All Forum Posts by: Catherine R.

So we were under contract for a house. Our closing date got pushed. My realtor had us sign extensions and sent them to the sellers agent. I believe they signed one of them. But the closing date got pushed 2 more times and both times we signed and they got sent over to sellers agent.

However the agent never told the sellers and they never signed. Our loan ended up falling through and the sellers agent sent me a contact for a lady who works at a bank who is good at “rescuing loans” I called that lady and I also called Amerisave where a close friend is a LO.

Within one day I was in underwriting and moving quickly with Amerisave. The other lady took 2 days to call me back. She was moving very slow. I continue to work with my LO at Amerisave up until they ask for the extension for the purchase agreement. My realtor reached out to the sellers agent and the sellers agent said she would not pass on the extension to be signed UNLESS I used her contact at the other bank.. even though I felt that was unethical/illegal for someone to be telling me/strong arming me into using a lender I wasn’t comfortable with I still decided to try to go through her contact just to keep her happy.

Needless to say her contact continued to take a long time to get the process started and I ended up losing the house today because they took another offer.

Mind you no termination has been signed. We have a contract it’s just out of date because she refused to send it to the sellers to sign unless we used her friend/loan officer.

I am furious with my realtor for not staying on top of the sellers agent about past extensions being signed. And I feel wronged/violated by being forced to use a lender I wasn’t comfortable with.

Is this legal? Do I have a right to be upset at both of them for screwing me out of my dream house?

I have had the same thing happen to me, I was on the listing agent side, we were in escrow for 107 days. The buyer's agent/buyer first used a lender that could not get it done we tried to have them use our trusted lender (we were signing extensions the whole time), and the buyer's agent said no we are going with another lender to get it done. In the end that lender they used on the second go around got it done, but if we were going to use our lender and force their hand it would have been steering them to our lender.

The long-short of it is, you need to have your agent be on top of hit and get those extensions signed by all parties to be within compliance and make sure that the agent is tracking the lender to confirm they are doing the right work on the loan to create a smooth transaction.

Thank you for sharing your experience and your perspective on this. I would have been more comfortable using her bank had it been an actual mortgage company not a bank that sometimes does mortgages. Where Amerisave has junior underwriters and they were flying through the application. My biggest issue is them completely halting any progress I could have made with Amerisave by refusing to sign unless I used their preferred lender. I felt like I was backed into a corner and forced to do something I wasn’t comfortable with. It felt icky and I just don’t think that’s how it should be done.

like you said suggesting a trusted lender is MUCH different than forcing my hand.

Again, thank you for sharing your experience with a similar situation.

0 Votes

Pittsburgh, Pennsylvania

Quote from @Bruce Woodruff:

Quote from @Catherine R.:

That would be nice....but did they do anything illegal?

And it's true that it's YOUR money and you should be able to choose YOUR lender.....but it is THEIR house and they should be able to choose also....

I suppose not illegal but it is unethical after I read through the realtor ethics.

I actually have another question for you. We made renovations to the house as the sellers originally offered to rent it to us until we got a loan. (That obviously didn’t happen) we ended up painting building and moving our things in.

we obviously are going back to get all of our belongings which have been in the house for a week now that’s been on the market.

but we also built a fence to pass the VA appraisal. We used our money/materials/labor (my husband) are we rightfully allowed to dismantle the fence? I feel like it’s in a gray area but honestly I’m mad and I don’t want people profiting off of screwing us over.

0 Votes

Pittsburgh, Pennsylvania

Quote from @Bruce Woodruff:

This sounds like your Realtor (and possibly others) have acted unprofessionally.....but S**T happens, part of life and certainly part of the RE game.

Just roll with it and do the best that YOU can, That's all that you can control.

And if it doesn't work out, then there will be another house out there for you.....it might even be a better fit....?

I suppose sh*t happens. And I am trying to think of this as a sign it wasn’t the right house. But also I feel I should be able to hold those accountable for not doing their jobs properly or ethically.

0 Votes

Pittsburgh, Pennsylvania

Quote from @Greg Scott:

The short of it is, you needed a loan to buy the place. If the lender you chose was unable to get your loan done (assuming you qualified) you were always at risk of losing the property.

You have a right to be annoyed with your agent for not pestering the seller's agent about the extension. She should have at least given you some feedback. However, the seller was under no obligation whatsoever to sign the extension. If they had lost confidence in your ability to close, I could see why they wanted to use lenders with whom they have a relationship.

Keep in mind that with interest rates rising, they would have been better off having sold it to you. They probably would have been very happy to sell to you, even with a delay. However If they completely lost confidence in your ability to close, without a valid contract, they were within their rights to move on. Last thing they want is to be strung out for weeks and weeks, hoping for a closing.

About 3 years ago I had a similar problem with a buyer that didn't speak English and did not understand the loan process. I had to call the sellers agent and threaten to kill the deal before she got off her rear and helped her buyers submit the proper paperwork to the lender.

I guess what I don’t understand is why they prevented me from getting a loan. Amerisave had me almost entirely through the process the day the other bank denied us (which is a whole other story. Bad bank.) had they just signed and let me go through Amerisave instead of the person she knew. Which I’m sorry is still unethical to tell someone we will ONLY sign if you use this bank. Because it’s MY money and I should be able to be comfortable with the lender I choose.

0 Votes

Pittsburgh, Pennsylvania

Needless to say her contact continued to take a long time to get the process started and I ended up losing the house today because they took another offer.

Mind you no termination has been signed. We have a contract it’s just out of date because she refused to send it to the sellers to sign unless we used her friend/loan officer.

I am furious with my realtor for not staying on top of the sellers agent about past extensions being signed. And I feel wronged/violated by being forced to use a lender I wasn’t comfortable with.

Is this legal? Do I have a right to be upset at both of them for screwing me out of my dream house?

0 Votes

Pittsburgh, Pennsylvania

All Forum Posts by: Catherine R.

Catherine R. has started 1 posts and replied 15 times.

Post: Was the Sellers Agent Ethical or not?

Post: Was the Sellers Agent Ethical or not?

Post: Was the Sellers Agent Ethical or not?

Post: Was the Sellers Agent Ethical or not?

Post: Was the Sellers Agent Ethical or not?