how to deal with a broker who messed up a deal

[Maiko Miyake]

Hi,

I am still fuming. I was working with a broker to purchase my first investment property. It was not lendable, and I told him that, but he still went ahead to arrange an appraiser. Then the broker dissappears. Two weeks later he tells me that the property cannot be qualified for conventonal loan, so we have to start all over again with hard money loan. I sent applications, paid fee, then he dissappears again. Despite the fact that I started the process 6 weeks before the closing, he tells me that he cannot close on the date, and he needs another 3 weeks. After some nagging and talking to his boss' boss, this went down to 2 weeks. I am bound to pay $100 late fee per day, and they are saying nothing can be done. Seller is now quite nervous and contemplating not to accept the postponement of the closing and walk away with my ernest money. So my dilemma: I want them to make pay at least a part of the penalty that I have to pay. if not, I want to walk away and work with a new lender, but since I only have two weeks, it may be too tight for a turnaround. I cannot supress the urge to somehow get back to this idiot, but don't know what to do. Is there a place I can file a complain officially? :pissed: