Well the house passed inspection! But...

**leighcat** · 03-01-2010, 02:44 PM

The mortgage broker made an error.

The guidelines had changed in January. Which means I don't get as much of the Obama money. I would have to come up with almost DOUBLE out of my pocket if we leave the offer as it stands. Don't ask me WHY she didn't see this BEFORE I signed the contract in February.

So now I have to offer more and see if I can get the seller to pay more closing costs. If he refuses, I may lose the house AND be out $875.00 which is the fee for the deposit, as well as the home inspection and wind mitigation. The realtor and I were in the MIDDLE of having the home inspection done when she got the message from the mortgage broker. I am less than thrilled right now. I don't mind paying a little more for the house, but now I have to wait and see if the seller accepts the changes. He won't be losing much, I think with the way it was set up. If he doesn't accept it, I will find a way to get my money back. I am so worried right now. Not to mention P'd off BIG TIME

**frugalfoster** · 03-01-2010, 03:00 PM

I'd get the real estate person to give a little on the commission since she screwed up....

**Greebo** · 03-01-2010, 03:05 PM

Originally Posted by leighcat

If he refuses, I may lose the house AND be out $875.00 which is the fee for the deposit,

No, you won't be out the $875. You can only lose the deposit if you walk from the deal without a valid reason. Inability to obtain financing is a valid reason.

**leighcat** · 03-01-2010, 03:07 PM

Originally Posted by frugalfoster

I'd get the real estate person to give a little on the commission since she screwed up....

The real estate agent didn't screw up. My mortgage broker did. But the real estate agent is being very gracious and not increasing her fee when I up my offer. She is upset for me. She has been very good.

**leighcat** · 03-01-2010, 03:07 PM

Originally Posted by Greebo

No, you won't be out the $875. You can only lose the deposit if you walk from the deal without a valid reason. Inability to obtain financing is a valid reason.

Well thank goodness for that. I will be making sure the mortgage broker will refund me the rest. She really dropped the ball on this.

**Greebo** · 03-01-2010, 03:08 PM

Originally Posted by frugalfoster

I'd get the real estate person to give a little on the commission since she screwed up....

I don't see how you come to that conclusion. The mortgage broker, not the real estate agent, seems to have messed up here.

And frankly this kind of crap happens all the time with lending - the broker has to keep up with rules and regulations that change every freaking week. It won't change a thing with regard to the lender closing costs.

**Judi Dial** · 03-01-2010, 03:09 PM

Hmm. Sometimes that happens.

We sent our first mortgage back 3 times. I have a hyphenated last name, this is when that was new. I refused to sign the mortgage documents without my legal name on the papers correctly.

The mortgage was being made up in L.A., 150 miles away and the L.A. mortgage people just couldn't get it. They spelled it wrong, didn't include the hyphen, then took out my maiden name. The local loan officer was very vexed, but we finally got the mortgage made out to DH and me with both of our legal names correct, and had our closing scheduled.

The day before our closing, our realtor called and said the VA had instituted a new fee while we were going back and forth with the bank; we needed another $600 or something. We didn't have it.

We were closing in November and our realton said her commission was more than the fee, and she knew we didn't have it right then. She didn't want another delay, she wanted her commission to buy Christmas presents, so she loaned us the money. Our realtor paid the new fee and we closed the next day. Of course we paid her back.

New fees have to start sometime. I'm not saying you shouldn't be mad. I certainly would be in your shoes! (I was furious when it happened to us; felt completely broadsided. We'd worked for months and months and then whammo!)

I hope things work out --

Judi

**Greebo** · 03-01-2010, 03:10 PM

Originally Posted by leighcat

The real estate agent didn't screw up. My mortgage broker did. But the real estate agent is being very gracious and not increasing her fee when I up my offer. She is upset for me. She has been very good.

If your agent ever does try to up her fee, fire her. They're on commission - they get paid to make the deal work - if that means they spend 12 hours instead of 10 on a deal that earns them thousands, waah.

**Greebo** · 03-01-2010, 03:12 PM

Originally Posted by leighcat

Well thank goodness for that. I will be making sure the mortgage broker will refund me the rest. She really dropped the ball on this.

You won't get it back. I don't know what "wind mitigation" is - but the inspection is money out of pocket. The inspection is still good, too - so if you make a new offer, the inspection stands, and if you don't make a new offer, you eat it.

Or are you talking about the appraisal?

**frugalfoster** · 03-01-2010, 03:24 PM

Sorry..I read that wrong....I thought it was because of the real estate person....

**leighcat** · 03-01-2010, 05:55 PM

Originally Posted by Greebo

You won't get it back. I don't know what "wind mitigation" is - but the inspection is money out of pocket. The inspection is still good, too - so if you make a new offer, the inspection stands, and if you don't make a new offer, you eat it.

Or are you talking about the appraisal?

It was DURING the inspection she called to tell me this. I wouldn't have gone this far if I had known her good faith estimate was wrong. If the rules changed in January, and I signed the contract in February, she should have known all this because that is her job!!

**Jmarie** · 03-01-2010, 07:44 PM

Having just closed on my first house this past Friday.. I agree with Greebo.. you can back out of the house due to financing and still get your deposit back. Also, Im not sure why your fee to use the realtor would increase.. Im not sure what type of financing you are using..but we didnt have any type of fee to pay the realtor. Nor did we sign a contract until we wrote up an offer.
Also, are you sure you are referring to the inspection and not the apprasial?

**Greebo** · 03-01-2010, 10:22 PM

Originally Posted by leighcat

It was DURING the inspection she called to tell me this. I wouldn't have gone this far if I had known her good faith estimate was wrong. If the rules changed in January, and I signed the contract in February, she should have known all this because that is her job!!

Is this an FHA or VA loan?

**leighcat** · 03-02-2010, 08:25 AM

Originally Posted by Greebo

Is this an FHA or VA loan?

FHA. Well, the seller accepted the changes. So instead of offering 74,900.00 and having him pay 3% of closing costs, I upped it to 77,200.00 and he pays 6% of closing costs. So, somehow they are working the numbers so I don't have to come up with so much more at closing. I don't know how that works, but it doesn't raise my monthly mortgage by much. Now I just have to hope it appraises for enough or I will have to change this all over again.

I hope this works. I really want this particular house.

**Jmarie** · 03-02-2010, 08:53 AM

if it doesnt appraise for the offering price.. you will just have to adjust what you offer accordingly. Our house didnt appraise for our offer price either, we orginally offered 196K and asked for 7K for closing clost and other out of pocket expenses, the house only appraised for 190. We just went back to the sellers and offered 190K plus 7K back for closing..

Im sure it will work out for you