and have a Mortgage Loan Commitment letter.Now the broker isn't communicating at all,and seems to not want to follow through.We have had 2 closing dates,but she always comes up with a reason it can't be done.Can we transfer all we've done to this point to another broker,or mortgage company?

Thank you for any help or advice you can give us.

Update:

I am talking about the broker.This is a family owned real estate agency,so the agebt,and broker are tired into the same office.We have been put off by both the agent,and the broker.

I actually just received a call from her,telling me the loan company she submitted our info to,and approved us, is no longer financing manufactured homes.

I called and spoke directly to the loan company,and they never received any of our info,and in fact they only finance manufactered homes.So again,we were lied to by the broker.

4 Answers

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  • W. E
    Lv 5
    1 decade ago
    Best Answer

    HI - I understand the Broker is not returning your calls, or has lied to you - that gives us a bad name that is in the business.

    The Broker should always stay in contact with their clients. YES you can transfer to another Broker - ok - Or you can call the Lender that was doing the financing - and find out who else is able to do your loan with their company. If you have paid for the appraisal, your broker needs to release it to the NEW broker (ok - follow me so far).

    Do not know what state you live in, but here is a web site for you to check out - you can also put in key words on yahoo: manfacturing financing; moble home loans, etc

    Welcome to 21stmobilehomeloan.com

    Your source for Mobile Home Financing

    Following is a summary of our most popular programs. Additional guidelines apply.

    Please call 1-800-955-0021 or complete one of the online loan applications.

    Our Conventional Loan program provides standard fixed rate financing for new and previously-owned manufactured homes (1974 and newer).

    Our all-in-one Land/Home financing program offers financing for both home and property. This program features flexible loan terms for both new and pre-owned homes, and the option to use land equity towards the down-payment.

    Staged Funding Our Staged Funding program for land/home purchases provides funding in four stages as work progresses, and offers convenient payment options during the construction period.

    With Classic-Land-in-Lieu, customers use the equity in the land they own towards a down-payment on a new or pre-owned manufactured home.

    FHA / FNMA Freddie Mac

    Yes, you may qualify for trememdous savings with a conventional mortgage loan on your multisectional manufactured home or modular home.

    21st Mortgage Corporation

    21stmortgage.com

    info@21stmobilehomeloan.com

    1-800-955-0021

    Hope this information helps - I also can do manfacturing home loans - if you are interested. Good Luck to you.

    Source(s): Wanda Ellis, Branch Manager Charterwest Mortgage, LLC 765-469-1975 cell 765-327-2065 fax/office wellis@charterwestmortgage.com www.mycharterwestmortgage.com
  • 1 decade ago

    your question is a bit unclear. the AGENT is the Realtor you're working with. The Agent works for/under a BROKER IN CHARGE of the agency.

    so, who is holding up the process? call the closing attorney and ask if there is a holdup, and if so, why! also call your real estate agent, and ask the same question! if you don't get an answer from the agent, call the broker in charge.

    there could be a valid reason for this closing being held up! often times, the underwriter hasn't given the final approval on your mortgage, or the seller hasn't finished repairs as per contract, etc. don't be TOO frustrated, closings don't always happen on the date specified, even though they should!

  • 1 decade ago

    at this point why is the broker/agent deciding the closing date, does the buyer have a lawyer if so call the lawyer and ask what is the delay, if no lawyer call the buyer yourself to see why the delay, but I would demand a closing date, no agent should be able to change the closing date they do not even need to be at the closing only the lawyers need be or a title agency people

    if the agent/broker refuses to return your calls first file a complaint the state real estate board then get a lawyer and sue for specific performance

  • 1 decade ago

    Are you talking about the BROKER or the AGENT? They are not the same! An Agent works for a Broker.

    If you are talking about the Agent, as I think you are, then call and speek to their Broker and ask the Broker for a different agent.

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