Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
Re: wells fargo pre approved then denied by underwriter 5 months old kid nowhere to go

mute9003 wrote:
If we go with a broker how can she get the money back because she already paid close to 7k for the inspecrions and earnest money


And also the bank appraised the house 2000 dollars less than owners asking price.
Ive been renting since 2005 and have a good history
Mortgage is gonna be 1200 a month same as we paid for our rental house for a year.
Plus she took a 4 month break from worh due to prefnancy and her income ia gonna be even lower this year.

Earnest Money is paid to the Realtor / Real Estate Broker and held in escrow.  So using a different Mortgage Broker shouldn't affect that.

Inspections by licensed inspectors should be reusable.

 

If the appraisal is lower you have to find another $2000.00 for your downpayment or renegotiate the sale.  Typically a seller would reduce their price.  The other thing is you probably can't "reuse" an appraisal, a new lender will order a new appraisal.

 

Any money paid to Wells Fargo based on their representation of "pre-approval" should be refunded.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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