TERRIBLE Mortgage Broker - Lower.com - Avoid
Went against my agent's advice and used them in this crazy competitive market because the sales guy loan officer hawked a hot rate and "guaranteed" they close in 3 weeks or less. End result, lost $10k earnest money and the f#&#+ing house to a backup offer!! I'm filing a complaint with BBB. AVOID THESE AMATEUR SLEAZEBALLS AT ALL COST!!
Omg thanks! I was about to go with them too
Buy or refinance ?
Buy
This is horrible. Sorry for your loss. What rate did they offer?
+1
How can they have a "backup offer"? Sounds like seller might have breached, they can only accept one offer at a time
To clarify, seller reached back out to a buyer they had before.
I see, sorry to hear. Just wanted to point that out in case if they breached. You waived your contingency right? If not and you were diligent in trying to get the contingency removed, failure of it shouldn't give seller fight to keep the money
Did you ask seller for more closing time? You could always sue them for n number of reasons and in which case the property will be disputed and the ownership can’t be transferred till you withdraw or settle. That way you can atleast get your 10k back. The parties to the lawsuit could be the broker and the seller. Maybe the seller even agrees to give you more time. No one wants to buy or sell disputed properties.
This sounds smart. Alrhoufht don't most purchase agreement have mediation/arbitration clauses? Would those have the same "damaging" effects as pending lawsuit? Worth some investigation j think
It’s all paperwork, even arbitration is legal and property will be marked disputed during title search.
10k .. being in Google.. haha.. really stingy 😒
People don’t get rich by throwing money. People don’t stay rich by throwing money either. If you’re really itching to throw money, you can invest that 10k in a extremely high risk stock option and make 1M tomorrow rather than lose it for no return.
I'm about to go with them. I think I should reconsider. They gave me a really good rate 🥲
Sorry for your situation but I’m sure you’ll find a better house. But let this be a learning - If your agent advised you why would you still go for it? You hired the agent for this exact reason - to guide you. Also always go with big banks for buying, try to avoid brokers. Keep this game for refinance where timing is not an issue. Feel free to play around then.