Home Buying in 11237>Question Details

siskinator, Home Buyer in Brooklyn, NY

First time home buyers. Mortgage broker heard about the house we liked and dumped us. Wanted us to buy a way higher priced home.

Asked by siskinator, Brooklyn, NY Tue Mar 18, 2014

I thought he was supposed to represent our best interests. We dont have an agent. Are dealing with a management co. How do we proceed if we like the property?

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Answers

9
Your Mortgage Broker is paid on performance -
No loan - no income...

Always interview more than one - before you allow credit to be pulled.
Discuss your concerns... Try to eliminate conflicts before they arise.

I am not sure what is stopping you from getting a Realtor - other than the seller not willing to pay a commission?
Web Reference: http://www.garyyoungman.com
1 vote Thank Flag Link Tue Mar 18, 2014
Mortgage brokers represent THEIR own interests, not yours. They have no fiduciary duty; it's their job to sell loans.

Hire an EXCLUSIVE Buyer Agent, not just a Buyer's Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. I can refer you to an EBA in your area, if you like.

I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.HelpUBuyAmerica.com
1 vote Thank Flag Link Tue Mar 18, 2014
What does a EBA have to do with a Mortgage Broker?
Flag Tue Mar 18, 2014
Sorry to hear that. Unfortunately some Loan Officers don't put the best interest of their clients over their own. You can always find a new Loan officer who is willing to do right by you. I'm always available to meet you face-to-face right away and avoid any delay in your transaction. Obviously if you're left without a lender, that's something that the seller can very well terminate your offer for. Feel free to call or email me anytime and I'll set a metting with you and get started on your loan right away, regardless of what the loan amount is. Good luck! IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 290 Broad Hollow Road, Suite 402E • Melville, NY 11747 • jmeneses@snb.com • (516) 606-9648 Cell • (631) 659-2011 Office • (516) 918-5383 Fax
1 vote Thank Flag Link Tue Mar 18, 2014
will definitely keep you in mind. Have so many questions. We both do 9husband and I)
Flag Tue Mar 18, 2014
Find a REALTOR to work for you as a Buyer's Agent. Not sure what you mean by dealing with a "management company"? You should be able to find some agents on here who are willing to help. Or ask around to friends, family, co-workers, etc and see if they know of a good Realtor in your area. Good luck!
1 vote Thank Flag Link Tue Mar 18, 2014
Hello,

Sorry about your unpleasant experience. Given you are first time home buyers I would strongly recommend you working with an agent/broker who can guide you through the process and explain you everything that is happening step by step.
There are a lot of wonderful and extremely professional mortgage brokers that will be happy to help you, And if you haven't signed the contract and gave a deposit yet you can still involve an agent/broker who will represent you in the transaction and/or help you with your search.
Feel free to reach out to me if you have any additional questions.
0 votes Thank Flag Link Wed Feb 4, 2015
It's really hard to put Humpy Dumpty back together again.
That is why it is so important to start right.

When you start with the bank, you are starting wrong.
0 votes Thank Flag Link Fri May 2, 2014
The scenario you have described should leave you with a very clear understanding that you need personal representation. Your first step should be to find yourself a good real estate professional that will meet your real estate needs and protect your interests.

Good luck,

Bill
0 votes Thank Flag Link Fri May 2, 2014
Hi, That is absurd and have never heard of a broker doing that. I can recommend an excellent broker and if you need an agent would be more then happy to meet with you, no strings attached. I am an Accredited Buyer Representative in Westchester County.

Sincerely,
Christopher
914.406.9023
0 votes Thank Flag Link Fri May 2, 2014
Here we go again. Yesterday, we were told that our loan product will not help us or allow us to get the DPAL because we are looking to make a purchase in Westchester and Westchester is not in the 5 boroughs....Is there any DPAL we can apply for that this loan officer is not in the know about? I'm thinking of writing a book called "The American Dream?? More like the American Nightmare." because it has been...The bank that we signed up with for the downpayment savings club just screwed us out of 6 months..how? Easy! they didn't open the acct properly..so in essence the person in charge of the program decided not to do her job and file the paperwork accordingly...and after having this acct open 6 months and seeing that the money was not being matched...we did some digging and found it was opened as your run of the mill savings...after raisng kane about it...we were told that we would have to start from zero (reset the clock) and close the existing acct and re-open the proper one....we only had 4 months to go before we would be finished with the 10 month savings option...to top it off...if you use this bank for the savings..guess who you use for the mortgage? exactly...so now we are being told that we foot the costs ourselves or look to purchase in the 5 boroughs...are you kidding me?!! What can we do?
0 votes Thank Flag Link Fri May 2, 2014
Also, we did get a buyer's agent and she is really nice and understands what we want and need and is guiding us along.
Flag Fri May 2, 2014
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