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Verbal payoff quote from my bank is it binding in anyway

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Lfpd225

Junior Member
What is the name of your state (only U.S. law)? Missouri
I am selling my home and I had called in last month to my loan company to get a verbal payoff quote to see at what number I can sell at to pay off the loan amount and realestate agent and such so I got the amount confirmed by repeatin it back even made a comment glad I got it under 160k... so in the mean time I got a offer on my home and now entered into a contract to sell.. since the quote was only good tI'll April 30th I had called again to get the numbers again to figure closing with the title company ect and they quoted me 10500 bucks more now and had told me I must have misunderstood the rep that gave me the quote... I was upset of course since I entered into contract with buyers for the house for just a bit over my break even point... I spoke to a manager and she was rude but said calls are recorded and would check the recording.. a few hours later got a call from another manager saying she listened to the call and I was correct....that the rep had gave me that quote of 158k.... aan apology was made by her saying i was correct and that it was clear in the recording and that i evem repeated it back to the rep....she stated she would be passing it up the line of management to rectify it and someone should call me the following day... well no one called and been a week now no contact able to be made.. I am about to close on the home end of the month and will be out 10500 bucks and some change of of pocket at that time... do I have any rights here to try to make this right or a leg to stand on to recover my loss after I have to pay out of pocket? Or am I just burned since it was a verbal quote and a mistake... if I knew it was more and would have been quoted correctly I would have never reduced the price on my home and would not have entered into contract at the price point I'm at.... and I can't break this contract or I run the risk of being sued too...
 


FlyingRon

Senior Member
The verbal payoff amounts are meaningless. What matters is what you actually owe on the account AT THE TIME THE PAYOFF IS MADE. The banks will usually, given a closing date certain, will tell you the exact amount they need to close the loan and release their security.

You are not "out" any money. This is the money you owed when you took out the loan. Nothing more, nothing less.
 

Zigner

Senior Member, Non-Attorney
What is the name of your state (only U.S. law)? Missouri
I am selling my home and I had called in last month to my loan company to get a verbal payoff quote to see at what number I can sell at to pay off the loan amount and realestate agent and such so I got the amount confirmed by repeatin it back even made a comment glad I got it under 160k... so in the mean time I got a offer on my home and now entered into a contract to sell.. since the quote was only good tI'll April 30th I had called again to get the numbers again to figure closing with the title company ect and they quoted me 10500 bucks more now and had told me I must have misunderstood the rep that gave me the quote... I was upset of course since I entered into contract with buyers for the house for just a bit over my break even point... I spoke to a manager and she was rude but said calls are recorded and would check the recording.. a few hours later got a call from another manager saying she listened to the call and I was correct....that the rep had gave me that quote of 158k.... aan apology was made by her saying i was correct and that it was clear in the recording and that i evem repeated it back to the rep....she stated she would be passing it up the line of management to rectify it and someone should call me the following day... well no one called and been a week now no contact able to be made.. I am about to close on the home end of the month and will be out 10500 bucks and some change of of pocket at that time... do I have any rights here to try to make this right or a leg to stand on to recover my loss after I have to pay out of pocket? Or am I just burned since it was a verbal quote and a mistake... if I knew it was more and would have been quoted correctly I would have never reduced the price on my home and would not have entered into contract at the price point I'm at.... and I can't break this contract or I run the risk of being sued too...

It doesn't matter that they made a mistake, since that payoff quote was only good until 4/30 anyway.
 

adjusterjack

Senior Member
if I knew it was more

Where were YOUR records?

You know, monthly statements, annual statements, online statements?

Any of which you could have looked at that would have given you at least a ballpark figure to start with.

Unless you've been paying your principle down by $2500 per month over the last 4 months even your year end statement would have shown a balance much higher than $158K.
 

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