Crucid Broker

[jimmitycrickits]

What is the name of your state? MI

I have been trying to buy a home. I ended up with a broker who has lied to myself and my realtor from day one.

Instead of submitting my information to a lender for a pre-approval, he merely looked at my credit, and wrote up a 'pre-approval letter' himself.

We went through the entire process right down to setting a closing date, which has passed. 3 days after the supposed closing date, he told me that I need 10% of the purchase price in order to close. Information he should have known from the start. Prior to this snafu, he told me numerous times that I was fully approved.

He told my realtor that my credit score has dropped 20 points in the last month. This is a lie, because my realtor referred me to a new broker who ran my credit, and it is higher than it was because I have paid some things on it.

He also suggested to my realtor that the seller could do some sort of second mortgage, and then I would refinance it in 6 months? I do not understand that, but my realtor said that this is illegal.

You get the picture, lie after lie.

Now I fear that he is going to try to get me to pay him, and pay for the appraisal. My view is that the appraisal should have never occured without the pre-approval from the lender. Am I correct? If he does try to make me pay him, do I have any legal recourse?

Thank you for your time.

 

[huk]

Instead of submitting my information to a lender for a pre-approval, he merely looked at my credit, and wrote up a 'pre-approval letter' himself.

There is no such thing as a pre-approval. It is a worthless piece of paper. All ANY pre-approval is, is a letter from a broker based on scores and debt ratios. It is the job of a bank underwriter to turn down your loan (yes, you read right).....Until your loan file (package) hits the underwrites desk (appraisal included) it is all theory and nothing else, hell the bank rep's don't even know if it will float 1/2 the time.

He told my realtor that my credit score has dropped 20 points in the last month. This is a lie, because my realtor referred me to a new broker who ran my credit, and it is higher than it was because I have paid some things on it.

Your score probably DID go down. There's 3 credit reporting bureaus, but there's 200 credit reporting AGENCIES, depending on what angency pulled your bureau the 2nd time, hence a lower score. Did you tell your broker you were going to pay things off before you did? He would have advised against it.

He also suggested to my realtor that the seller could do some sort of second mortgage, and then I would refinance it in 6 months? I do not understand that, but my realtor said that this is illegal.

Seller carry-back 2nd mortgages are done everyday of the week, tell you R.E. agent to go back to school. You obviously don't qualify for the greatest intrest rate right now. In 6 mo. or a year you will probably qual. for a better one, hence the reason your broker suggested it.

Now I fear that he is going to try to get me to pay him, and pay for the appraisal. My view is that the appraisal should have never occured without the pre-approval from the lender.

Why SHOULDN'T you be paying for the apprasial? It's YOUR house?.....

We went through the entire process right down to setting a closing date, which has passed. 3 days after the supposed closing date, he told me that I need 10% of the purchase price in order to close.

If you can't come up with 10% down, perhaps you may want to ask yourself if you should be trying to buy a house to begin with.
BTW...Did you mean Cursed Broker??....Crucid is not a word!