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webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Having to start over... Devastated!

Good luck with everything. I don't have any advice except get a realtor like yesterday. Don't rely on the sales Rep to look out for you. They wont; as you have already found out.

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adonis2011
Posts: 84
Registered: ‎04-03-2012

Re: Having to start over... Devastated!

Thanks. I've already called a realtor. We're learning the hard way. The realtor also questioned where our earnest money is that we put down, since we are no longer under contract. She's going to speak with the sales rep.
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Senior Contributor
StartingOver10
Posts: 3,746
Registered: ‎03-06-2010

Re: Having to start over... Devastated!

[ Edited ]

Remember the sales rep represents the builder only. You need a very good Realtor to represent your interest, especially since you have already signed a contract. The builder should have put your funds in an escrow account unless you signed a written waiver in the contract. Get your contract out to see where the funds were deposited. It should be right in the contract - the location of the funds and the contact number for the escrow agent.

New Visitor
tryingtoqualify
Posts: 1
Registered: ‎11-19-2012

Re: Having to start over... Devastated!

I have a home finance with wells fargo and they require a 620 score.It sounds like you lost $2000 to the sales rep.Ernest money is usualy $500.  Hope Credit Union will finance a home loan with 580 credit score, try them.

Contributor
adonis2011
Posts: 84
Registered: ‎04-03-2012

Re: Having to start over... Devastated!

Do you have a VA home loan through WF?
Regular Contributor
sharpie
Posts: 187
Registered: ‎01-30-2010

Re: Having to start over... Devastated!

RE: Hope Credit Union, was this some sort of ad?  They will only finance in MS...from what I can see.


tryingtoqualify wrote:

I have a home finance with wells fargo and they require a 620 score.It sounds like you lost $2000 to the sales rep.Ernest money is usualy $500.  Hope Credit Union will finance a home loan with 580 credit score, try them.


 

 

Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Having to start over... Devastated!

When we put the contract on our home, the earnest was 3 percent of the price of the home plus you had to pay out of pocket for some upgrades upfront.

Contributor
adonis2011
Posts: 84
Registered: ‎04-03-2012

Re: Having to start over... Devastated!

So the latest is the sale rep has been calling me today trying to explain her position. I understand now we needed pre approval. But I am disappointed we were removed from contract while in Underwritting and I had to find out from the LO. It was just a backwards way of communicating to us. It's a lesson learned now. I need a realtor which I'm on the hunt for.
Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Having to start over... Devastated!

How long does it take Wells to run you thru DU. Could you get them on the phone today.

Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012

Re: Having to start over... Devastated!


adonis2011 wrote:
So the latest is the sale rep has been calling me today trying to explain her position. I understand now we needed pre approval. But I am disappointed we were removed from contract while in Underwritting and I had to find out from the LO. It was just a backwards way of communicating to us. It's a lesson learned now. I need a realtor which I'm on the hunt for.

I'm a little confused at why your LO didn't put you through pre-approval.. that was the first thing mine did before any other paperwork was signed or even mentioned. How did they know they would even be able to give you a loan without pre-approval?

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