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Updated over 7 years ago,

User Stats

52
Posts
9
Votes
Linda M.
  • Real Estate Investor
  • Chicago, IL
9
Votes |
52
Posts

Financing a real estate investment deal

Linda M.
  • Real Estate Investor
  • Chicago, IL
Posted

HELP PLEASE!!!! I went to a mortgage broker that was recommended by the real estate agent i was working with in January,I went thru the prequalification and was approved for the loan with a max of 160000 dollars including rehab. Now it is April, I found a property signed a contract and this loan officer calls the next day to say that the product was for  single family only .Never was single family brought up in the nearly 20 times we communicated,or did the prequaification sheet he emailed to me state single family only,our conversations were about investor rehab loan.He said that he could get another product for me but I need 10% more down to make it 25% of purchase price.I ask for the details of the loan in writing and he has not sent them yet from all day yesterday 04/28/2017and now04/29/2017 half the day gone today.I have signed the contract and it was accepted and all my finances are a mystery,because I don't know what this new product contains and if i can afford it or if i should want to. I can't explain my hurt feelings ,the lack of trust I feel and the disbelief ,I worked hard to get to this point not to know where this is going to lead me, I can not stop the tears from falling ...I know there's no crying in Real Estate.(I think )..but this hurts .This broker even talked to my R.E Agent and the seller's Agent prior to the seller accepting my offer,which the seller had multiple offers.Do I have any recourse?,

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