Tu,

I do not mean to be flippant about this but everything about this is screaming "RUN"! Even if everything is resolved in your favor, it sounds like you would have to live next door to this person and I would guess, especially if charges are filed (and it sounds like they definitely should be!), that this broker/banker would not be all too welcoming.
I am so sorry that this experience has been so negative. Let us know how things go and what you decide to do.

The realtor, who we are working with at the moment is planning to file charges along with the broker she works with. Yes, you heard it correct. The seller bought the loan from a builder, and that seller works for the bank. He was offering a great interest rate, and other items on the listing page (which we still have) and now all that seems to be forgotten. He now wants us to get an extra loan to cover the appliances and finish the house.

Tu,

As a broker in Georgia, I would suggest that you speak to the real estate agent's broker regarding your issues. All conditions of a sale should be written in a contract and therefore are binding on the parties. A house can be sold "as is" and you do not have to have a water heater, tiolets, etc. - I am not saying that this means the house has builidng final and any lender will make this loan. But you do need advice and I would start with the managing broker of the real estate firm.

Good luck.

We haven't signed anything yet. We are trying to get financing from another lender now. Our realtor has been great. She is trying to make sure we get everything the seller (banker) promised. When my husband asked about the special financing, the seller (banker) started double talking him and mentioned the additional loan to cover the toilet, and finishing other necessary items in the house.

Tu...I am sorry for all the trouble you are being put through.

At this point, I will have to bow out of this discussion, as NJ is an "attorney" state. The minute we have a "meeting of the minds", which is a signed contract here, the attorney takes over, and we have an attorney review period. What you are experienceing wouldn't happen here, as everything would be firmed up in writing in the first few days, and you would have been represented by counsel, so no last minute changes could take place.

I wish you good luck...it sounds like the seller is extremely difficult - obviously under financial pressure, too ......did I understand you correctly - the seller is a banker, who owns this home, which is going under foreclosure, and he also lives next door in another home he owns??
Wow - that's a lot going on.
Is the bank that hold the mortgage the same bank where the seller works?
Lots of conflicts of interest ...................

Maybe you should just move on to another home........
In any event, I wish you good luck...............and smoother sailing in the future!
Debbie Rose
Prudential NJ Properties

Funny how everyone is suggesting the use of third parties like attorneys and realtors.

Do these third parties have any skin in the game like you? Start playing like a pro and walk from the deal if you are not getting what you want.

How is this a hard thing to do considering that is a buyers' market?

Homes are so fantastically expensive today.

Rent and wait for better deals as they will be coming for years. With rates this low you are guaranteed to overpay....big time. Remember you are competing with extreme dullards that care nothing about price and everything about payments.

Suckers are buying today.

We haven't bought the house yet. We looked at it before foreclosure, and were able to put in a bid to prevent it from being auctioned. We have a realtor who has been working with us the entire time. She gave us the printout with all the items being offered by the seller including the special financing. The realtor is livid about what the seller (banker) is doing. I don't want to take things personally, but the seller (banker) lives next door to the house being sold. I hope it isn't a race issue. Apparently, the seller also refused another couple of color that wanted to purchase the house before us. Even the realtor cannot figure out what happened to all the golden promises that were made. The seller said he refused the other couple because they were trying to sell a home they had in another state. But with the fact that the seller is wanting to change the entire advertisement to make us pay for everything except the kitchen sink...I don't know. What can a real estate attorney do for us? The realtor wants to file charges against the bank as well as well as remove their listings from dealing with the bank.

Tu............in addition to a real estate attorney, as Joan suggested, it sounds like you could certainly use the services of a good local Realtor to represent you, as well......not just for this home, but for any other homes you might find in the future!
Clearly, you are in over your head...too much "he said, she said" going on already....find an agent asap!

Best wishes..
Debbie Rose
Prudential NJ Properties

Tu
although it says it in writing, what does the actual contract say in regards to the purchase agreement. this is what must be agreed to. all in all though, this is why you need to work with an agent or a good real estate attorney. if you need a good real estate attorney let me know.
good luck and if you decide to back out of this, and i would and then renegociate it personally, if you decide to look in our area please let me know.
David Leventhal
The leventhal Team

This is something that should be handled by a good real estate attorney.
Just curious though, didn't you get everything in writing up front? Have you signed anything yet? Have you put any money down?
If not, you may want to run away from this one.
What does this broker/banker say when you point to the print regarding the "special financing"?