The thing is that Cartus suggests using Bank of America or Wells Fargo, and we are using one of them! Do you happen to know who at Cartus manages the relationships between Cartus and these lenders. We are in serious jeopardy of losing this home. Cartus is threatening to go with a back up offer, but this is a debacle of their own creation, so they will be sued if it comes to that.
Any advice you can offer given your past experience would be helpful! My direct email is vmoncr<at>yahoo<dot>com
We ended up in the house. I don't know who was getting kickbacks, but when we switched to the lender that Cartus wanted us to use, Cartus suddenly was able to produce everything the underwriter wanted. On the upside, interest did go down a quarter of a point while going with a different lender.
The deal almost fell through at closing. There was an electric bill after the previous owners moved out and closing because the electric had to be on to keep the pool running etc. Cartus wanted us to pay it so we walked out of the closing and told them to call us if they still wanted to sell a house or to cough off what they owed for the default.
The other problem with closing was the final walk through. The day before closing they couldn't find the key to the house until after dark. We were unable to see that they hadn't cut the grass as agreed and hadn't cleaned as well as agreed.
To the "realtor" who comments in numbered bullet points below, he clearly has not ever dealt with a relo company, and doesn't understand the logistics and legality of this complex situation.
This is not legal advice or lending advice I just deal with relocation properties and this is what I see going on.
Even if this was a flip house, the flip stipulations have been suspended until sometime in 2011 so the 90 day flip rule wouldn't apply.
If they are assisting the homeowner, the sale goes through Cartus paperwork and Cartus handles the transaction. Not sure what the lender means by Cartus not selling something they don't own.
What does the attorney mean when stating Cartus is done? Done with what?
There are too many unknowns here to give better advice. At this point you may want to contact a real estate attorney who can straighten all this out. Best of luck
Problem #2: You lack the experience to understand what is going on
Problem #3: Until you decide to have an experienced Realtor help you at least work through the process of who represents who and what and for what reason you will continue to fumble.
If you disreguard all three of the above you will end up in court or lose whatever money you have in it so far.
Bottom line: Seek professional advice...and be willing to pay for it this time. Right now there are several people under investigation in the New Orleans area proclaiming to be "wholesalers" etc who need to be in jail but generally run off to Florida whenever the authorities come a looking. The only flipping going on in real estate that won't land someone in trouble or losing money is at Port O Call, Burger not much of a King and Rallys.
You are the buyer, you are paying for the big show! If a Realtor, Builder, or title company tries to strong arm you into using a different lender, tell them to bite it!
Remember, these idiots work for you!