All Forum Posts by: Hiep Pham

Hi all,

Here is the full story:

1. DHI Loan office wrote: I feel confident that FBCMortgage (our backup lender) can approve your loan application, The loan must be originated as an investment purchase. Please log in to the DocuSign document mentioned below if you would like me to forward over to FBC.
2. D.R Horton Seller wrote: I received a call from Monica with DHI Mortgage. She said they cannot do the loan. We have a few options. Switch lenders and unconditional loan approval, switch to cash, or cancel and receive a refund. Because of the other recent purchases, this would be considered an investment loan. We would require a 20% deposit. Remark: I already deposited 10% ($44,000).
3. I replied to the seller: Sure I will deposit another 10% tomorrow ($44,000 more). Please provide me with the wire transfer instruction. Looks like DHI Mortgage is giving me hard time, I decide to choose my own lender.
4. D.R Horton Seller replied: We do not sell to investors. I'm waiting to hear back from my manager. We do not sell to investors I'm trying to find out if she wants me to cancel the contract. I will be talking to her tomorrow morning at about 10 a.m. Thank you
5. I replied to the seller: You already agreed to sell this property to me, and I have my purchase agreement with me now. You can not cancel Steve.
6. D.R Horton Seller replied: Again. I have zero control. I am waiting to hear from my manager. Do you have approval from another lender? I will email you information from FBC Mortgage which is our backup Mortgage Company.
7. I replied to the seller: I am currently applying to the second source of the lender that allows me to bid one lender against another to get a better rate or deal. It also lets me compare rates and fees. If I don't have a good deal from DHI or FBC Mortgage, I will go for the second source of the lender.
8. D.R Horton Seller replied: I spoke with my management team. Based on the denial from DHI Mortgage we have decided to cancel the contract. We will be refunding the earnest deposit in full. Remark: They also sent me the new contract to sign, I found there were 2 pages more in the new contract compared with the old contract.

Hi Joe! Thanks for your advice. I am ok to use their financing now but the issue is they sent me an email to confirm contract cancellation. Is it ok to share the contract here? Please advise.

Hi Michael! Can you please refer a real estate lawyer? Thanks!

Hi Don! They sent me the new contract and asked me to sign it but I did not sign it. I found there are 2 pages more when I compared the new contract and the old contract.

Hi Michael! I did file a complaint to BBB and I am waiting for them to respond. Here is what BBB reply:

Better Business Bureau (BBB) is in receipt of your complaint filed against DHI Mortgage Company, Ltd. on 1/3/2022. After reviewing the information, your complaint's details appear to fall within BBB's Complaint Acceptance Guidelines.
Your correspondence has been sent to the business. BBB has requested a response to the issues outlined in your complaint within ten (10) days.

D.R. Horton and I signed the purchase agreement back in Nov 2021.  On Dec 29, 2021, D.R Horton Seller texted me, and he wants to cancel the contract after I told them that I want to choose my own lender. This is against the law. Remark: currently the house price went up more than 15% and the housing market is very hot now.

DHI Loan officer wants me to transfer the loan from DHI to FBC mortgage as an investment purchase but I don’t want it, I want to choose my own lender, then D.R Horton Seller turned around and said that they do not sell to investors and they want to cancel the contract. This is unprofessional.

D.R Horton Seller sent me an email yesterday (01/03/2022) to inform me that the Sales team in Tampa decided to cancel the contract. Remark: After they decided to cancel the contract, they also sent me the new purchase agreement and asked me to sign but I did not sign it.

FYI, I buy this property for us (a family of 3) to live in. We will move once I found a job in Tampa. Remark: I sent them the Letters of Explanations right after I made the 10% deposits and they approved it.

Is it ok for me to sue D.R. Horton for breach of contract. Please advise

Thanks,

Hiep