Home finished on 6/11

[Anonymous]

Hey everyone! I have gotten such good advice from this group, i wanted to see if i could get a little more to ease my mind.

I received an email from my agent that the home I am having built will be finished as of June 11 and the bank will repull my credit on June 13. Right now my mid score (from the credit repair) is 606. Which is a HUGE jump from the last pull on 4/25 of 559.

My dilema is that I have a new collection that was placed on the account for 42.00, yes 42.00 measly dollars, and I cannot get the CA to do a PFD. I have disputed the info as well. Will just paying this $42 give me enough (at least 35 points) to qualify for the loan? All of my credit cards are at a zero balance now and I do think i have any other options to max out my scores.

I dont know what will happen if I cant get approved for this loan. I will just crumble up and cry myself to death!

Thanks!

[Anonymous]

---

well.. I just got a phone call from the LO and she stated that another agent sold MY HOME! How is this possible??!!!

She explains that another home is being built and will be ready in August and I can try for that one. --- If i put up my earnest money and signed a contract to have my home built, how can someone else sell it??

[BIRDWRITER]

Hi,

You had earnest money down and a signed contract for a specific lot? If so, call a lawyer immediately.

[Anonymous]

I put down $500 in earnest and picked a lot and all the "insides" for the home.

[BIRDWRITER]

I'm not a lawyer, but unless they have some really odd fine print, I would think that they cannot do that. We are closing this Thursday on a new home, and our earnest money was directed at a specific house/lot as a binding agreement. I know it's hard to pay a lawyer when you're scrambling to scrape together the money to buy a house, but I think it would be in your best interest to talk with one. For example, if you expected in good faith to close in June, only to have the house swiped out from under you, I would think that you have suffered damages such as extra rent, etc. Maybe they have an escape clause of sorts written into their agreement, but if what they did is not blatanly illegal, it sure as heck is unethical. At the very least, I would ask the builder for extra concessions or upgrades, or else i would go postal on Angie's List, Yelp, and the BBB. Just my 2 cents worth!

good luck! I hope it all turns out for the best for you.

[thankfulheart]

I don't have it in front of me, but my contract has language about what happens if I do not qualify for the loan.  Could it be that your score wasn't where it needed to be and the collection was the last nail in the coffin?  Check your documents and see if there is a clause.

[BIRDWRITER]

Thankful, I was thinking that too, but she says they weren't going to pull the credit again until 6/13. It also seems odd that the LO never notified her she was denied,she just heard the house was sold? The only red flag for me is that OP only put $500 in earnest money...we had to put 15K down. It sure doesn't seem fair, though, that they let her choose a lot and upgrades if they (the builder)  didn't take her offer seriously. At best, very poor communication/customer service.

[Anonymous]

It's a 100% financing community though USDA. All she told me to put down was the $500 earnest. I am confident that my scores would be where the needed to be by 6/13 as I am going though THEIR recommended credit repair program.

[BIRDWRITER]

Check your contract carefully for fine print. If you don't see any obvious "exit strategy" for them, I would suggest a lawyer. Some companies will push people around just because they don't expect them to fight back. I can understand that a contract is obviously contingent upon the buyer's ability to get financed, but from what you've said, they have not even pulled your credit yet again! I would think that they at least would have to notify you in writing that you have been denied financing and therefore the house is now on the open market. Just as an outsider looking in, it sounds to me like you've been wronged. (Unless there's more to the story than you're seeing). Good luck--I hope it turns out to your advantage somehow.

[Anonymous]

We only had to do $250 thru USDA (hubby is a cop)..but I sure hope you get this figured out!!!